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The Halving Effect: Bitcoin Hashrate Decreases as Miners Prepare for Probable Difficulty Drop

The Halving Effect: Bitcoin Hashrate Decreases as Miners Prepare for Probable Difficulty DropJust over two weeks have passed since the fourth Bitcoin halving took place. During this period, the network’s hashprice dropped from over $100 per petahash to below $45 at the beginning of May. It has since increased to $50 per petahash. Despite the modest rebound, the network’s total hashrate has experienced a decrease, with a […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Financial Squeeze Tightens for Bitcoin Miners as Earnings Continue to Fall

Financial Squeeze Tightens for Bitcoin Miners as Earnings Continue to FallOn Friday, Bitcoin’s hashprice was $56.95 per petahash per second (PH/s), but by Sunday, it had dropped to $51.66 per petahash. Over the last 100 blocks, bitcoin miners averaged about 3.55 BTC for each block they mined, indicating that bitcoin miners are receiving less than half a BTC per block in onchain fees. Bitcoin Miners […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Despite Runes’ Transaction Dominance, Bitcoin Miners See Continued Revenue Drop

Despite Runes’ Transaction Dominance, Bitcoin Miners See Continued Revenue DropAccording to recent data, transactions linked to the Runes protocol have been notably high in block utilization since its implementation on April 19. Figures from April 23 show that transactions involving Runes accounted for 81% of block usage on that day. In contrast, traditional financial activities constituted only 18.8% of the transactions processed. As Runes […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Transaction Fees Soar on Bitcoin Network as Network Braces for Halving

Transaction Fees Soar on Bitcoin Network as Network Braces for HalvingAccording to recent data, bitcoin transaction fees have significantly increased since the first week of April. Metrics show that the average fee has escalated to 133 satoshis per virtual byte or $19.48 per transaction. Bitcoin Fees Climb Steadily as Runes Protocol Launch Nears The cost of sending bitcoin (BTC) onchain is climbing, with the halving […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Bitcoin’s Hash Price Soars as Average Network Fees Spike by 288%

Bitcoin’s Hash Price Soars as Average Network Fees Spike by 288%According to the latest data, bitcoin has been trading above the $67,000 mark, with average network transaction fees experiencing a 288% increase from $3 to $11.64 since Feb. 25, 2024. Meanwhile, BTC has consistently stayed over the $60,000 level for eight straight days, elevating the daily value of one petahash per second (PH/s) of mining […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

From Low to High — Bitcoin Fees Jump Over 129% in 4 Days

From Low to High — Bitcoin Fees Jump Over 129% in 4 DaysAfter a short period of diminished onchain network fees, the expense of sending bitcoin has begun climbing once more, hitting a midweek average of 73.3 satoshis per virtual byte (sats/vB) or $11.48 for each transaction. Currently, a backlog of 207 mempool blocks is pending, waiting to process about 134,000 unconfirmed transactions, a situation that has […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in March

Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in MarchIn March 2023, Bitcoin’s average and median-sized fees jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoin worth $4.2 million have been added to fees. Bitcoin […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Nifty News: Bitcoin NFTs cause spicy fees, Mastercard exec tokenizes resignation letter and more

Users are posting massive files to the Bitcoin network via the Ordinals protocol, taking up block space and paying high fees to do so.

Bitcoin Ordinals causes fees to spike

The Bitcoin (BTC)-native Ordinals protocol is taking up record-breaking space on the blockchain and in the process is hiking the transaction fees on the network.

The divisive newly launched protocol allows for nonfungible token (NFT)-esque assets on the Bitcoin mainnet by inscribing satoshis with content.

So far, inscriptions have included content such as images, documents including a PDF file of the Bitcoin whitepaper and even a fully playable clone of the video game DOOM.

The 31.2 kilobyte DOOM clone (pictured) will now forever be playable on Bitcoin. Image: Ordinals

On Feb. 2, independent developer, Udi Wertheimer, tweeted he had conducted the “largest transaction in Bitcoin’s history” after using the Ordinals protocol to inscribe a 3.94-megabyte image of a sunglass-wearing, bald, bearded wizard lauding “magic internet JPEGs.”

