SNEAK PEEK
- Luxor Mining has taken over OrdinalHub, as the firm believes in the ability for new monetization strategies as far as bitcoin miners are concerned.
- While some users are in favor of the acquisition, others are skeptical.
- Bitcoin Ordinals inscriptions have occupied 50% of Bitcoin block space.
Ever since the Bitcoin Ordinals has launched, there’s been a buzz in the cryptocurrency world. A debate about whether they provide use cases or take the vision of Bitcoin’s P2P cash system is going on among users.
There’s no denying the sentiments of the community towards the bitcoin-inspired NFT, but that didn’t stop Luxor Mining from owning OrdinalHub, the major platform meant for bitcoin non-fungible tokens.
Luxor Mining announced on February 20 along with already created 150,000 inscriptions, which shows a rise of 15,000% from the month’s start. Moreover, it emphasized that the present state of Bitcoin ordinals being minted as well as escrowed via multiple Discord servers has led to difficulties for creators and collectors to monitor all projects. The issue will be managed by the OrdinalHub, like a central hub.
Luxor CEO Nick Hansen appreciated ordinals’ advanced characteristics and the way they form unity between the mining pool of the company and the OrdinalHub. Opportunities related to monetization strategies for miners have become a possibility with ordinals.
Miners of Bitcoin have made over $600,000 from NFT transactions of Ordinals. Also, around half of the Bitcoin block space is covered by NFT inscriptions based on Bitcoin.
An update about the acquisition was shared by OrdinalHub on February 22, and users showed a positive attitude about the development. However, certain users were doubtful about the acquisition and believed that it was uncertain as to how long the hype would continue.
According to Dune Analytics data, on February 15, ordinals were at their highest in fees spent (at $170,579), after which they have been falling.
Standard non-fungible tokens have been through hype cycles, which by the end of last year, were at a low. DappRader’s latest report states that they experienced a rise of 37% in terms of transactions from December 2022 to January 2023, which shows their comeback.
Luxor Mining is growing its product offering in bitcoin mining with the release of an auction-style platform for mining machines, besides a derivatives product based on bitcoin mining revenue.
COO Ethan Vera said that other than the OrdinalHub, Luxor Mining has no further plans for more acquisitions in the ordinals space.
