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Bitcoin mining firm CleanSpark acquires two mining sites in Georgia for $9.3 million, aiming to achieve a 16 exahash per second (EH/s) hash power target by 2023. The acquisition contributes to a 15% increase in computing power, positioning CleanSpark as an energy-efficient miner. However, long-term profitability amidst market challenges remains uncertain.

The Ordinals protocol, initially aimed for the Bitcoin network, has shifted to Litecoin and Dogecoin, resulting in a significant increase in transaction volume on both networks. The introduction of LRC-20 and DRC-20 token standards allowed users to create new memecoins, driving network activity. Balancing benefits and drawbacks is essential for understanding this technology’s impact on the blockchain ecosystem.

The rising interest in Ordinals, similar to NFTs, has led to a surge in Litecoin’s blockchain activity and value. The introduction of Ordinals to Litecoin’s blockchain has garnered significant attention, with over 2.6 million Litecoin Ordinals inscribed. However, potential drawbacks like short-lived popularity and environmental impact warrant scrutiny.

The Bitcoin network struggles with record transactions and fees due to the introduction of BRC-20 memecoins, causing over 400,000 pending transactions. The situation raises questions about the future of these tokens, with miners enjoying increased profitability and core developers considering them as network spam. Balancing innovation and network integrity will be essential moving forward.

Recently, congestion on the Bitcoin network due to meme coins and BRC-20 tokens led to increased interest in viable alternatives like Litecoin. The number of daily Litecoin transactions soared to an all-time high, nearly matching Bitcoin’s transactions. Despite benefits in transaction speed and cost, Litecoin may have lower network security compared to Bitcoin.

For the first time since 2017, Bitcoin miners are earning more from processing transactions than from creating new BTC, due to increased transaction-processing profits and challenges in the industry. This shift is partly attributed to Ordinals, a project embedding NFTs onto Bitcoin’s blockchain, highlighting the growing importance of transaction-processing revenue for miners’ long-term sustainability as block rewards diminish.

Binance, the world’s largest cryptocurrency exchange, recently moved $4.4 billion worth of Bitcoin across its wallets, raising eyebrows in the crypto community. Meanwhile, the platform temporarily halted Bitcoin withdrawals twice, citing network congestion and a backlog of pending transactions due to low gas fees. The exchange is now working on enabling BTC Lightning Network withdrawals to prevent similar issues in the future.

Concerns about a potential denial of service (DoS) attack on the Bitcoin network emerged due to a sudden spike in transaction fees and unconfirmed transactions. However, analysts clarified that the congestion was caused by increased demand, not a premeditated attack.

The Bitcoin network’s transaction activity surge, driven by Ethereum-style BRC-20 tokens and NFT-like “inscriptions,” has led to increased congestion and a spike in transaction fees, reaching $7.25 on Wednesday. While some experts anticipate temporary fee inflation, others expect a lasting trend due to NFTs’ growing popularity.

The new experimental token standard, BRC20, has generated substantial interest, with over 10,487 tokens built on Ordinals protocol and a market cap exceeding $95 million. The rise of BRC20 tokens and Ordinal inscriptions has sparked debates over high transaction fees, unconfirmed transaction backlogs, and their impact on practical usage and adoption of cryptocurrencies.