The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The Ordinals Protocol Has Caused A Resurgence In Bitcoin Development. The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The Ordinals protocol has triggered a revival of interest in bitcoin (BTC) development and has led to an increase in average block size as more users join the network, research firm FSInsight said in a report Friday.

Ordinals is a new protocol that allows non-fungible-tokens (NFT) to be stored on the Bitcoin blockchain.

NFTs could be a good source of demand for block space while the digital asset “travels up the adoption curve as money,” and the probability of these tokens fueling bitcoin’s next bull run cannot be ignored, the report said.

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“Despite the loud critics from the more dogmatic side of the bitcoin ecosystem (some of which have gone as far as advocating for the censorship of transactions by miners), the benefits to the network have become immediately apparent,” wrote Sean Farrell, head of crypto strategy at FSInsight.

One reasonable criticism of bitcoin’s security model is the lack of miner revenue attributable to fees, the note said. Currently, most of the security budget paid to miners to secure the network comes from the block subsidy.

The blockchain needs to figure out a way to “create a sustainable demand for block space or hope that non-economic miners commit to securing the network,” the note added.

“The excitement surrounding NFTs on Bitcoin has brought new experimentation to the network, increasing average blocks sizes overnight, which translates to higher fees per block,” the report said.

FSInsight notes that there are concerns that the inscription of non-fungible data on the blockchain could cause bloat, but says that these concerns seem generally unfounded.

Updated: 2-14-2023

Out Of The Ordinal-Ry: Bitcoin Average Block Size Hits All-Time High

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Bitcoin’s average block size has hit an all-time high of 2.5MB following the creation of the Ordinals protocol in January 2023.

Bitcoin’s average block size has hit all-time highs above 2.5 megabytes (MB) for the first time since its inception in 2009, driven by the launch of nonfungible tokens (NFTs) protocol Ordinals in January 2023.

Block size data from Blockchain.com reflects a jump in Bitcoin block size from the beginning of February 2023, increasing over 2MB in the weeks following the launch of the Ordinals Protocol.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

As Cointelegraph reported, participants from the Bitcoin mining ecosystem have already made over $600,000 processing transactions of Ordinals, which have been dubbed as Bitcoin-based NFTs.

Software engineer Casey Rodarmor launched the Ordinals protocol in January, allowing the creation of Bitcoin “digital artifacts” on the network. These can comprise JPEG images, PDFS and video and audio files.

As Rodarmor outlines in the Ordinals documentation, these digital artifacts can be inscribed to an individual satoshi that makes up a whole Bitcoin. Each BTC is made up of 100,000,000 satoshis.

“Individual satoshis can be inscribed with arbitrary content, creating unique Bitcoin-native digital artifacts that can be held in Bitcoin wallets and transferred using Bitcoin transactions. Inscriptions are as durable, immutable, secure, and decentralized as Bitcoin itself.”

The Bitcoin community has been divided over the ability to inscribe digital artifacts to the blockchain, with arguments for and against providing plenty of food for thought. One of the major talking points has been the increased use of block space to inscribe various Ordinals.

Bitcoin’s average block size has hovered between 0.7MB and 1.5MB from July 2021 to February 2023. From Feb. 5 onward, Bitcoin’s average block size surpassed 2MB for the first time, currently sitting at around 2.2MB at the time of writing.

The inception of Bitcoin Ordinals has also seen the network hit a record 44 million non-zero addresses, as per data from Glassnode. Glassnode’s latest newsletter notes that Ordinals compete for block space demand but have not yet significantly impacted network fees.

Glassnode describes the advent of Ordinals as a “new and unique moment in Bitcoin history,” whereby innovation generates network activity without the “classical transfer of coin volume for monetary purposes.“

Bitcoin Miners Already Made Nearly $600K From Ordinals’ NFT Transactions

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The Ordinals hype is real, with the NFT inscriptions now regularly taking over 50% of Bitcoin block space.

Bitcoin miners have earned nearly $600,000 in two months from a new controversial nonfungible token (NFT) protocol called Ordinals that has triggered a surge in user activity.
What are Bitcoin Ordinals?

Ordinals allow users to inscribe data in images and other media types in newly mined blocks on the blockchain that is otherwise largely used for peer-to-peer (P2P) monetary transactions.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Since the launch of Ordinals in mid-December 2022, users have inscribed nearly 74,000 NFTs into the Bitcoin blockchain, earning miners a cumulative $574,000 in BTC transaction fees to date, data from Dune Analytics shows.

These NFTs include “digital artifacts” stemming from clones of projects like CryptoPunks and the Bored Ape Yacht Club collection.

The NFT community is moving to BTC, where Ordinals have brought true scarcity to collectibles.

I forever inscribed “The Blonde Don” BAYC #1626 on the world’s scarcest and most secure chain burning him off ETH forever using TeleBurn.

It’s done. Over. Not coming back to ETH. pic.twitter.com/jmKpSSPybm

— Jason A. Williams (@GoingParabolic) February 12, 2023

Rising Demand For Bitcoin Block Space

The Ordinals protocol was made possible by Segregated Witness (SegWit) and Taproot, Bitcoin’s network soft fork upgrades from 2017 and 2021, respectively.

Similarly, the Taproot update helps batch and verify multiple transactions together as long as their size does not exceed 4 MB. This feature allows the inscription of data, such as images and videos, in Bitcoin blocks.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The advent of Ordinals has coincided with Bitcoin’s mean block size jumping from its typical average of 1.5–2 MB to between three and 3.5 MB in early February.

Simultaneously, the number of pending SegWit and non-SegWit blocks in the Bitcoin mempool has also increased significantly — the highest since the FTX collapse, as shown below.

On some occasions, Ordinals’ data has been comprising over 50% of Bitcoin block space, according to BitMEX Research.

