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Luxor Mining buys OrdinalHub amid Bitcoin-based NFTs hype

Luxor Mining buys OrdinalHub amid Bitcoin-based NFTs hype

The Bitcoin mining company announced that it will acquire OrdinalHub amid a flurry of interest in mining and buying Bitcoin-based NFTs known as Ordinals.

When Bitcoin Ordinals came out in January, there was a lot of talk in the crypto community about how they fit into the Bitcoin ecosystem. Users are discussing whether they add new ways to use Bitcoin or take away from the idea of Bitcoin as a peer-to-peer cash system.

No matter how the Bitcoin community felt about non-fungible tokens (NFTs), Bitcoin mining company Luxor Mining bought OrdinalHub, the main platform for Bitcoin NFTs.

When the news came out on February 20, there had already been 150,000 inscriptions (Ordinals), which is a 1500% increase from the beginning of the month.

Luxor pointed out that the way Bitcoin Ordinals are currently made and “escrowed” through different Discord servers makes it hard for collectors and creators to keep track of all the projects. It says that the OrdinalHub will deal with this problem as the community’s “central hub.”

The CEO of Luxor, Nick Hansen, enjoyed how innovative Ordinals are and how they can help the firm’s mining pool and the OridinalHub work together.

Ordinals have opened the door for exciting new monetization strategies for Bitcoin miners

Around $600,000 has already been made by Bitcoin miners from the NFT transactions of Ordinals. Also, Bitcoin-based NFTs now take up more than half of the space in a Bitcoin block.

On February 22, OrdinalHub announced the acquisition via Twitter, and users reacted positively to the news.

Nonetheless, some users remained skeptical about the purchase and the Ordinal buzz in general, stating that the “hype might be over.”

Standard NFTs have gone through hype cycles, and by the end of 2022, they were at their lowest point. However, a recent DappRadar report indicates that they are slowly making a comeback following a 37% increase in transactions from December 2022 to January 2023.

Content Source: cointelegraph.com

Cover Image Source: beamstart.com

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Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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