Bitcoin Blockchain Reaches 500K+ Ordinal Inscriptions, Miners Reap $2.66 Million in Fees – Blockchain Report

Recent statistics have shown that the Bitcoin blockchain has passed the 500,000 mark for Ordinal inscriptions, with miners earning 98 bitcoins worth $2.66 million in added fees.

Ordinal Inscriptions on Bitcoin Blockchain Surge

Ordinal inscriptions have been on the rise, and data from Dune Analytics reveals that the 500,000 mark has been surpassed. At the moment, there are approximately 522,243 Ordinal inscriptions on the Bitcoin blockchain. The technology allows users to embed data such as images, video, audio, text, and applications into the chain.

The milestone was reached on March 17, and data from Onchain also indicates that since Ordinal inscriptions gained traction last month, miners have earned 98 BTC worth $2.66 million in added fees. Of the 522,243 inscriptions, 31.1% are in PNG format and around 14% are in WEBP format. Text-based inscriptions account for more than 40% with 212,827, and 7% are JPEG-based.

The block with the most Ordinal inscriptions is block 780,895, with 1,870 inscriptions. Interestingly, the block was only 2.83 megabytes (MB) in size and had 3,598 transactions. Block 780,037 is the second-highest with 610 inscriptions. Moreover, several collections have seen a large number of sales. For example, Yuga Labs’ Twelvefold collection sold for $16.6 million.

Bitcoin Punks has seen 454.9 BTC, equivalent to about $11.1 million, and Ordinal Punks has earned 225.5 BTC, or $5.5 million in sales. There have also been significant sales from the Tradfilines collection, worth 100.4 BTC or $2.4 million, and Unordinals, with 95.4 BTC or $2.3 million. Other collections like Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks, and Xcpinata have seen considerable success.

The trend of Ordinal inscriptions is still going strong and the Litecoin blockchain is also seeing a surge in them. At the moment, the Litecoin network has 213,583 Ordinal inscriptions and a few collections, such as Litecoin Punks, Litecoin Bulls, and Ordinal Doges. Galaxy Digital recently published a report predicting that Bitcoin-based non-fungible token (NFT) assets utilizing Ordinal inscription technology could be a $4.5 billion market by 2025.

Do you think Ordinal inscriptions will continue to increase on the Bitcoin blockchain, and what effect do you think this will have on the NFT market? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.