“This describes a growth in the user base and an upwards pressure on the fee market from usage beyond the typical investment and monetary transfer use cases,” noted Glassnode in its weekly report, adding:

“Ordinals are a new frontier […] to observe how it affects and manifests in both on-chain network and investor behavior.“

Ordinals: BTC Miners’ New Revenue Stream?

Bitcoin miners generate most of their revenue from the network’s block subsidies, i.e., finding or “mining” new blocks. By comparison, the share of miners’ earnings from transaction fees is only about 3%.

Currently, the Bitcoin network rewards miners with 6.25 BTC per block. But this subsidy will drop by 50% to 3.125 BTC in spring 2024 in a halving event, which happens every four years.

As a result, the share of miners’ revenue from transaction fees is expected to rise over time as block rewards decrease.

To some, Ordinals introduce what’s called miner extractable value, or MEV, which has been previously associated with mining on Ethereum.

Simply put, MEV is the maximum value that miners can obtain from producing new blocks beyond the block rewards and transaction fees.

If Bitcoin Ordinals will take off (and I think it will) it’s really good news for Bitcoin mining companies’ revenue, something that’s not reflected in their valuations yet.

— Marc van der Chijs (@marcvanderchijs) February 6, 2023

Critics, however, argue that Ordinals is an “attack” that will price out the real financial activity and thus damage Bitcoin’s image as a reliable P2P payments network.

“Bitcoin is designed to be censor resistant,” said Adam Back, co-founder and CEO of Blockstream, adding:

“[It] doesn’t stop us mildly commenting on the sheer waste and stupidity of an encoding. At least do something efficient. Otherwise, it’s another proof of consumption of block-space thingy.“

Bitcoin Hits Record 44M Non-Zero Addresses, Thanks To Ordinals: Glassnode

Glassnode noted that this is the first time in Bitcoin history that the network has been used for purposes other than monetary.

The launch of Bitcoin nonfungible tokens (NFTs) — known as Ordinals — has tipped the number of non-zero Bitcoin addresses to a new all-time high of 44 million, according to crypto analytics platform Glassnode.

In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin’s 14-year history, a portion of network activity is being used for purposes other than peer-to-peer monetary Bitcoin (BTC) transfers:

“This is a new and unique moment in Bitcoin history, where an innovation is generating network activity without a classical transfer of coin volume for monetary purposes.”

Glassnode explained that the Ordinals surge has contributed to a “short-term uptick in Bitcoin network usage of late” which has brought many “new active users” with a non-zero BTC balance to the network:

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

“The primary source of this activity is due to Ordinals, which instead of carrying a large payload of coin volume, is instead carrying a larger payload of data and new active users,” said Glassnode.

“This describes a growth in the user base […] from usage beyond the typical investment and monetary transfer use cases,” it added.

A New Player Competing For Block Space

Glassnode noted that Ordinals is now competing for block space demand, which is “creating upward pressure on the fee market,” but noted that this hasn’t led to a significant increase in Bitcoin transaction fees.

According to Glassnode, since Ordinals launched on Jan. 21, the upper range of the mean Bitcoin block size has increased from 1.5-2.0 MB to 3.0-3.5 MB in a matter of weeks.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

However, this hasn’t led to a surge in fees. While there have been some short-lived spikes, Glassnode stated that a “new lower bound transaction fee required for block inclusion” has been reached since Ordinals made their mark on Jan. 21.

The technological applications behind the Ordinal protocol were enabled by the Taproot soft fork, which took effect in November 2021. Bitcoin Ordinals launched on Jan. 21.

Through the use of the Ordinals numbering scheme, Bitcoin users can assign arbitrary content to satoshis — the smallest denomination of BTC — which enables them to inscribe Bitcoin-native, nonfungible token (NFT)-like images.

There have been over 78,400 NFT-like images and videos inscribed thus far.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Some notable “Bitcoiners” such as Blockstream CEO Adam Back have recently expressed their dislike for the Ordinals protocol, suggesting that it deviates from Bitcoin’s purpose as a peer-to-peer electronic cash system.

However, others have been more open to the idea. Bitcoin bull Dan Held has asserted on several occasions that Ordinals bring more “financial use cases to Bitcoin.”

There has been a lot of noise and questions recently about Ordinal Inscriptions.

So what are they? The simple answer is that ordinals are non-fungible tokens (NFT) you can mint on the Bitcoin blockchain.

But Orindal Inscriptions aren’t your usual NFTs. Unlike Ethereum NFTs, which depend on off-chain metadata that can be modified, Ordinal Inscriptions enable all data to be inscribed directly on-chain.

It was this flaw in Ethereum NFTs that caused software engineer Casey Rodarmor to deem Ethereum NFTs incomplete and launch the Bitcoin Ordinals protocol.

Those in favor of change believe Ordinal Inscriptions could cause an important shift in the bitcoin community and improve the technology behind NFTs.

Yet, many questions I’ve been receiving from clients boil down to, “is this good or bad for bitcoin?” and “will this disrupt the usability of it.”

Bitcoin NFTs Challenge The Blockchain’s Largest Use Case: Money

The Bitcoin community has been abuzz with conversations around how Ordinal Inscriptions could signal a technical improvement to NFTs.

But the increased fees and transaction speeds associated with them could stifle Bitcoin’s primary use case as a medium of exchange.

A Case Against Change?

Despite the potential benefits of Ordinal Inscriptions, there has been a lot of debate over whether they are a “good use” of block space.

The challenge has been that as more Ordinals are being inscribed, the cost of bitcoin transactions has risen. That’s because Ordinals introduce additional, non-financial data on the Bitcoin blockchain that bog down on-chain confirmation times. This includes images, audio clips, even games.

Those not in favor of Ordinals see this as an impediment to the ability of Bitcoin to scale and reach full global adoption.

Inscribing non-fungible characteristics to satoshis, the individual increments of bitcoin, may challenge bitcoin’s use case as first and foremost money.

Ordinals challenge the fungibility of satoshis in the Bitcoin network. All satoshis should be equal or they begin to lose a significant trait of money.

