Bitcoin’s Biggest Inscription on the Block: Runestone Up for Auction

The Bitcoin blockchain just witnessed a historic moment. The Runestone, holding the record for the largest inscription by block size, is now up for auction, according to NFT historian Leonidas. This unique digital artefact, inscribed on block 832,947, is more than just a technical feat; it’s a bridge between eras and a testament to enduring human creativity.

The current highest bid for the Runestone inscription (number 63,140,674) sits at 0.26 BTC, roughly $17,261.61, on the Ord City marketplace. Interestingly, all proceeds from the auction will be directed toward Bitcoin miners, covering the network fees associated with the upcoming Runestone airdrop.

“There is no team allocation, pre-sale, etc., and the open-source eligibility algorithm was designed to not favour whales,” Leonidas said. “Runestone is a non-utility project, and The Runestone and the delegate inscriptions that point to it are collectable pieces of art that are intended to be worn as badges of honour for those who showed up and believed in the Ordinal protocol when nobody else did.”

This coincides with the buildup of the much-anticipated Runestone airdrop, first announced in February. The inscription itself, a collaborative effort between OrdinalsBot and Marathon Digital Holdings, took up a whopping 3.97 MB, requiring two entire blocks on the network. It also holds the record for being mined within the largest block in Bitcoin history (block 832,947).

While the exact date of the airdrop remains undisclosed, over 112,000 eligible Bitcoin addresses are expected to receive a Runestone inscription. This airdrop, however, might be overshadowed by another one planned for the future. After the Bitcoin halving (estimated around April 2024), a “Runes” token airdrop is scheduled, proportional to the number of Runestone inscriptions held.

“The latter airdrop could be quite expensive due to Bitcoin network fees being expected to surge after the halving, which is the major variable. Some people are calling for sustained fees in excess of 1,000 sats/vB,” Leonidas said.

Leonidas added that The Runes protocol goes live on Bitcoin L1 at block 840,000 when the halving is scheduled to occur sometime around April 20, 2024.

The art on the Runestone inscription was created by artist Léo Caillard, who Leonidas said donated the image to the Runestone project under a Creative Commons license.

“Runestone symbolizes the enduring desire of humanity to make marks that last beyond their lifetimes and to communicate with future generations,” Leonidas said. “This endeavour was more than a technical achievement. It is a bridge between past, present, and future, a reminder that art, in all its forms, seeks to capture the ephemeral and make it eternal.”

The Runestone project stands as a unique experiment pushing the boundaries of Bitcoin’s capabilities. The inscription auction and upcoming airdrops offer exciting possibilities for the Ordinal protocol and its potential impact on the future of Bitcoin-based digital art and collectibles.