Bitcoin’s Ordinal Inscriptions Soar Beyond 55 Million, Achieving Third Highest Daily Record

Following the weekend, the tally of Ordinal inscriptions on the Bitcoin blockchain surpassed 55 million. Notably, on Jan. 13, 2024, the blockchain witnessed its third-highest day of inscriptions, settling an impressive 477,751 inscription-based transactions on Saturday. Additionally, from the inception of the first inscription in December 2022, bitcoin miners have amassed $246 million worth of bitcoin, capitalizing on this growing trend.

Miners Net $246 Million From 55 Million Inscriptions

From Dec. 28, 2023, to Jan. 12, 2024, the pace of daily Ordinal inscriptions on the Bitcoin blockchain moderately decelerated. However, a surge occurred on Saturday, Jan. 13, marking a record-breaking number of daily inscriptions. This date became the third-largest in terms of inscriptions, with an impressive 477,751 added to the blockchain. That day, approximately 652,483 transactions were processed, with inscriptions comprising a notable 73.22% of all miner-confirmed transfers.

Continuing the trend, on Sunday, Jan. 14, 2024, the blockchain saw another substantial 446,783 inscriptions being incorporated into the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were inscription-based. Furthermore, following these two record-setting days, the total number of inscriptions impressively exceeded the 55 million threshold this weekend. Among these inscriptions, miners have accumulated a total of 5,750 BTC, valued at $246 million, based on the current BTC exchange rates.

Around $2.7 million in fees from inscriptions were paid to miners on Jan. 13 and the following day, miners accrued another $4.94 million. Bitcoin miners are reaping the benefits from fees paid by inscriptions and on Dec. 16, 2023, miners nabbed $9.9 million in fees. Moreover, the number of inscriptions per block has increased a great deal as minters have learned ways to fit in as many as possible. Data further shows that there are 278,296 recursive inscriptions on the chain as well.

Recursive ordinal inscriptions entail retrieving and incorporating data from existing inscriptions to craft new ones. In the realm of Ordinal inscriptions traded on non-fungible token (NFT) markets, Bitcoin has taken the lead in the past 30 days, boasting $669.53 million in digital collectible sales. Ethereum, previously the frontrunner in NFT blockchain, recorded $321.18 million in sales during the same period. Yet, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly surpassing Ethereum’s $94.42 million.

What do you think about Ordinal inscriptions surpassing the 55 million mark and the third highest day of inscriptions on record? Share your thoughts and opinions about this subject in the comments section below.