Shows the Bitcoin inscriptions in six cards

The setting of pieces of data on the Bitcoin -Blockchain by Ordinal has attracted the attention of cryptocurrency enthusiasts inside and outside bitcoin since the beginning of 2023.

Whether Bitcoin “should use” for this NFT-like activity is a hot disputed problem and the data coming from the effects of this mini-bitcoin collective rage is interesting. Inscriptions may be a short-lived fad, but several early data sets from the first weeks of inscription activity show tremendous interest in this new use case for the Bitcoin network. Dive in, this article provides an overview of six sets of data from the inscription mania.

Overview of Bitcoin inscriptions data

The quantities and weights of pending transactions in Bitcoin Mempools around the world are a clear sign of how popular inscription transactions with Bitcoin users were amid the ongoing mini curl about Bitcoin NFTs. During most of the current Bear market cycle, the transaction levels in Bitcoin Mempools remained quite low, especially compared to the height of both the 2017 and 2021 bull market. In fact, a Twitter -bot named Mempool Alert Tweets is every time his mempool is empty, and the tweets were placed on a constant basis for months during 2022.

The mempool pending transactions below most of the bulk of February 2023 shows the total weight of unconfirmed transactions. The boom in pending transactions correlates directly with the inscription orchard, which has subsided somewhat by the end of February.

Inscription transactions are notorious, and the block sizes that come from the inscription -rage prove this. The sizes of Bitcoin blocks have been just under 1.5 megabytes (MB) for years as the line card illustrates below. But the vertical increase in block sizes on the right side of the map is entirely due to bitcoin inscriptions.

With these Bitcoin -NFTs becoming popular, blocks produced on average between 2 MB and 2.5 MB. Several blocks flirted with the 4 MB limit, including the ‘giant’ taproot Wizard block mined by Luxor in collaboration with Udi Wertheimer and others.

The interest in bitcoin inscriptions is also clear from Google search inquiries, switched to a little “off-chain” data. The line card below was taken from the Google Trends page for search interest in ‘Bitcoin-Ordinal’, and the almost vertical increase in interest over time is impossible to miss. It should be noted that these data sets are recorded on a relatively basis on a relative basis to seek interest in weeks and years. But of particular notability is that Google Trends has indexed this phrase at all. Not every term or phrase is indexed by Google Trends, only those with a material amount of minimum search volume over time. That trend data for “Bitcoin Ordinals” made the database at all remarkable.

Critics of NFTs – and especially of inscriptions on Bitcoin – will sometimes be characterized as a form of “privilege” by elite in developed countries that run around with a serious monetary network. But global trends for ordinal searches do not show the US as even a top five country. According to Google’s data, Singapore, Czech Republic, Portugal and Singapore, it is above the list.

Sorting according to transaction forms included in blocks also illustrates the intensity of the inscriptions that kicked off 2023 for bitcoin. According to data shared to Twitter of a Bitcoin node run by Pierre Rochard, the research director of Riot Blockchain, inscription transactions were nearly 60% of the bloc space near the highlight of the Bitcoin community’s first trip in ordinal. As the data visualization below illustrates, the number has gradually grown from 20% to 60% within a week.

Community data of groups of inscription enthusiasts also provide an additional context for this social and technical movement within Bitcoin. The bar chart’s below represented data compiled by Ordinalhub with a list of original inscription diskord groups and their member counts from the beginning of February.

Against a large margin, satosibels and taproot -Towers were the largest communities at that point. But the large number of discord groups created almost immediately indicates the passion that Bitcoin artists had for this new use for the network.

At present, many of the discords are certainly greater than the information in the above graph. But by this time, some of the data were certainly damaged by bots and several other spoofs (intentional or not) of community data, which makes this data momentum close to the origin of the communities unique.

A final information that earns the inclusion of any analysis of bitcoin inscriptions is around the money -how many miners earn from “The Incribe Ooo” that eats their pieces of data in the Bitcoin network. Miners are paid nicely for building blocks with inscription transactions.

In the line-bar combination chart below, daily amounts spent on inscription transaction fees and the total total amount paid to miners of inscription transactions are visualized. In a few short weeks, more than $ 1 million was paid to miners from inscriptions. And this data captures only the payments on the chain tire tire payments are not included here, which would make the number somewhat larger.

Although many of the early data sets show that the intensity of early inscription activity has cut off by the end of February, how long this tendency will last, it is unknown. It can be a fad that goes out before the current bear market ends, and inscription critics can then dance on the grave of Bitcoin NFTs. Or it could become a long -standing match of the demand for bloc space and regular fee income for miners.

The future is uncertain, but the possible consequences of inscriptions are impossible to ignore.

This is a guest post by Zack Beell. Opinions expressed are completely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.