CryptoMediaClub
Wednesday, July 9, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

2 reasons why Bitcoin Ordinals are ‘positive’ for the BTC: Grayscale

01.05.2023
A A
0
131
VIEWS
ShareShare

Bitcoin (BTC) Ordinals — also known by some as Bitcoin NFTs — could renew developer enthusiasm for Bitcoin and boost mining fees, according to cryptocurrency investment firm Grayscale.

In an April 27 “Market Byte” blog post, the firm suggested that Ordinals provide two key benefits to the growth and development of the Bitcoin ecosystem.

#Ordinals have generated a great deal of attention in the crypto ecosystem by introducing #NFT-like assets on the #Bitcoin blockchain. @mzhao8 and our research team explore their potential in our latest Market Byte:
https://t.co/7muc9Lyrok

— Grayscale (@Grayscale) April 28, 2023

The first is a substantial increase in fees paid to miners, which has been seen since the launch of the protocol in January, according to Grayscale.

“The advent of ordinals has led to an increase in total fees paid to miners […] which could potentially establish a sustainable baseline level of transaction fees to incentivize miners.”

Grayscale argued that this would ensure "continued network security throughout the lifetime of the Bitcoin network.”

As reported by Cointelegraph, in less than two months after its launch, more than $600,000 was paid to Bitcoin miners, solely as the result of fees generated by Ordinal inscriptions. As of the time of publication, that figure now exceeds the $6.5 million mark.

Fees spent on inscribing Ordinal NFTs on the Bitcoin blockchain. Source: Dune Analytics

The investment firm also believes that Ordinals and the “velocity of NFT adoption” could also attract new Bitcoin users and spark more development on the Bitcoin network.

"We believe the emergence of ordinals is likely to promote a development-oriented community and culture in support of the Bitcoin network."

On April 30, Ordinals reached a new record, with the number of daily inscriptions topping 300,000.

Around the same time, the number of Bitcoin transactions neared peaks not seen in a number of years, according to blockchain data firm IntoTheBlock.

Related: Magic Eden launches marketplace for Bitcoin Ordinals

The meteoric rise of Ordinals has been a controversial topic in the wider Bitcoin community, having been extensively criticized by Bitcoin maximalists for straying from the original purpose of Bitcoin as a peer-to-peer electronic currency and clogging up valuable block space.

One such critic is Blockstream CEO Adam Back, who has made a number of comments in which he declared Ordinals to be “useless,” and claimed that he is “more into Bitcoin as a currency.”

"you can't stop them" well ofc! bitcoin is designed to be censor resistant. doesn't stop us mildly commenting on the sheer waste and stupidity of an encoding. at least do something efficient. otherwise it's another proof of consumption of block-space thingy.

— Adam Back (@adam3us) January 29, 2023

Share10Tweet6ShareSharePin2

Related Posts

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC
Blockchain

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
0

Skip to content

Read moreDetails
Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Load More
Next Post
Friends and FOMO pushed newbie investors to buy crypto in 2022 — Survey

Friends and FOMO pushed newbie investors to buy crypto in 2022 — Survey

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Best Crypto to Buy Now May 23 – Pepe, Arbitrum, Bonk

Best Crypto to Buy Now May 23 – Pepe, Arbitrum, Bonk

1 year ago
Bitcoin will bring global payments out of the ‘fax era’ — Ex-PayPal boss

Bitcoin will bring global payments out of the ‘fax era’ — Ex-PayPal boss

2 years ago

Alameda’s Secret Backdoor Was Discovered Months Before FTX’s Collapse: Report

2 years ago
SEC Delays Decision on Bitcoin ETFs Following Gensler’s Congressional Hearing

SEC Delays Decision on Bitcoin ETFs Following Gensler’s Congressional Hearing

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

NFT Trading Falls Fifth Consecutive Quarter Down 80% to $823M, DappRadar Reports

AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

One of Spain’s Largest Banks Launches Crypto Service for Retail Clients

Ego Death Capital Raises $100M to Back Bitcoin-Focused Startups

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Trending

Stablecoin issuers’ $182 billion US Treasury hoard ranks 17th among countries, beating UAE and South Korea
Analysis

Stablecoin issuers’ $182 billion US Treasury hoard ranks 17th among countries, beating UAE and South Korea

09.07.2025
0

Four US-dollar stablecoin issuers hold roughly $182 billion in US Treasury bills, an amount that would slot...

Dogecoin Price Prediction: Millionaire Scottie Pippen Eyes DOGE in His Top Picks – Is This the Catalyst Meme Traders Needed?

Dogecoin Price Prediction: Millionaire Scottie Pippen Eyes DOGE in His Top Picks – Is This the Catalyst Meme Traders Needed?

09.07.2025
Tether Invests in Blockchain Analytics Firm Crystal Intelligence to Tackle Stablecoin Misuse

Tether Invests in Blockchain Analytics Firm Crystal Intelligence to Tackle Stablecoin Misuse

08.07.2025
NFT Trading Falls Fifth Consecutive Quarter Down 80% to $823M, DappRadar Reports

NFT Trading Falls Fifth Consecutive Quarter Down 80% to $823M, DappRadar Reports

08.07.2025
AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion

AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion

08.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz