Yonsei_dent2023-02-18

<BTC: Emergence of Ordinals and Improvement of Miners Profitability>

BTC Miner sold some BTC to escape financial stress through the January 2023 rally. As a result, the Miner Reserve has decreased🟦. However, the recent rise in BTC Difficulty🟪 has worsened mining conditions (32% increase compared to July 2022). As a result, it was expected that profitability would be damaged and Miner would sell. Miner Reserve, however, remains largely unchanged. What keeps miners profitable? This is most likely due to the recent appearance of BTC: Ordinals. Ordinals are NFTs on BTC. Block size increases as it contains images, videos, etc. Due to Ordinals, in February 2023, the 🟥 BTC Block size🔴 has risen significantly. This requires more effort to process on the network, increasing Transaction Fees🟡 and Fees per Block. During the same period, Block Rewards🟢 did not change significantly. Therefore, it seems that the rise in fees due to the emergence of Ordinals is currently easing the financial stress of miners. 🔍Ordinals? As an NFT on the BTC network, it is an NFT that can assign arbitrary content to Satoshi, the denomination unit of BTC.