Bitcoin Ordinals and Their ImpactThis week, on-chain transactions experienced a significant increase in fees due to the resurgence of Bitcoin Ordinals. Ordinal is a type of NFT that can be used to permanently record information on the blockchain. Also read: Exciting! Crypto Ordinals (ORDI) Price Jumps 80% in 24 Hours, What's Up? With many BRC-20 Ordinal transactions having to be processed on-chain, Bitcoin miners face stiffer competition for confirmations. As a result, higher fees are required.heatmap ordinalsHeatmap Bitcoin Ordinals (screenshot). Source: GeniiData Without this fee, transaction confirmation times would be much longer than usual. GeniiData reports that over the past week, nearly 1 million “mints” have occurred. Since then, there has been a shift in the most active projects, with BEES, gpts, and HALV now generating the most miners.
