Bitcoin
Bitcoin (BTC)
$64,008.00 -0.13421
Bitcoin price
Ethereum
Ethereum (ETH)
$3,433.62 1.22112
Ethereum price
BNB
BNB (BNB)
$572.20 0.58482
BNB price
Solana
Solana (SOL)
$160.03 2.61713
Solana price
XRP
XRP (XRP)
$0.5698700 -9.99294
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000174 -6.82646
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -0.22893
Pepe price
Bonk
Bonk (BONK)
$0.0000270 0.38313
Bonk price
Bitcoin
Bitcoin (BTC)
$64,008.00 -0.13421
Bitcoin price
Ethereum
Ethereum (ETH)
$3,433.62 1.22112
Ethereum price
BNB
BNB (BNB)
$572.20 0.58482
BNB price
Solana
Solana (SOL)
$160.03 2.61713
Solana price
XRP
XRP (XRP)
$0.5698700 -9.99294
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000174 -6.82646
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -0.22893
Pepe price
Bonk
Bonk (BONK)
$0.0000270 0.38313
Bonk price
Bitcoin
Bitcoin (BTC)
$64,008.00 -0.13421
Bitcoin price
Ethereum
Ethereum (ETH)
$3,433.62 1.22112
Ethereum price
BNB
BNB (BNB)
$572.20 0.58482
BNB price
Solana
Solana (SOL)
$160.03 2.61713
Solana price
XRP
XRP (XRP)
$0.5698700 -9.99294
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000174 -6.82646
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -0.22893
Pepe price
Bonk
Bonk (BONK)
$0.0000270 0.38313
Bonk price
Bitcoin
Bitcoin (BTC)
$64,008.00 -0.13421
Bitcoin price
Ethereum
Ethereum (ETH)
$3,433.62 1.22112
Ethereum price
BNB
BNB (BNB)
$572.20 0.58482
BNB price
Solana
Solana (SOL)
$160.03 2.61713
Solana price
XRP
XRP (XRP)
$0.5698700 -9.99294
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000174 -6.82646
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000117 -0.22893
Pepe price
Bonk
Bonk (BONK)
$0.0000270 0.38313
Bonk price

Ordinals surpasses 6k Bitcoins in total fees

ordinals-surpasses-6k-bitcoins-in-total-fees
Edited by
News
Ordinals surpasses 6k Bitcoins in total fees

The total amount of Ordinals commissions paid exceeded 6,000 Bitcoins (BTC).

According to Dune, the total fees for inscriptions minted using the Bitcoin non-fungible tokens (NFTs) Ordinals protocol exceeded 6,000 BTC, more than $257 million at the current rate.

Ordinals surpasses 6k Bitcoins in total fees - 1
Source: Dune

Additionally, with over 59 million inscriptions, the average fee per serial inscription is 0.0001 BTC, or $4.37.

Bitcoin’s ordinal system allows each Satoshi, or 0.00000001 BTC, to be ordered and uniquely identified. Following the ordinal theory, assigning an identifier to each satoshi is possible depending on when it was mined and in what order it was transferred. This creates the non-fungible property needed to develop NFTs in Bitcoin.

Despite the hype surrounding Ordinals, some remain skeptical about the technology. Thus, in December 2023, the U.S. National Vulnerability Database (NVD) flagged “inscriptions” created in the Ordinals protocol as a cybersecurity threat to the first cryptocurrency network. According to the warning, in some versions of Bitcoin Core and Bitcoin Knots, BRC-20 can bypass restrictions on the amount of data transferred through a transaction by disguising it as code.

Even Bitcoin developer Luke Dashjr criticized BRC-20 tokens, which took advantage of a vulnerability in the code to overload the Bitcoin network. According to Dashjr, such tokens clog the blockchain of the first cryptocurrency. Due to this, the network is planning a series of updates that will end BRC-20 and Bitcoin-based NFTs.