But Ordinals can alter the value of these units of money. Take rare collectible coins as an example: While a penny may have a face value of exactly 1 cent, its design and mint year could make it worth a dollar or more in the eyes of some beholders.

This debate over whether these individual units must be deemed equal is unfolding before our eyes, and I think it needs to be understood.

Bitcoin is money, and that’s the largest and most important use case, impacting the most people in the world. Which is why I believe that Ordinals and other use cases both known today and yet to emerge will remain niche.

I view this as an exciting period – but one that, as many fads do, will fade. I don’t see Ordinals being the desire for many to use Bitcoin’s block space.

Bitcoin is money. In my opinion, any changes to the protocol should be slow and methodological.

Ultimately, The Markets Decide

One of the biggest yet baseless claims I often hear is how Bitcoin doesn’t evolve or change.

Now, are there kernels of truth in that? Sure. You don’t “move fast and break things” when working to build the next global monetary system; we’ll leave that for VC start-up tech firms.

However, there have been some upgrades that demonstrate the need and merit of change. The Lightning Network, for example, could accelerate bitcoin commerce and everyday use.

Inscriptions are yet another example of attempts to change the blockchain. Inscriptions became eligible in bitcoin blocks with the most recent upgrade to the protocol called Taproot.

Ultimately, the beautiful thing about Bitcoin is that it’s permissionless and the ultimate free market for uses. And this is what fosters change.

At the same time, free and open markets will dictate if Ordinals are demanded and are valuable. The permissionless nature of Bitcoin allows for this competition to play out.

Ordinals may stick around if individuals want to see them become a mainstay in Bitcoin. Bitcoin is governed by consensus rule – which is why running a node is essential and why the “blocksize war” was foundational for Bitcoin.

Ordinals are not an attack on Bitcoin but could begin conversations again with a hard or soft fork. I view a hard fork as Ordinals’ most painful and trying outcome.

The Advisor Takeaway

As an advisor with clients with bitcoin and questions on Ordinals, the most significant takeaways revolve around what makes bitcoin unique. Most, if not all, other cryptocurrencies are decentralized in name only – Bitcoin is not.

But due to the decentralized nature of Bitcoin, developers are free to modify Bitcoin’s current rule set. If demand is there and the modifications result in splits in bitcoin holders and the community, investors will have a choice over what to do with their money.

If we see a hard fork, any new tokens or projects would accrue to clients and they could then decide if they want to hold, sell or buy.

While it might seem scary, I doubt Ordinals will create that much friction and division within Bitcoin. Even if it did, one could be passive and simply let the market forces play out. Being an open, permissionless protocol allows for moments like this to occur, and that’s healthy in the long term.

Regardless of opinions of “right” or “wrong,” seeing the conversations and debates happening about Ordinals is good. It allows bitcoin to test its resilience and robustness. We will continue having these conversations as Bitcoin proceeds on its path toward global adoption.

Updated: 2-17-2023

Bitcoin Ordinals Can Lift The Entire Crypto Ecosystem

The arrival of the Ordinals Protocol, which allows for the creation of Bitcoin NFTs, has coincided with a big jump in the price of Bitcoin. Add that to the SEC’s exemption of Bitcoin from the label of security, and we see a bullish bitcoin picture emerging.

Let me posit two reasons why, over the past month, bitcoin has surged to its highest level since mid-August and outperformed every other major asset in both crypto and traditional markets.

Together, they highlight the unique advantage that Bitcoin draws from its status as the oldest, most established and most decentralized protocol and from a surprising new opportunity to harness that.

The arrival of the Ordinals Protocol, which enables users to inscribe references to digital art into small transactions on the Bitcoin blockchain, essentially creating Bitcoin-based non-fungible tokens. This has demonstrated a new, high-value use case for the longest-running cryptocurrency chain.

Already, one report from research firm FSInsight argues that an Ordinals-driven resurgence in development and the expansion in the total value transacted and secured over the Bitcoin blockchain should drive up its price.

A string of U.S. regulatory actions has highlighted the risks that many, if not all, major non-Bitcoin blockchains will fall afoul of the Securities and Exchange Commission Chairman Gary Gensler’s hardline position that most tokens are securities.

It appears bitcoin is the one reliable exception to that. That’s making it attractive in relative terms to Ethereum’s ether, Solana’s SOL and all others.

Many “maxis” might celebrate this moment as proof that their beloved Bitcoin is proving itself as the one and only – except perhaps those who see the addition of “JPEGs”to its blockchain as an abuse of Satoshi’s original intent to form a new system of money.

But I’ve never thought it constructive to view the crypto landscape through the maxis’ zero-sum-game lens. And right now, while it might seem as if they should be running a victory lap, it’s possible to look at that same landscape and see a much more integrated, constructive future for all crypto protocols emerging out of this moment.

Layer 0

Over time, I see a situation emerging in which Bitcoin functions as a kind of uber-anchor for everything. Its role will be to be a kind of ultimate “layer 0” record of truth.

Meanwhile, Ethereum and other smart contract platforms could take on higher-level functionality, with each specializing in different types of transactions and data-processing that the rather clunky, limited-function Bitcoin blockchain is not built to perform.

It will need greater cross-chain operability, but there are plenty of people working on that.

Most other layer 1 crypto protocols – meaning base-layer blockchains with their own native tokens – are based on a proof-of-stake consensus mechanism, including Ethereum.

With the Securities and Exchange Commission shutting down Kraken’s staking service in the U.S., signaling that it will be difficult for all but the most sophisticated retail U.S. investors to participate in those blockchains’ validating networks, investing in ether and other such tokens seems poised to become the domain of institutional players.

This is not ideal – especially because of the risk of censorship and regulatory capture that comes from centralizing staking pools in corporate hands.

But here’s where, in a world of integrated, interoperable cross-chain transactions, Bitcoin’s base layer of immutable record-keeping could act as protection against such threats.

