Nick Hansen is the cofounder and CEO of Luxor, a Bitcoin mining pool. He joins to talk to us about his excitement around ordinals and inscriptions, and how Luxor is thinking about the opportunity.

• The history of ordinals and how Luxor got started in the space • How Luxor mined the first 4MB block in Bitcoin • Luxor’s decision to acquire Ordinalhub and their intentions with the project • Risks Luxor incurred by mining the first 4MB block • Transaction standardness versus validity • How ordinals increase the overall quantity of Bitcoin blockspace • The risks of out of band fees to Bitcoin • Does Bitcoin already have MEV? • How does the block reward decay make reorgs more likely? • Where Luxor sees opportunity in ordinals • Have inscriptions had a material impact on miner rewards? • The effect of inscriptions on fees • Transacting with PSBTs versus standard NFT marketplaces • Nick’s confidence in the long-term persistence of Bitcoin state • Why it’s virtually impossible to purge state in Bitcoin • Are ordinals and inscriptions a violation of the implied Bitcoin social contract? • Have inscriptions inadvertently ossified Bitcoin at the protocol level?