The data size of these inscribed transactions are much more than those typically conducted on the blockchain and as a result have driven up the fees associated with processing them.

Typical Bitcoin transactions can cost a few cents to a few dollars, but Ordinals can cost tens of dollars in comparison.

Figures from crypto-mining data provider Hashrate Index show over the past seven days fees as a percentage of the block reward are on the rise starting off the week at around 1% before jumping to a Feb. 1 weekly high of 6.74%.

Mastercard’s NFT lead quits on bad terms, sells resignation letter as NFT

The now-former NFT product lead at payments giant Mastercard left the company in a spectacular fashion, publicly slamming the firm for purportedly mistreating him and offering up his resignation letter as an NFT.

In a Feb. 2 Twitter thread, Satvik Sethi claimed Mastercard cut his salary by 40% when he moved from New York City to London claiming he “had to work side jobs this past year to make ends meet.”

He claimed that at times he would not receive his salary “until I begged across the hierarchy for it.”

Sethi also alleged he was the victim of harassment “caused by a series of mismanaged processes, miscommunication [and] internal inefficiency.”

He asked his over 22,000 Twitter followers for their support by minting his resignation letter for 0.023 Ether (ETH), worth around $37.

“100% of this goes to survival,” Sethi added as he will lose his British work visa and would “be based in India for the foreseeable future.” A future airdrop of art for holders of the NFT was also promised by Sethi.

At the time of writing 53 NFTs of the letter, which Sethi titled “New Beginnings” had been minted.

Cointelegraph contacted Mastercard for comment regarding Sethi’s allegations but did not immediately receive a response.

eBay eyes talent for its acquired NFT marketplace

E-commerce player eBay is looking to hire several Web3-related roles for its United Kingdom-based NFT marketplace KnownOrigin which it acquired in June 2022.

Job postings by eBay on LinkedIn revealed its hiring for positions in the U.K. and at its headquarters in California.

Among the roles are a Manchester-based Head of Community for KnownOrigin along with a Content Designer and Marketing Campaign Executive for the marketplace amongst other positions.

The firm is also hiring two California-based positions for a Crypto Counsel. The job description says the role will see a “creative crypto attorney” joining eBay’s legal team to support its “business, product, compliance and technology teams in the Web3 space.”

OpenSea rolls out suite of tools for NFT creators

NFT marketplace OpenSea released the next series of tools for its “Drops” feature which is used to help creators launch NFT collections with OpenSea to benefit from its reach.

In a Feb. 2 Twitter thread, OpenSea said it had worked closely with 20 teams to “build a best-in-class drops experience.”

The next phase of the rollout includes giving creators tools allowing them to conduct multi-stage minting, smart contract deployment across multiple Ethereum Virtual Machine (EVM) chains and personalize web landing pages among other features.

The tool will be “gradually opening up” to select creators “over the coming weeks” according to OpenSea.

It will also add more features in the coming weeks before it’s released to the public at large.

OpenSea has experimented with its Drops feature by creating personalized pages for select collections, most notably, one was created for the debut collection by actor Sir Anthony Hopkins which ended up selling out in under 10 minutes.

Other Nifty News:

Japanese Prime Minister, Fumio Kishida, said there are “various possibilities for using Web3” in the country, and the government may use NFTs and decentralized autonomous organizations (DAOs) to promote its “Cool Japan” strategy aiming to show off the nation's tech and culture.

Cointelegraph spoke with industry professionals on how to prevent NFT thefts who advised users to take due diligence, revoke unnecessary permissions and segregate NFTs into different wallets among other measures.

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

While the Bear Market’s Claws Drag ETH Prices Down, Ethereum Network Fees Remain Low

While the Bear Market’s Claws Drag ETH Prices Down, Ethereum Network Fees Remain LowWhile ethereum prices jumped 61% higher during the last 30 days, the crypto asset’s U.S. dollar value is still down more than 60% lower than ether’s all-time high recorded nine months ago. Amid the market downturn, the network’s average fees have been lower than $5 per transaction and on July 30, at 9 p.m. (ET), […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 DaysTransaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized fees have slid below $4 per transaction. Moreover, layer two (L2) transaction fees have also […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns