Memecoin Mania and NFTs Bring a ‘Seismic Shift’ for Bitcoin Mining

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Signage for NFT during a Blockchain Festival in Hong Kong. 

Photographer: Anthony Kwan/Bloomberg

An eruption of memecoins and nonfungible tokens on the Bitcoin blockchain has reshaped the revenue profile of miners and stirred questions about how lasting the upheaval will prove to be.

New software known as Ordinals paved the way for the NFTs and meme tokens to come to the network this year. Galaxy Digital Holdings Ltd. says the Bitcoin NFT ecosystem could be worth $4.5 billion by 2025, while about memecoins have been tallied on the blockchain since they first emerged in March.

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