Riot Terminates CEO, Zeus Update and Ordinals - Week 26
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Ordinals and Blockspace
The mempool has been filling up over the past week. At times, tens of thousands of transactions waiting to be included in a block. This backup is due to Ordinals, which some call Bitcoin NFTs or inscriptions.
The Taproot upgrade to Bitcoin enabled these ordinals. Users of Bitcoin have recently started posting images into the Bitcoin blockchain, causing a backup of transactions and an increase in total fees.
Pierre Rochard has been tweeting about the total block space due to the increase in ordinals. As of earlier this week, ordinals were taking up over 50% of block space. As of yesterday, this number has falled to 23%.
Higher fees will start to decrease the demand for block space, and those unwilling to pay more in fees will drop off. This is what the free market fee system is meant for.
Zeus Lightning Wallet Zeus v0.7.2 Update
Zeus is a non-custodial lightning wallet allowing users to interact directly with their lightning node. No BS Bitcoin covers this release with some noted updates, such as NFC payments, integration to POS square terminals, and receiving via NFC Bolt card.
Riot Announces Termination of Giga Chad
Last week on Feb 1st, Riot announced the termination of the Chief Commercial Officer, Chad Harris.
Chad was a part of the original company that was then purchased and turned into what it is today. The press release states there was termination without “Cause.” It is unclear for what reason, as it’s not stated, but Chad reflected on his past experiences at Riot through a thread on Twitter. On top of the news last week, Riot reported mining the most bitcoin it’s ever mined in one month.
Obi From Fediment Talks Nostr
Since the run-up last week, Bitcoin price has stayed relatively flat. Bitcoin price has risen 47% from an all-time low of $23,000.
Ark Invest released this Bitcoin supply chart which shows coins that have last been active in over two years. The assumption is that Bitcoin holders have been HODLing for the last two years, and the number of coins not moved in two years has since increased in the bear market. The upward movement suggests that historically, this has been a sign of a bottom in Bitcoin’s price.
14 Years of Bitcoin Data
Bitcoin Nodes Visualized
Bitcoin Price History of Supply
What Holding Bitcoin Feels Like
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