Bitcoin’s wide, geographically dispersed community of users and miners ensures that governments will have a hard time shutting it down.

The fact that Satoshi’s absence has left authorities with no lead developer to subpoena also puts this in a different realm from all the other protocols for whom there are mostly identifiable founders.

The bottom line is that Bitcoin has proven to be sufficiently decentralized that U.S. authorities have conceded that the leading cryptocurrency is not a security. In this new, politically tense environment, this gives it a distinct advantage.

Bitcoin Finds A New Community of Innovators

It’s also why the Ordinals Protocol is so important. The Bitcoin blockchain now has a purpose beyond peer-to-peer payments, whose mainstream appeal has always been undermined by regulation of the on- and off-ramps to the banking system and by bitcoin’s own price volatility.

Now that it incorporates NFTs – the most important crypto innovation since Bitcoin itself – the Bitcoin blockchain is engaging with creators of digital content, the backbone of the internet economy. That will unleash a torrent of new creative innovation in the space.

As that happens, it will drive others in the crypto community to build better bridges and integrations between Bitcoin and alternative protocols.

It could accelerate the work already being done by developers working on Cosmos, Polkadot, Polygon and other bridging and interoperability protocols to build mechanisms for moving assets across chains and reduce crypto industry participants’ dependencies on singular layer 1 blockchains.

Already this week, the NFT Capsule team at blockchain services company Bloq launched “Ordinary Oranges,” a collection of Bitcoin-inscribed NFTs that are accessible on the Ethereum mainnet and have a “burn” option that returns the NFT to the Bitcoin chain.

The beauty of such arrangements is that users can have the security of a Bitcoin-proven asset while also tapping the greater programmability of decentralized applications and layer 2 protocols running on the Ethereum virtual machine, as well as the deeper liquidity that exists in Ethereum-based NFT marketplaces such as OpenSea.

I see these kinds of developments leading to a more integrated crypto ecosystem in which different protocols perform different functions, with all of it anchored into a 15-year-old deeply established proof-of-work blockchain that no U.S. regulator can shut down.

Updated: 2-18-2023

How The Ordinals Movement Will Benefit The Bitcoin Blockchain

The increasing popularity of Bitcoin NFTs, or Ordinals, will positively impact the Bitcoin network’s security and attract developers to the ecosystem, according to Ordinals proponent Udi Wertheimer.

According to independent developer Udi Wertheimer, Bitcoin non fungible tokens (NFTs) will positively impact the ecosystem by improving its security and incentivizing developers to build on the network.

The number of newly created Ordinals has been spiking in recent weeks, causing a surge in transaction fees and average block size on the Bitcoin blockchain.

According to Wertheimer, Bitcoin NFTs are going to be beneficial for Bitcoin’s security budget. By driving up transaction fees, the creation of Ordinals will incentivize miners to secure the network while the revenue from mining rewards will decrease with each Bitcoin halving.

“Because the block space is scarce and because there’s demand for stuff like inscriptions, there’s a lot of hope that we will get enough people who want to pay fees in order to keep the Bitcoin network secure,” Wertheimer explained in a recent interview with Cointelegraph.

Also, Wertheimer noted, Ordinals provide a new use case to make building on Bitcoin commercially profitable.

“With all of that interest around Ordinals and inscriptions, I expect that there is going to be a very big ecosystem that is built around that,” he said.

Wertheimer dismisses the notion held by some Bitcoin core developers that creating NFTs is not an appropriate use case for Bitcoin. According to him, in recent years, Bitcoin core developers “have ignored what actual Bitcoin users want.“

Updated: 5-3-2023

Bitcoin BRC-20 Token Standard Becomes New Destination For Meme Tokens

The BRC-20 token market cap has seen a 600% rise in the past week, with its transaction volume overtaking standard BTC transactions on the network.

Bitcoin’s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) memecoin rise in recent months.

A total of 8,500 different tokens have been minted using the BRC-20 standard, with the majority of these BRC-20 tokens being memecoins, such as PEPE and Memetic (MEME).

BRC-20 is an experimental token standard on the Bitcoin blockchain modeled on Ethereum’s ERC-20. It allows programmers to create and send fungible tokens via the Ordinals protocol.

Although modeled after ERC-20, the BRC-20 token standard fundamentally differs from its Ethereum-based counterpart. BRC-20 tokens don’t make use of smart contracts. The token standard also requires a Bitcoin wallet to mint and trade these tokens.

The BRC-20 token standard was created early in March by an anonymous on-chain analyst called Domo. The objective was to make it possible for fungible tokens to be issued and transferred on the Bitcoin blockchain.

The market cap of BRC-20 tokens has exploded over the past month and currently sits at $120 million, a 600% rise in the past week.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The BRC-20 token frenzy has also dwarfed the blockchain’s original number of Bitcoin transactions. The number of BRC-20 transactions on the Bitcoin blockchain between April 29 and May 2 reached over 50%, outperforming regular BTC transactions.

The BRC-20 token volume peaked on May 1 at 366,000 transactions, with the total number of transactions on the network being 2.36 million.

Along with the rise in BRC-20 transactions, transaction fees have surged due to the new token activity. Since its inception in late April, the network has generated an additional 109.7 BTC in transaction fees for miners.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The memecoin frenzy has been a notable topic on the Ethereum blockchain, but with the rise of the BRC-20 standard, a similar trend is also observed on the Bitcoin blockchain. The memecoin craze has also led to a significant rise in Ethereum network gas fees, contributing to network congestion.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Updated: 5-3-2023

Bitcoin Miners Have Earned $50B From BTC Block Rewards, Fees Since 2010

They may have seen some hard times, but overall, estimates conclude that Bitcoin miners are up 37% from their activities.

Bitcoin miners have profited roughly 37% from mining Bitcoin since its inception, new data reveals.

Calculations from on-chain analytics firm Glassnode suggest that since 2010, fees and block reward subsidies have netted miners over $50 billion.

