Bitcoin Hits Record-Breaking 40 Million Inscriptions in Monumental Blockchain Milestone

On November 12, 2023, the Bitcoin blockchain achieved a groundbreaking milestone, surpassing 40 million Ordinal inscriptions etched into its ledger.

This record was notably set on a day when 505,345 inscriptions were created, marking a new peak for daily transactions and ranking as the second-highest day for miner-confirmed transactions within a 24-hour timeframe. Following a period of relative quiet, Ordinal inscriptions experienced a significant revival, contributing to a historic 703,327 confirmed transactions in a single day. This surge, accounting for 71.85% of block space, closely followed the all-time high set on September 15, 2023.

Despite a decrease in transaction fees, the mempool remained congested with over 200,000 unconfirmed transactions. Miners reaped substantial rewards, collecting 2,438 BTC (over $90 million) for their role in confirming inscriptions. The BRC20-based ORDI coin, representing tradable inscription tokens, soared by 545% against the U.S. dollar, reaching a market value of $434 million and securing the 112th rank among cryptocurrencies. Bitcoin’s non-fungible token (NFT) sales also experienced a surge, ranking just below Ethereum in NFT sales hierarchy, with a $92.92 million haul in the last week. Notably, Bitcoin’s NFT sales increased by 246%, with the “$SATS BRC

Clever Robot News Desk 15^th November 2023