After the weekend, the number of Ordinal inscriptions on the Bitcoin blockchain surpassed 55 million. Notably, on January 13, 2024, the blockchain witnessed the third highest day of inscriptions, with an impressive 477,751 inscription-based transactions transacted on Saturday. Furthermore, Bitcoin miners have amassed $246 million worth of Bitcoin since the initial registration in December 2022, taking advantage of this growing trend.
Miners net $246 million from 55 million entries
From December 28, 2023 to January 12, 2024, the pace of daily Ordinal inscriptions on the Bitcoin blockchain slowed slightly. However, a surge occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of inscriptions, with an impressive 477,751 added to the blockchain. Approximately 652,483 transactions were processed that day, with inscriptions comprising a remarkable 73.22% of all transfers confirmed by miners.
Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries being included in the distributed ledger system. This indicates that of the 591,806 verified transfers, a significant 75.49% were registration-based. Furthermore, after these two record days, total registrations impressively surpassed the 55 million threshold this weekend. Under these inscriptions, miners have collected a total of 5,750 BTC, worth $246 million, based on current BTC exchange rates.
About $2.7 million in fees from registrations were paid to miners on January 13, and the next day miners earned another $4.94 million. Bitcoin miners are reaping the benefits of fees paid through write-ups and as of December 16, 2023, miners have collected $9.9 million in fees. Furthermore, the number of inscriptions per block has increased dramatically as minters have learned ways to fit as many as possible. Data further shows that there are also 278,296 recursive inscriptions in the chain.
Recursive ordinal inscriptions involve retrieving and recording data from existing inscriptions to create new ones. In terms of Ordinal inscriptions traded on non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million worth of digital collectibles in sales. Ethereum, previously the NFT blockchain leader, posted revenue of $321.18 million in the same period. Still, BTC’s lead on a weekly basis is marginal, with $99.68 million in revenue, narrowly surpassing Ethereum’s $94.42 million.
What do you think of the number of ordinal inscriptions crossing the 55 million mark and becoming the third highest day of inscriptions ever recorded? Share your thoughts and opinions on this topic in the comments below.