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Ordinal Inscriptions Close In On Reaching 150K Milestone



The number of Ordinal inscriptions is approaching 150,000 after a significant increase in demand since the end of January. A week ago, blocks larger than 3 MB are now commonplace and are being mined regularly.


It has been reported that this has increased the average block size, which is calculated by adding up the total of all block sizes mined in a day and dividing the total by 144, which is the average number of blocks mined daily. Statistics from ycharts.com show that the average block size reached a high of 2.525 MB on Feb. 12, 2023.


However, the average block size has decreased and was 2.114 MB on Feb. 18, 2023. Along with the blocks larger than 3 MB, there are also an increasing number of blocks near the 4 MB range being mined. According to statistics from blockchair.com, a long list of blocks that are 3.75 MB or larger has been mined. For example, block heights #774,628, #777,302, #776,310, #777,320, and #777,303 are all 3.93 MB or larger. All of the blocks larger than 3.75 MB have been mined in February.


The report said that average onchain fees for Bitcoin have remained stable after a 122% increase in average fee costs during the first week of Feb. 2023, and have continued to be within the range of $1.7.


On Feb. 15, 2023, BTC fees did increase to a high of $2.465 per transfer. As of Feb. 18, 2023, median-sized fees are roughly 0.00003 BTC or $0.744 per transfer. Median fees on Bitcoin have also remained stable after the initial increase during the first week of February.


Thus, only few days ago, the number of Ordinal inscriptions hit 100,000, and now it is steadily approaching 150,000. As of Feb. 19, there are approximately 145,630 Ordinal inscriptions embedded into the Bitcoin blockchain.


Source: Bitcoin.com


 

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