@npub1qg8j...24kw, an early Bitcoin developer and the co-founder and CEO of Blockstream, has weighed in on the debate about what he calls “JPEG spam” on the Bitcoin blockchain. Back argues that it undermines the cryptocurrency’s core purpose as money in a thread on X (formerly Twitter) on Friday. The number of JPEGs embedded in Bitcoin’s ledger has risen from 88 million in May to 105 million in September, a 20% increase. Fees tied to these inscriptions total roughly 7,000 BTC ($777 million). While miners benefit from higher fees, Back argues the effect is minimal once the hashrate has increased and costs are factored in. He estimated that JPEG inscriptions may contribute just 0.1% to mining profits, far outweighed by potential reputational harm, higher transaction costs for ordinary users, and reduced accessibility to Bitcoin’s core function as a peer-to-peer money system.