For the first time since 2017, some bitcoin miners are getting paid more to process transactions on the blockchain than they’re rewarded for creating new $BTC – potentially good news following the battering the industry has faced. reports
appear to at least partly explain the shift. This new project inscribes non-fungible tokens on Bitcoin’s blockchain.Their emergence over the past few months is a “cool example of how, just when you think Bitcoin has become boring, there’s something waiting around the corner that surprises everyone,” said Colin Harper, head of content for mining pool Luxor Technologies who did not expect transaction fees to surpass the block reward between now and when the 6.25 BTC subsidy gets halved.
Harper added: “Some doubted whether or not Bitcoin blockspace can have use cases outside of settling value,” but now “there are new uses for blockspace and any use of blockspace where people are paying fees is good for Bitcoin in the long-term.” The question for Harper is whether or not inscriptions and Ordinals have staying power.
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