During the past two weeks, members of the cryptocurrency community have discussed the non-fungible token (NFT) concept known as Ordinals. Since the 3.96 MB block (#774,628) was mined, there has been a significant increase in Ordinal inscriptions on the Bitcoin blockchain.
Ordinal Inscriptions on Bitcoin Blockchain Spark Debate Among Crypto Community
The controversial NFT concept known as Ordinals, which uses the Bitcoin blockchain to mint inscriptions, has been a highly topical subject recently. Since its introduction, there has been a marked increase in the number of inscriptions being added to the Bitcoin blockchain in a permissionless manner. This includes JPEG images, NFTs from other blockchains like Bored Apes, and even a DOOM video game file. The biggest surprise was when the Luxor mining pool mined a 3.96 MB block (#774,628) that contained Ordinal inscription #652, a JPEG image of a wizard.
Since that block was mined, the number of Ordinals minted has increased further and the mint rate has grown significantly since the project’s inception. According to statistics from Dune Analytics, until Jan. 20, 2023, there were fewer than 10 Ordinals minted daily. By Jan. 22, the number rose to 36. On Jan. 29, 2023, there were over 100 mints, and the next two days saw numbers just under 75. After the Luxor block with inscription #652 was produced, the number of mints surged to 420 on Feb. 2, 2023, and the next day saw 203 Ordinal inscriptions.
There have also been a number of large blocks, not quite reaching 4 MB, but close to the 3 MB range. For example, block heights #774,997 and #774,996 were near the 3 MB range, larger than the previous record, before Luxor’s block, of 2.765 MB (#748,918) mined on Aug. 11, 2022. Despite the fact that Feb. 4, 2023, is not over, 547 Ordinal inscriptions have already been added to the Bitcoin blockchain on Saturday, making it the highest daily number of Ordinal mints to date. Currently, the proportion of block space used by Ordinal inscriptions is not substantial, but it is growing daily.
Bitcoin maximalists and proponents of small blocks are expressing concern about the Ordinal inscriptions and sharing their opinions on the matter. Bitcoin advocate Jimmy Song has claimed that the Luxor mining pool will be “punished by the market” and suggested that smaller…
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