Quick Take
The integration of the Ordinal Theory protocol, and the consequent use of Inscriptions in the Bitcoin ecosystem, have significantly altered the transaction dynamics over the past year.
Since its introduction in January 2023, the total number of inscriptions has skyrocketed, exceeding 60 million, as per Glassnode. Text data is the dominant source of these inscriptions, surpassing 50 million, while the daily tally exhibits considerable fluctuations, ranging from over 400,000 to less than 100,000.
This rise in inscriptions, particularly between November 2023 and January 2024, resulted in a spike in transaction fees for miners due to the increased inscription activities. Cumulatively, miners have generated a substantial 3,588 Bitcoin from inscriptions.
Interestingly, on Feb. 4, there was a slight increase in Bitcoin fees derived from inscriptions, not from text, but from the “other” category, which generated 61 Bitcoin. This unprecedented surge from the “other” category presents further monitoring. This could potentially include software code, digital signatures, legal documents, or any arbitrary data that users wish to permanently record on the blockchain.
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