According to @BitMEXResearch, a new report analyzes how Bitcoin Ordinals inscriptions affect node runners’ bandwidth, storage, and operating costs, linking these dynamics to BTC fee volatility and blockspace pricing. Source: https://blog.bitmex.com/ordinals-impact-on-node-runners/ For traders, the report highlights three actionable metrics to monitor during inscription activity: mempool size, median sat/vB fee rates, and block fullness, as these directly impact execution costs and settlement latency for BTC transactions. Source: https://blog.bitmex.com/ordinals-impact-on-node-runners/ The study’s focus is directly relevant to fee-derived miner revenues versus subsidies, a mix that can influence short-term hashprice and on-chain cost environment during periods of elevated inscriptions. Source: https://blog.bitmex.com/ordinals-impact-on-node-runners/

According to @BitMEXResearch, the Bitcoin UTXO set expanded from 84 million to 169 million between December 2022 and September 2025 during the Ordinals period, an increase of roughly 85 million outputs, highlighting significant on-chain growth (source: @BitMEXResearch, Sep 8, 2025). According to @BitMEXResearch, BRC-20 tokens are identified as the key scaling problem driving this UTXO expansion in the Ordinals era (source: @BitMEXResearch, Sep 8, 2025). A larger UTXO set raises memory and storage requirements for full nodes, indicating increased resource load at the protocol level that traders should monitor for operational costs and throughput constraints (source: Bitcoin Developer Reference, UTXO set). Historically, surges in Ordinals and BRC-20 activity have coincided with higher BTC transaction fees and slower confirmations, which can affect exchange deposit and withdrawal timing and miner fee revenue sensitivity (source: mempool.space historical fee charts, May 2023).

According to Adam Back, pools using sv2/datum run a trust-the-pool model. Source: Adam Back, X, Sep 5, 2025. He adds that a pool could reject pool shares with JPEGs or any other content it chooses to block, meaning attempts to bypass pool preferences cut both ways. Source: Adam Back, X, Sep 5, 2025. For traders, pool-level filtering in Stratum V2 can influence which transactions are ultimately included in blocks and the resulting Bitcoin fee mix during content-heavy periods. Source: Stratum V2 Project documentation; Glassnode Analytics.

According to @BitMEXResearch, economic user nodes and investors enforce Bitcoin protocol rules, while miners decide which transactions are included in each block. Source: BitMEX Research on X, Sep 4, 2025. @BitMEXResearch added that miners should select transactions to maximize per-block revenue and adopt incentive compatible software, highlighting revenue-driven transaction selection as a key dynamic for BTC network activity and settlement. Source: BitMEX Research on X, Sep 4, 2025.

According to @adam3us, Bitcoin miners are including 'spam' transactions and he directed readers to BitMEX Research’s article Removing Bitcoin’s Guardrails for context. Source: Adam Back on X, Sep 3, 2025 https://twitter.com/adam3us/status/1963388838350360694; BitMEX Research blog https://blog.bitmex.com/removing-bitcoins-guardrails/ For trading decisions, this draws focus to monitoring BTC fee rates, mempool backlog, and miner revenue sensitivity when miner transaction-selection practices face scrutiny. Source: Adam Back on X highlighting miner inclusion of 'spam' https://twitter.com/adam3us/status/1963388838350360694; BitMEX Research blog providing referenced analysis https://blog.bitmex.com/removing-bitcoins-guardrails/