Bitcoin Miners Seek Big Change With The Rise Of Ordinals and On-Chain Data

Bitcoin Ordinals: Although the Bitcoin halving was the most significant event in cryptocurrency’s history, the emergence of Bitcoin-based NFTs could be the next major development. Bitcoin was initially considered a layer 1 blockchain, with peer-to-peer transactions as its primary use case. The introduction of Non Fungible Tokens on Bitcoin layer could lead to a paradigm shift in how miners operate. The adoption of Ordinals led to a rise in the average miner transaction fee per block, according to chain data.
Also read: Polygon (MATIC), Bullish ahead Of zkEVM, Sets To Reach A New Record


Bitcoin, a layer 1 blockchain had the distinction of maintaining an established peer to peer network. The blockchain network was not able to support NFT use cases. The Ordinals project gains more meaning because of Bitcoin’s reliability and stability as a regulator-friendly cryptocurrency. As miners reap the benefits of increased transaction fees due to NFT activity on the chain, this adoption is evident.
Ordinals was popularized because NFT transactions on the Bitcoin network do not require a separate layer or modifications to the Bitcoin network. These transactions cannot be used with any other cryptocurrency than Bitcoin for the purpose of store-of-value. Two soft fork upgrades – Segregated Witness, Taproot – powered the protocol.

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According to Crypto Quant data, Ordinals NFTs clearly affected the Bitcoin block size and transaction fees. There is increasing interest in Bitcoin NFTs.
Also read: Will Bitcoin’s Price Rise Above the Key 200-WMA Level Or it’s a “Bull Trap”.

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