Connect with us

Hi, what are you looking for?

Investment Insight Daily Economy News

Bitcoin Ordinals surge to 3M Inscriptions

Bitcoin Ordinals surge to 3M Inscriptions

Since it began, up to $8 million in fees have been given to caption creators across the network.

The NFT number surpassed 3 million earlier this week after a one-day spike in activity, which consisted mostly of text-based assets.

Inscriptions, operating on the Ordinals Protocol, enable users to insert data regarding digital art into the Bitcoin blockchain using references stated in Bitcoin-based transactions.

The leap follows the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which helps users issue transferable tokens directly through the network. This generated a compilation of digital art and meme tokens based on the Bitcoin platform. The market capitalization of the latter group increased to $137 million.

Creators paid a cumulative 28 Bitcoins to make captions.

Glassnode estimates Bitcoin miners’ profits

According to recent data, Bitcoin miners have earned a 37% return on their investment since the launch of Bitcoin.

On-chain analytics firm Glassnode estimates that since 2010, fee and block reward subsidies have generated more than $50 billion in profits for miners.

Amidst the ongoing debate about Bitcoin’s price volatility, new figures suggest that miners are in a bad position for the long term.

According to Glassnode, miners’ all-time earnings are almost 40% higher than their estimated costs.

At the end of March, Glassnode published a study that delved into the details of the calculations that led to a 37% profit rate.

However,’s current estimates suggest that this week’s difficulty correction will be the first negative one for Bitcoin since mid-February 2023.

Ether advanced 1.68% to $1,867 and was the second biggest gainer in 24 hours. The world’s second-largest cryptocurrency advanced by 0.22% for the week. Binance’s native BNB token fell 0.21% to $323, bringing its weekly loss to 3.95%.

The post Bitcoin Ordinals surge to 3M Inscriptions appeared first on FinanceBrokerage.

You May Also Like

Investment Insight Daily Economy News

Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

Investment Insight Daily Stock News

In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

Investment Insight Daily Stock News

SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...

Investment Insight Daily Stock News

I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...