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- Riot Terminates CEO, Zeus Update and Ordinals - Week 26
Riot Terminates CEO, Zeus Update and Ordinals - Week 26
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News
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.
Today's fee pressure seems to be driving down the #Bitcoin block space marketshare of inscriptions, from 54% yesterday down to 23%
— Pierre Rochard (@BitcoinPierre)
Feb 7, 2023
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.
[ Interested in _____________]
Over the last three years, I have learned a few things.
What would you like to learn about?
1. Infrastructure
2. Scaling Teams
3. Building at Scale
4. Procurement
You'll want to pay close attention as I race into my next chapter. #Bitcoin— GigaChad (@chadeverett)
Feb 2, 2023
Obi From Fediment Talks Nostr
Price
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.
Tweets
14 Years of Bitcoin Data
This is 14 years of #bitcoin data:
— Documenting ₿itcoin 📄 (@DocumentingBTC)
Feb 6, 2023
Bitcoin Nodes Visualized
How banks work vs. How #bitcoin works
— Documenting ₿itcoin 📄 (@DocumentingBTC)
Feb 7, 2023
Bitcoin Price History of Supply
Each time Supply in profit/Loss has converged marked a #Bitcoin bottom in each cycle.
Roughly 12.5m #BTC are sitting in profit, the most amount since March '22, just before the collapse of Luna.
— James V. Straten (@jimmyvs24)
Feb 7, 2023
What Holding Bitcoin Feels Like
Opt out of #bitcoin fiat price.
— Bold - the ₿itcoin Credit Card (@BoldBitcoin)
Feb 7, 2023
Jobs
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