Bitcoin ordinals and inscriptions have had a positive impact on miner revenue by increasing transaction fees. However, miners are facing challenges as the impending halving event approaches. Inscriptions have been actively participating in the crypto ecosystem since February 2023, occupying block space after higher-value transfers. Despite contributing to transaction fees, the number of pending transactions has increased since May, with most of them having minimal data footprint. The rise in inscriptions aligns with the surge in pending transactions, indicating their significant demand for block space. However, miners’ overall income remains low, with hash prices hitting an all-time low. This puts miners under income stress and will further worsen after the halving event reduces their block rewards. The mining industry is fiercely competitive, and miners’ profitability depends on the future trajectory of BTC prices. The article concludes by advising readers to be cautious with crypto investments.
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