Ordinals enabled an NFT-like capability for Bitcoin's blockchain, driving enormous demand and a significant rise in fees.
Charlie Spears, Strategy Lead of the startup OrdinalHub told me in an interview that even miners that dislike NFTs are happy to process related transactions for a fee. So far, Ordinals have generated more than $21 million in fees.
Transaction fees have exceeded the regular mining subsidy, which miners see as a positive side effect, especially with the next Bitcoin halving so close. Halving is an automatic process that happens every 210,000 blocks, cutting the block reward that bitcoin miners earn by 50% every few years. This makes it harder to mine bitcoin as the total supply approaches the 21 million bitcoin the protocol limits bitcoin’s overall supply to.
Meanwhile, bitcoin technologists are working on Ordinal filters and considering other more radical solutions, like a soft fork of the whole network. For now, most experienced bitcoin users know to use theLightning lets people transact with much smaller fees and without waiting for confirmation on the underlying blockchain.
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