User Spends $64,000 in Fees to Encode 9 Megabytes of Data on Bitcoin Blockchain
An individual has made a significant investment of approximately $64,000 in fees to inscribe nearly 9 megabytes of raw binary data on the Bitcoin blockchain. This transaction took place on January 6 and involved the utilization of more than 1 Bitcoin to create 332 inscriptions. The content and purpose of the data remain a mystery, as attempts to decode it have been unsuccessful so far.
Bitcoin’s First Wallet Comes to Live
In another intriguing Bitcoin transaction, 26.9 BTC worth $1.17 million was sent to Bitcoin’s Genesis wallet, which is the very first Bitcoin wallet ever created. This event generated various theories from industry experts. The transaction fee attached to it was notably higher than average, and the initial funding of the wallet can be traced back to three wallets, with most of the funds originating from a wallet associated with Binance.
Bitcoin Blockchain Sets New Record
NFT sales on the Bitcoin network reached a milestone in December 2023, surpassing $881 million for the first time ever. This included 111,713 buyer addresses and 98,744 seller addresses, setting new records for single-month sales. Bitcoin NFTs, known as Ordinals, are unique as they are inscribed directly onto individual satoshis, the smallest unit of a bitcoin.
Hot Take: The Mystery of Inscribed Data on Bitcoin Blockchain
An unidentified individual has spent a significant amount in fees to encode raw binary data on the Bitcoin blockchain. The purpose and content of this data remain unknown, despite attempts to decode it. Some speculate that the data may be encrypted and difficult or impossible to decrypt. Additionally, the identity of the person behind this inscription is also a mystery. This incident follows the intriguing transaction where funds were sent to Bitcoin’s Genesis wallet, sparking theories about Satoshi Nakamoto’s involvement. The Bitcoin blockchain continues to make records, with NFT sales reaching over $881 million in a single month.
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