Bitcoin Miner Revenue Passes $50 Billion Mark

Amid an ongoing debate over miner costs and susceptibility to Bitcoin price dips, new figures suggest that miners are firmly in the black in the long term.

According to Glassnode, miners’ total all-time income is almost 40% higher than their estimated costs, coming in at $50.2 billion versus $36.6 billion, respectively.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Researchers generated the numbers using two metrics: thermocap and transaction fees, which are “the cumulative sum of issuance multiplied by spot price in addition to all-time generated fee revenue” and difficulty production cost.

In a dedicated report in late March, Glassnode explained the nuances behind the calculations while arriving at the 37% profit margin still in place today.

“In this model, the Thermocap and Transaction Fees can be considered the realized revenue by miners, whilst the Difficulty Production Cost is considered the aggregate mining input expense,” the report explains.

The results counter fears that too low a BTC/USD price could spark mass capitulation across the mining industry, which continues to grow.

Bitcoin network fundamentals support the argument, with difficulty and hash rate both hitting new all-time highs throughout 2023.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Current estimates from BTC.com, however, predict that this week’s difficulty adjustment will be the first negative one for Bitcoin since mid-February, 2023.

Bitcoin Transaction Fees Spike Higher

Meanwhile, an influx of newly-created unspent transaction outputs (UTXOs) thanks to ordinals is rapidly making on-chain transactions less appealing this month.

Glassnode shows these created UTXOs spiking to their highest levels since 2015 in May, with fees rising accordingly.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Blockchain.com has the 1-day moving average transaction fee rate at $6.91 for May 2 — more than at any time since July 2021.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

Updated: 5-4-2023

Bitcoin’s Frenzy of Activity Pushes Average Transaction Fee Over $7, Nearly 2-Year High

The average transaction fee on Bitcoin has shot above $7, pushing total fees up nearly fivefold in two weeks, thanks to a surge in Ethereum-style “BRC-20” tokens and NFT-like “inscriptions” on the increasingly popular Ordinals project.

A spike in transactions on the Bitcoin blockchain involving Ethereum-style tokens and non-fungible token (NFT)-like “inscriptions” has driven up congestion on the network, pushing the average fee rate to the highest in nearly two years while showering miners of the cryptocurrency with extra revenue.

On Wednesday, the average fee per Bitcoin transaction rose to $7.25, the highest since July 2021. For comparison, the rate so far this year had fluctuated between roughly 50 cents and $4, data from BitInfoCharts shows.

With transaction activity also surging, total fees on Bitcoin have also jumped.

Per blockchain analytics firm Glassnode, Bitcoin’s total transaction fees, which are paid by users to miners, jumped to around 124 BTC or roughly $3.5 million, on May 3, representing a 484% increase in the past 14 days.

“This current fee spree is an anomaly,” wrote Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

In recent days, a token type called BRC-20 (a play on Ethereum’s ERC-20 token standard), which facilitates the issue and transfer of fungible tokens on the Bitcoin blockchain, has accounted for about 6% of all Bitcoin activity since its inception in early March, according to pseudonymous analyst and yield farmer Dynamo DeFi.

This year has also seen the rise of Ordinals inscriptions, which are similar to NFTs and could be images or text strings inscribed into Bitcoin-based transactions. Both activities require transaction fees.

“Inscriptions are the primary driver here,” said Harper. “Biggest difference now between this jump in transaction fees and past ones with inscriptions is that BRC-20 standard is a new way to inscribe. Adoption of this standard is driving fees up.”

“The increase in transaction volume of that token standard has driven up demand for Bitcoin blockspace,” said Jimmy Zhang, who works in the business operations and strategy department at blockchain data firm Artemis.

Kydo, vice president of Stanford Blockchain Club, told CoinDesk via direct messages on Telegram that “Blockspace is the core commodity on any blockchain.

People have found a new use case and the usage skyrocketed. BTC is more than money now.” Kydo said they only use the one name publicly because of privacy concerns.

Miners who secure and maintain the Bitcoin network are beneficiaries of the recent increase in BTC transaction fees because they are rewarded in BTC fees for processing users’ transactions.

Harper predicts the increased transaction fees currently occurring in the ecosystem are “a temporary phenomenon, though, and that transaction fees will revert back to a manageable mean soon.”

Kydo said they think the current phenomenon will last a while, “given how much people like NFTs.”

The price of BTC has increased 1.2% in the past 24 hours to $28,884, at press time. The average transaction fee on Bitcoin is $7.25.

According to data website cryptofees.info, Bitcoin’s seven-day average fee stands at roughly $2 million, second only behind Ethereum’s $12.5 million. BNB Smart Chain is next with about $575,000.

Updated: 5-5-2023

Bitcoin Perpetuals Seen Becoming An Even Bigger Driver Of Prices

* Bitcoin Perps-To-Spot-Volume Ratio Is Highest In About 2 Years

* Where Volumes Are, The More Influence On Price There Is: Kaiko

Bitcoin perpetual futures, one of the most popular derivatives contracts in crypto markets, are increasingly driving the largest digital token’s price.

That’s according to Conor Ryder, research analyst at Kaiko, who points out that the Bitcoin perpetuals-to-spot-volume ratio is at its highest in nearly two years.

Perps, as they’re sometimes known in industry parlance, don’t expire and have been hugely popular with traders as the derivatives market is a place where a lot of speculation can occur, according to the researcher.

“It’s a question of price discovery i.e. where the true price of an asset is actually determined. That is historically correlated with volumes, so wherever the majority of volumes are, the more influence that has on price,” Ryder said.

“Perps have a larger share of volumes compared to spot, and the theory is that more and more price discovery is happening in perp markets, with long/short pressure having more of an influence on prices.”

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The perpetual contract was first introduced by crypto exchange BitMEX in 2016. Exchanges use the so-called funding rate — or the cost to trade — to tether the contracts to their underlying spot price.

When the rate is positive, those who hold long positions are paying interest to investors who are short, and vice visa.

When Binance, the largest exchange, last year introduced zero-fee trading for certain trading pairs, spot volumes shot higher. However, volumes have dropped off since the company decided to do away with a majority of the program.

In the meantime, perpetuals futures have commanded more of the market, seeing six times the volumes versus spot markets, Ryder estimates.

As an example of how derivatives can be a force on prices, Kaiko points to a “huge” buildup of nearly $2 billion of open interest for Bitcoin futures in mid-April. That came amid positive funding rates.

“We can conclude that speculative long positions drove this rally and the positive price action seemed to top out as soon as funding rates flipped negative,” Ryder said. Meanwhile, he also points to trends in the options market — every spike in April was dominated by calls, which sometimes hit 70% of volumes.

Call options give the purchaser of the contracts the right to buy an asset at a set price within a specific period of time.

“As of today, that share is around 60%,” he said, “suggesting continued bullish sentiment among options investors.”

Memecoin Hype Drives Bitcoin Transaction Fees To Multi-Year Highs

Despite the latest spike in Bitcoin transaction fees, the current BTC transaction cost is still far from all-time high levels.

Bitcoin transaction fees surged in early May, reaching their highest point over the past two years, according to data from Crypto Fees.

On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping about 400% from late April.

The average Bitcoin transaction fee reached as much as $7.2, according to YCharts.

The ongoing trading frenzy of memecoins like Pepe Coin (PEPE) has triggered an unwanted consequence for Bitcoin — driving its transaction costs to multi-year highs.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The latest increase in BTC transaction fees is primarily attributed to a surge in Bitcoin activity involving BRC-20 transactions.

According to data from Galaxy Research, 50% of all Bitcoin transactions on May 2 were related to BRC-20 transactions.

Modeled after Ethereum’s ERC-20 token standard, BRC-20 is an experimental token standard allowing users to issue and transfer fungible tokens on the Bitcoin blockchain. The standard was introduced in March 2023 by a pseudonymous on-chain analyst known as Domo.

The BRC-20 token standard has quickly become a major trend in the cryptocurrency industry, specifically amid the sharp growth of the PEPE memecoin.

The token has rallied more than 600% over the past seven days, reaching its all-time high of $0.00000216 on May 5.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

The Bitcoin blockchain isn’t the only blockchain affected by the ongoing memecoin hype. Gas fees on the Ethereum blockchain have also been skyrocketing to new multi-month highs recently.

On May 2, ETH transaction fees hit an aggregate amount of more than $19 million, a level not seen since May 2022, according to Crypto Fees. The Ethereum blockchain remains the most expensive network in terms of transaction fees at the time of writing.

Despite the latest spike in Bitcoin transaction fees, the current BTC transaction cost is still far from all-time high levels. The highest Bitcoin transaction fees were recorded in April 2021, when the average BTC transaction cost almost reached $70 amid a major decline in the Bitcoin network hash rate. The previous highest point in BTC transaction fees was in 2017, with transaction costs surging above $60.

Updated: 5-7-2023

Bitcoin Network Congestion Causes Binance To Pause Withdrawals

The world’s biggest crypto exchange has now resumed withdrawals, but problems continue to linger for the Bitcoin protocol.

Binance, the world’s largest crypto exchange, temporarily paused bitcoin (BTC) withdrawals Sunday morning U.S. time as the Bitcoin blockchain became overwhelmed with pending transactions and sky-high fees.

The company resumed withdrawals within two hours of its initial Twitter posting about the withdrawals.

On-chain data shows that there are nearly 400,000 unconfirmed Bitcoin transactions, which is higher than anything seen during the bull runs of 2018 and 2021.

The Bitcoin Ordinals Protocol Has Caused A Resurgence In Bitcoin Development And Interest

“This current fee spree is an anomaly,” CoinDesk previously quoted Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool. “Biggest difference now between this jump in transaction fees and past ones with inscriptions is that BRC-20 standard is a new way to inscribe. Adoption of this standard is driving fees up.”

Bitcoin ordinal inscription tokens, known by its BRC-20 standard designator, currently have a market cap of $482 million across 14,000 tokens.

Bitcoin is currently trading at $28,935, down 0.15% in the last 24 hours.

Updated: 5-7-2023

Binance Says It’s Integrating Lightning Network

The second pause came less than eight hours after the first.

Binance has once again resumed bitcoin (BTC) withdrawals after a second pause, as the Bitcoin network suffers from unprecedented congestion.

$BTC withdrawals are now resumed on #Binance.

Pending transactions are being processed by replacing them with higher transaction fees.

We’ll post another update once these pending transactions are all processed.

— Binance (@binance) May 8, 2023

Binance briefly paused bitcoin withdrawals for around two hours Sunday afternoon U.S. time as the number of unconfirmed transactions hit a record high. Its second pause, taking place Sunday evening U.S. time, was also for just over two hours.

“To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed,” Binance said in a tweet. “Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.”

To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.

Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.

— Binance (@binance) May 8, 2023

The number of unconfirmed transactions was approaching 500,000 when the second halt took place, from around 400,000 when the first pause occurred. It is now beginning to decline, and is currently just over 430,000 over a 12-hour period.

The price of bitcoin continues to drift downward and is now at $28,240, down 2.6% in the last 24 hours.

CoinGecko data shows Binance has significantly slid in its position for bitcoin trading volume and is no longer in the top 10 exchanges for bitcoin trading pairs.

Updated: 5-9-2023

Bitcoin Fee Spike Spurs Shift To Lightning Network — Binance And Coinbase Line Up

Binance announces plans to embrace the Lightning Network. Which large crypto exchanges are Lightning ready, and which are yet to be struck?

The recent surge in Bitcoin transaction fees has lit a fire under one of the largest crypto exchanges to upgrade to the Bitcoin Lightning Network.

Following a second halt in withdrawals, Binance announced it would work on “enabling BTC Lightning Network withdrawals, which will help in such situations.”

