{"id":11824,"date":"2024-04-21T13:37:08","date_gmt":"2024-04-21T06:37:08","guid":{"rendered":"https:\/\/bitcoinvn.io\/news\/?p=11824"},"modified":"2024-05-13T07:40:39","modified_gmt":"2024-05-13T00:40:39","slug":"rune-and-ordinal","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/","title":{"rendered":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof"},"content":{"rendered":"

Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous information in bitcoin transactions. This offers zero advantages over altcoins or NFTs besides bragging rights that it is \u2018on bitcoin\u2019.\u00a0<\/span><\/p>\n

These transactions take up a lot of block space, and resulted in bitcoin fees spiking last December. And now they are back, as its users fought to inscribe \u2018special sats\u2019 on the halving block.<\/span><\/p>\n

Added to this, a new bitcoin inscription called Runes was launched right on the bitcoin halving. Rune names are granted on a first-come first-serve basis, causing a land rush for the best names. This has resulted in a lot of on-chain activity and record breaking Bitcoin transaction fees.<\/span><\/p>\n

Who wins in this exchange? The miners, of course. According to <\/span>Clarkmoody<\/span><\/a>, 9 of the 10 most profitable blocks ever were mined <\/span>today<\/span><\/i>. Value is block reward in USD.<\/span><\/p>\n

\"\"<\/p>\n

With the 2nd most rewarding block ever being the 2024 halving block at height 840000, raking in 40.7 btc worth $2.6 million USD, comprised of $200k block reward, and $2.4m in transaction fees. <\/span><\/p>\n

\"\"<\/p>\n

Who loses the exchange? Sadly it\u2019s us, the users competing for blockspace and facing some of the highest transaction fees we\u2019ve ever seen. Right now fees are ~700 sat\/vbyte, costing over $60 for a simple transaction. This is down from earlier today, when fees were above 1000 sat\/vbyte and $100.<\/span><\/p>\n

\"\"<\/p>\n

This Ordinal hype cannot last. The halving is over, and even if there was resellable value on a transaction in the halving block (which I strongly contest for a variety of reasons), the same could hardly be said for a random block a few hundred blocks after.\u00a0<\/span><\/p>\n

Runes take up less space than ordinals, so hopefully once the initial rush is over, hopefully they won\u2019t be too much of a nuisance.\u00a0<\/span><\/p>\n

It\u2019s likely we haven\u2019t seen the last of Rune and Ordinal spam on the blockchain. But just like ICOs and NFTs, BRC20 tokens and Inscriptions should eventually play out as supply exceeds demand.\u00a0<\/span><\/p>\n

\u2014<\/span><\/p>\n

Still want to move your Bitcoin during times of insane on-chain fees?<\/span><\/i><\/p>\n

