The surge in Bitcoin hash rate shows that despite price fluctuations, mining infrastructure investments are on the rise.
The hash rate may be temporarily surging–partly driven by a resurgence in the popularity of Bitcoin ordinal inscriptions. Bitcoin ordinals are unique, non-fungible tokens built on the Bitcoin network, each representing a distinct position in the Bitcoin blockchain. Each ordinal is “inscribed” on a Satoshi , and owners can prove digital ownership of their Sat.
Ordinals have gained traction among collectors, investors, and enthusiasts, offering a new way to engage with the Bitcoin ecosystem. Bitcoin ordinals fan Dan Held, for example, shares that altcoin advocatesThe number of inscriptions in a 24-hour period exceeded 350,000 on May 1, as the total number of ordinals exceeded 3 million. Given that each ordinal inscription also counts as a transaction, the number of Bitcoin transactions has also soared.
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