Bitcoin Ordinals surge to 3M Inscriptions

Since it began, up to $8 million in fees have been given to caption creators across the network.

The NFT number surpassed 3 million earlier this week after a one-day spike in activity, which consisted mostly of text-based assets.

Inscriptions, operating on the Ordinals Protocol, enable users to insert data regarding digital art into the Bitcoin blockchain using references stated in Bitcoin-based transactions.

The leap follows the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which helps users issue transferable tokens directly through the network. This generated a compilation of digital art and meme tokens based on the Bitcoin platform. The market capitalization of the latter group increased to $137 million.

Creators paid a cumulative 28 Bitcoins to make captions.

Glassnode estimates Bitcoin miners’ profits

According to recent data, Bitcoin miners have earned a 37% return on their investment since the launch of Bitcoin.

On-chain analytics firm Glassnode estimates that since 2010, fee and block reward subsidies have generated more than $50 billion in profits for miners.

Amidst the ongoing debate about Bitcoin’s price volatility, new figures suggest that miners are in a bad position for the long term.

According to Glassnode, miners’ all-time earnings are almost 40% higher than their estimated costs.

At the end of March, Glassnode published a study that delved into the details of the calculations that led to a 37% profit rate.

However, BTC.com’s current estimates suggest that this week’s difficulty correction will be the first negative one for Bitcoin since mid-February 2023.

Ether advanced 1.68% to $1,867 and was the second biggest gainer in 24 hours. The world’s second-largest cryptocurrency advanced by 0.22% for the week. Binance’s native BNB token fell 0.21% to $323, bringing its weekly loss to 3.95%.