The Lightning Network (LN) is a federated system for cheap, near-instant payments built atop Bitcoin. When the Bitcoin mempool (where transactions waiting to be confirmed gather) is full or busy, the Lightning Network is unaffected.

Several large crypto exchanges have integrated the Lightning Network, including Bitfinex, River Financial, OKX, Kraken and CoinCorner.

If implemented correctly, the Lightning Network would allow users to withdraw and send Bitcoin immediately from wallets, sidestepping the congested Bitcoin blockchain.

Fees on Bitcoin are rising, and there are still many Bitcoin (to fiat) exchanges that haven’t adopted Lightning deposits and withdrawals

Technical challenges are not the reason. Solutions like @RiverRLS exist that make integration fast and easy for any business. The issue is… pic.twitter.com/WR5u7cjMCx

— Sam Wouters (@SDWouters) May 8, 2023

The largest crypto exchange in the United States, Coinbase, is also warming up to the LN. Further to comments that CEO Brian Armstrong would integrate the LN soon, Armstrong finally sent Cointelegraph reporter Joe Hall $100 over the Lightning Network, demonstrating that he is familiar with the layer-2 payments protocol.

European Bitcoin exchanges are also embracing the LN. Adem Bilican, the chief technology officer of Swiss-based Bitcoin exchange, Relai, told Cointelegraph:

“We believe that Bitcoin is the best savings technology ever invented. But you should be able to spend and send BTC as fast and cheaply as possible. The Lightning Network is the best solution to tackle that, no matter how the on-chain transaction fees look.”

Swiss Bitcoin exchange Pocket Bitcoin recently tweeted it would “get this Lightning thing started” in response to higher and higher fees on the Bitcoin base chain.

However, given that the LN is a relatively new solution in the crypto space, payment failure can occur. The network is growing and scaling organically, but more liquidity may help the network scale faster. Paolo Ardoino, chief technology officer of Bitfinex, shed light on the situation:

“The Bitfinex node is the most interconnected node on the entire Lightning Network. It is also the biggest, providing liquidity to most of the other nodes. Hence the chances of failure are extremely low.“

True to form, Ardoino tweeted in response to the high fees that users should ask their crypto exchange to integrate LN. Binance and Coinbase are hopping on board, with other large exchanges Gemini, KuCoin and Bybit yet to announce implementing the LN.

There’s No Such Thing As High Fees On Bitcoin

Bitcoin’s BRC-20 debate is a re-run of the 2015-17 blocksize wars, except this time some of the combatants have changed sides, says Nic Carter.

Veterans of the blocksize war that raged from 2015 to 2017 in Bitcoin were met with a curious sight this week: Bitcoiners complaining about high fees. If this doesn’t strike you as odd, it’s worth recalling some brief history.

Historically, “small-blockers” – the faction that retained the claim to Bitcoin in the blocksize wars – have supported the existence of fees during times of congestion as a necessary tradeoff to achieve decentralization.

Big blockers – the faction that split off into BCH and BSV – were the ones aiming to keep fees low. But this trend has reversed for some Bitcoiners recently.

Famously, big-block (and low fee enthusiast) Roger Ver lamented five years ago that “babies [were] dying” because Bitcoin core devs refused to raise the block limit (and alleviate fees).

Central to the big blocker talking point was that more block space was required in order to accommodate more transactions.

This would in theory drive down fees and make it easier to scale a blockchain to global usage for all manner of small payments.

The small blockers, by contrast, preached the importance of restraint, and sought to keep the blockchain as compact as possible, so that it might remain maximally decentralized and censor resistant.

A larger blockchain, the thinking went, would only be maintained by industrial node operators, and could thus be trivially co-opted by state or corporate actors.

In the scaling wars, instead of naively increasing block space to ease the fee pressure in the short term, Bitcoiners embraced instead a layered philosophy.

In 2023, it’s 2017 again, except this time many hardcore Bitcoiners have flipped and are now embracing the ‘fees should be low’ perspective.

This is in fact how all payment systems scale: by deferring settlement. You don’t use wire transfers to pay for cigarettes – you use a network like Visa which uses batched, deferred settlement and ultimately settles to partner banks via ACH.

You would typically reserve wire payments for larger transactions like down-payments on a house where finality is important.

Indeed, I’ve been sympathetic to the small blocker philosophy, and that’s why I supported Bitcoin over Bitcoin Cash, and that’s why I’m generally skeptical of the approach taken by blockchains like EOS or Solana.

Accepting smaller blocks means tolerating larger fee spikes when the blockchain gets busy.

Historically, large blockers used times of blockchain congestion as evidence in their favor, and Bitcoiners were forced to grit their teeth and resort to more philosophical arguments as to why the convenience wasn’t worth the tradeoff in terms of decentralization.

In 2017, Gregory Maxwell, arguably the most influential developer on the small block side of the conflict, “popped the champaign (sic)” when Bitcoin fees topped the block reward for the first time.

In 2023, it’s 2017 again, except this time many hardcore Bitcoiners have flipped and are now embracing the “fees should be low” perspective – one that they (or their antecedents) explicitly fought against during the scaling wars.

The culprit is, ironically, Bitcoin’s own Taproot upgrade, which (perhaps unintentionally) opened up a new design space which permitted users to inscribe arbitrary content on the blockchain.

Image NFTs (“Ordinals”) have stolen most of the attention, but the immediate catalyst for this spike was actually the creation of the BRC-20 standard, which relies on an exotic distribution method.

BRC-20s are issued with a “proof of burned fee” mechanic, in which users must sacrifice transaction fees in order to create new tokens. This has driven fees in the short term to eye-watering levels, pricing out other sorts of conventional usage.

Some Bitcoiners have even taken to calling the usage of the blockchain a deliberate “denial of service” attack or an attack on El Salvador’s Bitcoin mission.

The good news is that fee spikes generally don’t last. If history is any guide, the current mania for minting BRC-20 tokens will likely fade relatively quickly. It looks to me to be an event similar to the Otherside mint on Ethereum rather than anything enduring.

However, it’s certainly the case that Ordinals and Inscriptions have unlocked a huge amount of latent demand for Bitcoin blockspace, and entered us into a new, structurally higher fee regime, even if this acute spike will fade in a matter of days.

Bitcoin maximalist ideology has become highly reactive, technologically regressive, and more concerned with ideological purity than intellectual coherence.

The BRC-20 mania, as perplexing as it is to many, is one of the best things that has happened to Bitcoin in some time.

For the few small blockers that have remained intellectually consistent from 2017 to today, the new fee pressure ought to be welcomed.

It’s a catalyst for the further adoption of established L2 networks like Lightning, and where Lightning falls short, alternative L2 systems.

As with all commodities, high prices are the cure for high prices. As a venture capitalist, I’m encouraged by the entrepreneurs I have been meeting lately who have begun designing novel L2s that explore alternative design spaces. In particular, rollups have clear product market fit on Ethereum, and I’m hopeful they can be added to Bitcoin in time.

Lightning is not a panacea, and it is best suited for high frequency, small granularity payments – which certainly doesn’t satisfy all types of Bitcoin transactional demand. There’s more than just one way to move dollars around – we have wires, ACH, credit and debit networks, Fednow, physical cash, remittances, hawala networks, money orders, and fintech apps, among others.

More abstractly, these can be divided into “push” and “pull” approaches, real time versus deferred settlement, and gross versus net settlement models. Each has its own set of tradeoffs, and offers different transactional speeds and settlement assurances.

It’s naïve to think that one scaling network alone can satisfy the diverse transactional needs of Bitcoiners. The long term future for Bitcoin is a plurality of scaling approaches.

The gist, however, is a move away from the one-baselayer-settlement = one-payment model, towards a more economically dense, one-baselayer-settlement = many-payment model.

This is the right way to scale. This is the only way a broadcast system like a blockchain, where every node operator must be aware of every transaction, can scale to global usage.

The burst of activity around inscriptions and resulting high fees is an accelerant towards this more efficient future, and it should be celebrated. The BRC-20 mania, as perplexing as it is to many, is one of the best things that has happened to Bitcoin in some time.

Updated: 5-11-2023

Bitcoin Fees Plummet 95% As BTC Price Recovers From US Gov’t Scare

Bitcoin was not subject to U.S. government selling this week, analysis shows, but BTC price action remains pressured.

Bitcoin struggled to recover from fresh losses on May 11 as a false alarm over United States government sales spooked markets.

Next-Block Bitcoin Fee Dips Under $2

In a silver lining for Bitcoiners, the past 24 hours saw a major shift in on-chain transaction fees, these deflating considerably after reaching levels that had caused a widespread uproar.

Live numbers from Mempool.space had next-block fee rates at 47 satoshis ($1.80) per byte at the time of writing.

According to data from monitoring resource BitInfoCharts, on May 10, the average fee fell below $15 — a drop of over 50% from the previous day.

Reacting, Checkmate, lead on-chain analyst at Glassnode, took to task those who had called for code-changing measures to prevent fees from rising so heavily in the future.

As Cointelegraph reported, fees had surged due to Ordinals inscriptions massively increasing on-chain activity and demand for block space.

“24hrs later, the average fees paid per block has returned to ~1.0 $BTC per block. Imagine arguing to change Bitcoin rules for a short-term fee spike due to people using the chain in ways you don’t agree with,” he tweeted alongside a chart.

“Trying to change the rules is the attack, not the inscriptions.”

Updated: 5-17-2023

Lightning Labs Launches Updated Protocol To Help Solve Bitcoin’s BRC-20 Issues

Lightning Labs has unveiled a new solution to the clunky process of minting new assets on the Bitcoin network.

Bitcoin users have been given a possibly more efficient way to mint new assets on the blockchain after an updated edition of the recently-rebranded Taproot Assets Protocol was released by Lightning Labs.

In a May 16 blog post, Lightning Network infrastructure firm Lighting Labs criticized the current methods by which assets are inscribed on the Bitcoin blockchain, calling them “particularly inefficient” and pointed to cumbersome protocols that write asset metadata “directly into block space.”

Today we’re excited to announce the newest version of Taproot Assets , a scalable protocol to issue assets on #bitcoin and Lightning.

With this release, developers have the core set of features to bitcoinize the dollar in a chain-efficient manner! ⛓️https://t.co/7WmeDjNnM2

— Lightning Labs⚡️ (@lightning) May 16, 2023

The Taproot Assets Protocol is designed to operate “maximally off-chain” in order to avoid the network congestion that has become an unfortunate characteristic of the Bitcoin network since the inception of the BRC-20 token standard by anonymous developer “Domo” on March 8.

Lightning Labs said Protocol users could soon integrate BRC-20 assets into the Lightning Network, with wallets, exchanges and merchants ported, over instead of needing to “bootstrap a new ecosystem” from scratch.

Domo has previously said the Taproot Assets Protocol is a far “better solution” for minting new assets on Bitcoin when compared to the pre-existing methods like JavaScript Object Notation (JSON), as it allows for users to easily transfer to the Lightning network for “fast and cheap transactions.”

The overwhelming majority of BRC-20 tokens created thus far utilize Ordinal inscriptions of JSON data to deploy token contracts, mint tokens and transfer them.

This method has drawn widespread criticism from developers, who claim the process costs four times as much in transaction fees compared to just using binary.

The Taproot Assets Protocol is the rebranded version of the original “Taro” protocol. Lightning Labs was forced to change the name of the software following what it called a “frivolous” trademark infringement suit filed against them by blockchain development firm Tari Labs on Dec. 8 last year.

The total value of BRC-20 tokens briefly surpassed the $1 billion mark on May 9 but has since shrunk back down to $500 million, a drop of nearly 50%.

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