Bitcoin pool f2pool launches satoshi auctions for Ordinals

The f2pool mining pool has launched auctions for notable satoshis in mined Bitcoin blocks for NFT creators on the Ordinals protocol.

? We’ve launched Ordinals Auctions! ?

? Satoshis have unique rarity levels with #Ordinals theory. Collectors, bid now for a chance to own uncommon sats! ?

➡️ Register your f2pool account, and join the auctions at https://t.co/wR3jxXZa78 pic.twitter.com/jMftDTLtYg

— f2pool ? (@f2pool_official) June 6, 2023

The auctions listed the first satoshis across ten blocks.

The starting price for each lot is $288. Initially, payment is only possible in the USDT from Tether stablecoin.

“The auctions will run for 24 hours. F2pool will regularly add new unusual satoshis for subsequent trades”, the statement said.

Participants must have a valid U-account on the platform. This type of account is not used for calculating mining rewards.

The release of NFTs on the Bitcoin blockchain became possible after the Ordinals protocol appeared in January 2023. This was enabled thanks to the Taproot soft fork. The project uses satoshi numbering (serialisation) to record data in the ‘witness’ portion of the bitcoin transaction.

The artefacts quickly gained popularity and contributed to the growth of miners’ revenues from transaction fees. By the end of May, the number of NFTs released thanks to Ordinals had surpassed 10 million.

Earlier in June, the protocol developers unveiled an update that would unlock more than 71 000 ‘cursed inscriptions’ not tied to a specific satoshi.