A new market of possibilities opened in Bitcoin in 2023, following the creation of the Ordinals protocol. Now, miners can number satoshis, the minimum unit of bitcoin (BTC), to trade them separately and based on their rarity level.
With Ordinals, Bitcoin sats have become collectible items (Inscriptions). As with other collectibles, some are more coveted and difficult to obtain; Therefore, they are worth more than the rest.
In Bitcoin, sats are sorted into six levels of rarity:
For example, the first satoshi in a block will have a certain level of rarity, as one occurs every 10 minutes. Meanwhile, the first sat after a difficulty adjustment (every 2,016 blocks) or a halving (every 210,000 blocks) will be much scarcer.
The maximum level of difficulty is reserved for the first satoshi of a cycle. A Bitcoin cycle is the moment when a halving and a difficulty adjustment coincide. It occurs every 24 years, and the first of them is projected for 2032.
F2Pool Auctions its Sats
The satoshis market is now more than “a fad” or “a game” among Bitcoin collectors. F2Pool, one of the largest mining pools in the world, holds a sats auction in which it is possible to bid for the first satoshi mined by them.
Any user can make an offer for the sat that interests them most on the F2Pool website. In its announcement, the pool explains that a non-fungible token (NFT) can be created with the satoshi won in the auction or transferred to another person.
To participate in the auction, it is necessary to register as a user on the F2Pool platform. Payments in the auction are accepted only in the cryptocurrency Tether (USDT) , which can be deposited via Ethereum, Tron, BNB Chain, Arbitrum and Polygon. At the closing of this note, the sats in auction have a minimum bid of 220 USDT and there are also batch sales in exchange for 1,900 or 2,100 USDT. Th first sats auction by F2Pool was held in June. Another major Bitcoin mining pool, Luxor Mining, has also invested in markets opened by Ordinals, by purchasing the NFT marketplace OrdinalHub. Till next, keep liking, tipping, and don't forget to follow!