Anonymous Spends $66,000 to Register Data on Bitcoin Blockchain
An anonymous user has spent approximately $66,000 to register data on the Bitcoin blockchain using the Ordinals protocol. Over the course of two days, the user performed 332 transactions, adding metadata to the network. The use of Ordinals technology has been increasing exponentially in recent months, despite criticism that it lacks innovation and compromises scalability.
Record Amount Spent on 332 Ordinals Transactions
An anonymous Bitcoin wallet has spent 1.5 BTC in fees to record data on the Bitcoin blockchain through 332 Ordinals transactions. This amounts to about $66,000 in fees. The Ordinals protocol allows users to generate NFTs or fungible tokens by adding data to individual satoshis. The user in this case subscribed to different sats files known as “octet stream” files, which cannot be opened with specific applications.
Mysterious Data Inscriptions on Bitcoin Blockchain
The content of the data inscriptions made by the anonymous user is still unknown, and even an AI chatbot is unable to decode them. It remains a mystery whether this was a test of a new application or something more complex. The use of the Ordinals protocol continues to increase, despite opposition from some users who believe it hampers scalability and fills up the mempool with pending transactions.
Analysis of ORDI Crypto Prices
ORDI is a fungible token created using the Ordinals protocol on the Bitcoin network. It has gained attention from investors and achieved significant market volumes and capitalization. Currently priced at $67.17 with a market cap of $1.4 billion, ORDI experienced a bullish run from mid-October to December last year, reaching a price of $90. However, it has shown weakness against the US dollar in recent weeks. The main support is at $50, and the key resistance is at $80.
Hot Take: Anonymous User’s Extravagant Expenditure on Bitcoin Blockchain
An unknown individual has spent a substantial amount to register data on the Bitcoin blockchain using the Ordinals protocol. The purpose and content of this expenditure remain a mystery, sparking curiosity within the crypto community. Despite concerns about scalability and fees associated with using Ordinals, its popularity continues to grow. The case of these mysterious inscriptions adds another intriguing event to the recent occurrences on the Bitcoin blockchain.
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