Showcasing The Bitcoin Inscriptions Craze In Six Charts!
When will this trend EVER end?
It’s no secret that Bitcoin Inscriber fever is sweeping the nation. From the small local miners to the Wall Street mega-investors, everyone is talking about the latest craze of inscribing cryptic digits into Bitcoin blocks.
But what does the frenzy actually look like? Are people really spending money on inscribing Bitcoin blocks? Let’s take a look at six charts – and perhaps discover a few unexpected surprises along the way.
1. Lots of Mining Activity
The first chart looks at steady growth in the number of people mining Bitcoin blocks. There are now over 1.2 million miners across the globe, with some estimates putting the figure even higher.
In terms of wanting to gain some serious cash from their inscriptions, miners need to decode a block before anyone else. But it’s becoming increasingly difficult as more and more people join the race!
2. The Price of Inscriptions
Ah, the almighty price of inscriptions! What was once a few cents per block has now surged to almost $2. That’s a huge leap, and it’s only been increasing over the past few months.
The good news is that the demand for inscriptions is off the charts. With so many people looking to get into the game, the prices continue to skyrocket but only time will tell if the trend continues!
3. The Total Number of Inscriptions
And now for the number that really matters- the total number of inscriptions. This chart tells a story that might surprise you.
It turns out that the total number of inscriptions is actually DECLINING. While it’s gone up and down in the past few months, the overall pattern is still a downward one.
This could signal the end of the inscriptions craze, or perhaps be a sign that miners are getting smarter and finding new and more efficient ways to inscription blocks.
4. Difficulty Levels
The next chart is a visualization of the different difficulty levels of inscriptions. As the number of inscriptions increases, the difficulty of deciphering each block increases as well.
That means miners will have to work much harder to bring in profits. It also means that the rewards for those who can crack these difficult inscriptions will be much higher.
5. The Network Hash Rate
The network hash rate is a measure of how quickly computers around the world are helping to verify Bitcoin transactions. As the number of inscriptions grows, this rate also increases.
Currently, the network hash rate is over 90 exahashes per second. That’s a lot of computing power pushing Bitcoin forward.
6. The Average Block Time
The final chart is of the average block time. This is the time it takes for the Bitcoin network to find the correct inscription for a block and confirm the transaction.
The average block time is 10 minutes. That may seem like a long time, but with such a large and complex network, it’s actually quite reasonable.
So, What Does It All Mean?
So what do all these charts show us? It’s clear that the Bitcoin inscription craze is here to stay, with more and more users getting in on it every day.
The difficulty of inscriptions is growing too, but that isn’t scaring miners off. Instead, it’s actually driving them to use more advanced technology in order to stay competitive and profitable.
Ultimately, the future of Bitcoin inscriptions looks bright. The only question that remains is: how long until the demand starts to outstrip the supply?
