# An analysis of Bitcoin OP_RETURN metadata

arXiv: https://arxiv.org/abs/1702.01024 · HTML: https://mlsanity.com/paper/1702.01024/

## Key facts

- Cited by 1 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 3 Feb 2017.

## Built on by (most cited first, 1 of 1)

- [Bitcoin's Edge: Embedded Sentiment in Blockchain Transactional Data](https://mlsanity.com/paper/2504.13598/) (2025)

## Abstract (arXiv)

The Bitcoin protocol allows to save arbitrary data on the blockchain through a special instruction of the scripting language, called OP_RETURN. A growing number of protocols exploit this feature to extend the range of applications of the Bitcoin blockchain beyond transfer of currency. A point of debate in the Bitcoin community is whether loading data through OP_RETURN can negatively affect the performance of the Bitcoin network with respect to its primary goal. This paper is an empirical study of the usage of OP_RETURN over the years. We identify several protocols based on OP_RETURN, which we classify by their application domain. We measure the evolution in time of the usage of each protocol, the distribution of OP_RETURN transactions by application domain, and their space consumption.