A Bitcoin user has spent around $64,000 in transaction fees to add nearly 9 megabytes of encrypted binary data to the Bitcoin blockchain. This activity involved 332 transactions using more than 1 Bitcoin, executed at approximately 11:20 am UTC on January 6.

The nature and purpose of the inscribed data remain a mystery. Efforts, including attempts to decode it using OpenAI's ChatGPT, have been unsuccessful. Speculation suggests the data might be encrypted, making it potentially very challenging to decrypt.

The identity of the person behind these inscriptions is also unknown. The Bitcoin address used, titled “Unnamed” on the Ordinals explorer Ord.io, does not provide any clues. The inscribed data consists of various symbols from English, Greek, and mathematics.

Two of these 332 inscriptions are notably marked with a digital pepperoni pizza icon. This signifies that they contain satoshis from the famous 10,000 BTC transaction used to buy two Papa John’s pepperoni pizzas in 2010, a landmark event in Bitcoin history.

This enigmatic inscription event follows another intriguing occurrence: the transfer of 26.9 BTC (worth $1.17 million) to Bitcoin's Genesis wallet on January 5. This transaction to the first-ever Bitcoin wallet sparked various theories among industry experts.

Coinbase Director Conor Grogan speculated whether it was an act by Satoshi Nakamoto, the anonymous Bitcoin creator, or a deliberate burning of a substantial amount of money. Pro-XRP lawyer Jeremy Hogan suggested it might be an attempt to compel Nakamoto to reveal themselves, assuming they are subject to U.S. tax laws. However, this theory depends on Nakamoto being under U.S. jurisdiction.

Cointelegraph