Bitcoin mining firm OrdinalHub has announced its acquisition amid a wave of interest in mining and buying Bitcoin-based NFTs called Ordinals.
The launch of Bitcoin Ordinals in January created buzz in the crypto community about its place in the Bitcoin ecosystem. Users are debating whether it will offer new use cases for Bitcoin or whether it will move away from BTC’s vision of a peer-to-peer cash system.
Whatever the public sentiment on the issue of Bitcoin-based fungible token (NFT), it has not stopped Bitcoin.
Mining firm Luxor Mining from acquiring OrdinalHub, the main platform for Bitcoin NFTs.
The announcement came on February 20, and 150,000 entries (Ordinals) were made, a 15,000% increase from the beginning of the month.
Luxor pointed out that the current state of Bitcoin Ordinals is being released through various Discord servers, making it difficult for “escrowed” collectors and creators to keep track of all projects. He claims that OrdinalHub will solve this problem as a “central hub” for the community.
Luxor CEO Nick Hansen praised the innovative qualities of Ordinals and how they “can create synergy between the firm’s mining pool and OridinalHub.”
“Ordinals Open Door to New Monetization Strategies for Bitcoin Miners.”
According to Cointelegraph, Bitcoin miners have earned nearly $600,000 from Ordinals’ NFT transactions. In addition, Bitcoin-based NFT records now occupy 50% of the Bitcoin block space.
Related: Will the Bitcoin Mining Industry Collapse? Analysts explain why a crisis is really an opportunity
OrdinalHub announced the acquisition on Twitter on February 22, to which users responded to the development with generally positive sentiment.
However, some users were skeptical of the purchase and Ordinal hype in general, saying “the hype may be over.”
Standard NFTs have gone through hype cycles with 2022 lows. However, according to a recent report from DappRadar, they are slowly making a comeback after seeing a 37% increase in transactions between December 2022 and January 2023.