Bitcoin Ordinals have reached a new pinnacle, with the total count of minted Bitcoin Ordinals Inscriptions soaring to an unprecedented 505,000. This milestone coincides with the second anniversary of activating the much-anticipated Bitcoin upgrade, Taproot, on November 14th.
Data from Dune Analytics reveals that the surge in Bitcoin Ordinals Inscriptions, primarily driven by BRC-20, has propelled the overall number of Bitcoin Inscriptions past 40 million as of November 12th.
On November 14th, Atomical witnessed over 28,000 mintings, accompanied by a significant fee payment of 2.63 BTC, the second-highest since the protocol’s launch in September. This surge is attributed to the creation of the meme token DMINT after the official release of DMINT update documentation.
Ordinal Inscriptions, akin to NFTs, represent digital assets engraved on a satoshi, the smallest unit of Bitcoin. The ability to inscribe on satoshis was made possible with the introduction of the Taproot upgrade two years ago.
However, the resurgence of Ordinals has led to a notable increase in Bitcoin fees, reaching the highest level since the meme coin mania in May, with the average fee spiking to $15.86. Critics argue that Bitcoin-linked NFTs, like Ordinals, are straining the network. Developer Casey Rodarmor contends these accusations are baseless.
Despite the backlash, the resurgence of Ordinals has boosted bitcoin miners’ revenue, with transaction fees now constituting nearly 8.5% of their earnings, according to a report by asset manager 21Shares. This development is timely as Bitcoin approaches its halving, reducing block rewards from 6.25 to 3.125 BTC, potentially influencing miners’ engagement with the network.