Unknown user pays a $66 000 fee to encrypt data on the Bitcoin network

To do this, he conducted over 300 transactions with an average fee of $200

08.01.2024 - 13:32

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2 min

What’s new? An anonymous user spent about 1,5 BTC (~$66 000) for encrypting data on the Bitcoin network, experts of the Ord io platform report. According to experts, the unknown person performed 332 transactions to encrypt 8,93 MB of data. The average fee amounted to $200.

Source: Twitter.com

What else is known? The anonymous user used the Ordinals protocol for encryption. It allows additional data in text or image format to be attached to tiny fractional parts of bitcoin (satoshi), which then become an integral part of the blockchain. The assets created in this way are called Inscriptions. Bitcoin NFTs can also be created using this method.

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