Bitcoin"s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions
The Bitcoin blockchain has 40.49 gigabytes (GB) to go until it reaches half a terabyte (TB), and with the recent trend of Ordinal inscriptions, it’s likely to get there faster. The average block size reached a high of 2.52 megabytes (MB) on Feb. 12, 2023, but block sizes have subsided and dropped to an average of 1.634 MB by Feb. 27. Still, the blockchain grew at a rate of 0.288 GB per day, compared to the previous rate of 0.173 GB per day recorded before the Ordinal inscription trend began. The Impact of Ordinal Inscriptions on Bitcoin’s Network Metrics
Ordinal inscriptions started on Dec. 16, 2022, but didn’t really gain steam until Feb. 2, 2023. That was the day a 3.96 MB block was mined, and since then, 214,028 inscriptions have been added to the Bitcoin blockchain. The trend of Ordinal inscriptions between Feb. 2 and Feb. 27, or roughly 26 days, increased Bitcoin’s average network fee and average block size. Both network fee and block size metrics peaked around Feb. 12 and have subsided since then. During that span of time, data shows that the size of Bitcoin’s chain grew at a faster rate.
For instance, statistics show that the Bitcoin blockchain was 459.51 GB in size on Feb. 27, 2023. Metrics show that during the 26-day span, the blockchain grew by 7.77 GB, or roughly 0.288 GB per day. The spike can be seen visually by looking at a chart of Bitcoin’s blockchain size from Feb. 2 until today. However, before Ordinal inscriptions started trending and larger blocks were mined more regularly, the blockchain’s growth was much slower. It took 45 days, from Dec. 19, 2022, to Feb. 2, 2023, to reach 7.77 GB.
At that time, over the 45-day span, the Bitcoin blockchain grew at a rate of 0.173 GB per day. Bitcoin’s average fee on Feb. 28, 2023, is 0.000077 BTC, or $1.82, per transaction, while the median fee is 0.000033 BTC, or $0.777, per transaction. Transactions are also being confirmed at rates ranging from 2 satoshis per byte, or $0.07, to 19 satoshis per byte, or $0.62, per transaction. The revenue miners accrued per day amid the Ordinal inscription trend peaked on Feb. 16, 2023, at $28.21 million (block subsidy + fees), compared to today’s $21.36 million. Still, bitcoin (BTC) miners are earning more revenue than they were on Dec. 24, 2022.
It will be interesting to see how another month of Ordinal inscriptions affects metrics such as average block sizes, median and average fees, and the overall growth of the Bitcoin blockchain. Though the hype around Ordinal inscriptions has subsided, these metrics remain elevated compared to before Feb. 2 and the subsequent influx of inscriptions. Average and median fees are still higher than before the Ordinal trend, and average block sizes remain above the 1.60 MB threshold after remaining below it for months. Tags in this story 3.96 MB, Average, Bitcoin, block sizes, Blockchain, Blocks, byte, chart, confirmation, Cryptocurrency, data, Decentralized, Fees, GB, gigabytes, growth, Hype, MB, median, metrics, Miners, mining, network, Network Fees, nft, NFTs, nodes, Ordinal inscriptions, Ordinal Trend, ordinals, Profitability, revenue, satoshis, Security, size, subsidy, terabytes, Transaction, trend
What are your thoughts on the impact of Ordinal inscriptions on the growth of the Bitcoin blockchain? Share your thoughts in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Former FTX Director Pleads Guilty to Charges of Fraud, Money Laundering, and US Campaign Finance Violations NEWS | 3 hours ago Report Claims Visa and Mastercard Plan to Pause New Partnerships, Visa"s Head of Crypto Insists "Story Is Inaccurate" NEWS | 4 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFormer FTX Director Pleads Guilty to Charges of Fraud, Money Laundering, and US Campaign Finance Violations Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals