Bitcoin Ordinals could help BTC miners in the long-run- Here’s how

ambcrypto.com:

Ordinals and other Layer 2 solutions have made the Bitcoin network no longer only used for BTC transactions. Even though Ordinals has been met with mixed reactions from the Bitcoin community, its growing popularity and potential effects on the Bitcoin network could be a game changer for BTC miners.

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As far as we can tell, the Ordinals craze shows no signs of slowing down. The fact that established NFT firms like Yuga Labs have entered the market with products like TwelveFold is evidence of the technology’s growing ubiquity.

The entrance of new players has led to an ever-increasing number of Ordinals inscriptions, which, at the time of this writing, stood at 411,541.

The overall fees have increased as the number of Ordinals inscriptions has grown. There had already been almost $1.5 million in fees collected as of this writing, and that number would only rise as more inscriptions were completed.

Dune and Messari’s data shows that introducing Ordinals has impacted Bitcoin network transaction fees. Inscriptions have made about $1.6 million in fees for miners over the past three months.

Over 6% of all trade fees in the past seven days have been associated with inscriptions.

Source: DuneAnalytics

These costs are expected to rise as Ordinals inscriptions become more common and compete for available block space, allowing miners to make more money.

Eventually, this will be more vital than ever. Miners will have to rely on transaction fees to ensure the continued security of the Bitcoin network as the block reward dwindles to zero.

According to the transaction fee data on blockchain.com, the total Bitcoin transaction costs were more than $579,000.

However, a deeper examination of the