BitcoinVN is supporting <\/span><\/i>deposits and withdrawals via the Lightning<\/span><\/i><\/a> as well as the <\/span><\/i>Liquid network<\/span><\/i><\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous information in bitcoin transactions. This offers zero advantages over altcoins or NFTs besides bragging rights that it is \u2018on bitcoin\u2019.\u00a0 These transactions take up a lot of block space, and resulted in bitcoin fees spiking last […]<\/p>\n","protected":false},"author":13,"featured_media":11828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3814,10549],"tags":[],"class_list":["post-11824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-featured-sub-panel"],"yoast_head":"\nRune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BitcoinVN News<\/title>\n<meta name=\"description\" content=\"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BitcoinVN News\" \/>\n<meta property=\"og:description\" content=\"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\" \/>\n<meta property=\"og:site_name\" content=\"BitcoinVN News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/www.bitcoinvn.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-21T06:37:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-13T00:40:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"589\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Quynh Nguyen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@bitcoin_vietnam\" \/>\n<meta name=\"twitter:site\" content=\"@bitcoin_vietnam\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Quynh Nguyen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\"},\"author\":{\"name\":\"Quynh Nguyen\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/#\/schema\/person\/e791e268b1e1e5d724f1046a62ddb1ff\"},\"headline\":\"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof\",\"datePublished\":\"2024-04-21T06:37:08+00:00\",\"dateModified\":\"2024-05-13T00:40:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\"},\"wordCount\":375,\"publisher\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg\",\"articleSection\":[\"Bitcoin\",\"Featured - Sub Panel\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\",\"url\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\",\"name\":\"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BitcoinVN News\",\"isPartOf\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg\",\"datePublished\":\"2024-04-21T06:37:08+00:00\",\"dateModified\":\"2024-05-13T00:40:39+00:00\",\"description\":\"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...\",\"breadcrumb\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage\",\"url\":\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg\",\"contentUrl\":\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg\",\"width\":1200,\"height\":589},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bitcoinvn.io\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin\",\"item\":\"https:\/\/bitcoinvn.io\/news\/category\/bitcoin\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/#website\",\"url\":\"https:\/\/bitcoinvn.io\/news\/\",\"name\":\"BitcoinVN News\",\"description\":\"News source for cryptocurrencies, Bitcoin, and blockchain in Vietnam\",\"publisher\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bitcoinvn.io\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/#organization\",\"name\":\"BitcoinVN\",\"alternateName\":\"Bitcoin Vietnam\",\"url\":\"https:\/\/bitcoinvn.io\/news\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/07\/cropped-icon.png\",\"contentUrl\":\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/07\/cropped-icon.png\",\"width\":512,\"height\":512,\"caption\":\"BitcoinVN\"},\"image\":{\"@id\":\"https:\/\/bitcoinvn.io\/news\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/facebook.com\/www.bitcoinvn.io\",\"https:\/\/x.com\/bitcoin_vietnam\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/#\/schema\/person\/e791e268b1e1e5d724f1046a62ddb1ff\",\"name\":\"Quynh Nguyen\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bitcoinvn.io\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/dc988d3fba3feacf0a2bbbf9495efbf0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/dc988d3fba3feacf0a2bbbf9495efbf0?s=96&d=mm&r=g\",\"caption\":\"Quynh Nguyen\"},\"url\":\"https:\/\/bitcoinvn.io\/news\/author\/quynhnguyenbck12gmail-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BitcoinVN News","description":"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/","og_locale":"en_US","og_type":"article","og_title":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BitcoinVN News","og_description":"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...","og_url":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/","og_site_name":"BitcoinVN News","article_publisher":"https:\/\/facebook.com\/www.bitcoinvn.io","article_published_time":"2024-04-21T06:37:08+00:00","article_modified_time":"2024-05-13T00:40:39+00:00","og_image":[{"width":1200,"height":589,"url":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg","type":"image\/jpeg"}],"author":"Quynh Nguyen","twitter_card":"summary_large_image","twitter_creator":"@bitcoin_vietnam","twitter_site":"@bitcoin_vietnam","twitter_misc":{"Written by":"Quynh Nguyen","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#article","isPartOf":{"@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/"},"author":{"name":"Quynh Nguyen","@id":"https:\/\/bitcoinvn.io\/news\/#\/schema\/person\/e791e268b1e1e5d724f1046a62ddb1ff"},"headline":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof","datePublished":"2024-04-21T06:37:08+00:00","dateModified":"2024-05-13T00:40:39+00:00","mainEntityOfPage":{"@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/"},"wordCount":375,"publisher":{"@id":"https:\/\/bitcoinvn.io\/news\/#organization"},"image":{"@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage"},"thumbnailUrl":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg","articleSection":["Bitcoin","Featured - Sub Panel"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/","url":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/","name":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof - BitcoinVN News","isPartOf":{"@id":"https:\/\/bitcoinvn.io\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage"},"image":{"@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage"},"thumbnailUrl":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg","datePublished":"2024-04-21T06:37:08+00:00","dateModified":"2024-05-13T00:40:39+00:00","description":"Referred by many as \u2018blockchain spam\u2019, Ordinal minting involves the creation of Inscriptions and BRC20 tokens embedded as extraneous...","breadcrumb":{"@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#primaryimage","url":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg","contentUrl":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2024\/04\/Ordinal.jpg","width":1200,"height":589},{"@type":"BreadcrumbList","@id":"https:\/\/bitcoinvn.io\/news\/rune-and-ordinal\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bitcoinvn.io\/news\/"},{"@type":"ListItem","position":2,"name":"Bitcoin","item":"https:\/\/bitcoinvn.io\/news\/category\/bitcoin\/"},{"@type":"ListItem","position":3,"name":"Rune and Ordinal Minting on the halving block sends Bitcoin fees through the roof"}]},{"@type":"WebSite","@id":"https:\/\/bitcoinvn.io\/news\/#website","url":"https:\/\/bitcoinvn.io\/news\/","name":"BitcoinVN News","description":"News source for cryptocurrencies, Bitcoin, and blockchain in Vietnam","publisher":{"@id":"https:\/\/bitcoinvn.io\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bitcoinvn.io\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/bitcoinvn.io\/news\/#organization","name":"BitcoinVN","alternateName":"Bitcoin Vietnam","url":"https:\/\/bitcoinvn.io\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bitcoinvn.io\/news\/#\/schema\/logo\/image\/","url":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/07\/cropped-icon.png","contentUrl":"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/07\/cropped-icon.png","width":512,"height":512,"caption":"BitcoinVN"},"image":{"@id":"https:\/\/bitcoinvn.io\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/facebook.com\/www.bitcoinvn.io","https:\/\/x.com\/bitcoin_vietnam"]},{"@type":"Person","@id":"https:\/\/bitcoinvn.io\/news\/#\/schema\/person\/e791e268b1e1e5d724f1046a62ddb1ff","name":"Quynh Nguyen","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bitcoinvn.io\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/dc988d3fba3feacf0a2bbbf9495efbf0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/dc988d3fba3feacf0a2bbbf9495efbf0?s=96&d=mm&r=g","caption":"Quynh Nguyen"},"url":"https:\/\/bitcoinvn.io\/news\/author\/quynhnguyenbck12gmail-com\/"}]}},"lang":"en","translations":{"en":11824,"vi":11831},"amp_enabled":true,"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/posts\/11824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/comments?post=11824"}],"version-history":[{"count":1,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/posts\/11824\/revisions"}],"predecessor-version":[{"id":11829,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/posts\/11824\/revisions\/11829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/media\/11828"}],"wp:attachment":[{"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/media?parent=11824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/categories?post=11824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinvn.io\/news\/wp-json\/wp\/v2\/tags?post=11824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}