Bitcoin Block Size Grows with Introduction of Ordinals

02/19/2023 04:49 • Metaverse Matters • 122 views

It is reported that according to Glassnode data, since the introduction of Ordinals, the upper limit of the average block size of Bitcoin has increased significantly, from 1.5-2.0 MB to 3.0-3.5 MB in a few weeks. This increase is not only related to images, but also related to larger files (such as audio and video) starting to be stored as Ordinals. It is worth noting that on February 1, the first NFT work of the Taprot Wizards series, the Inscription 652, set a new record for the largest block and transaction in Bitcoin history, reaching 4 MB in size. Glassnode shows that although the Ordinal network has a significant impact on the size and cost of the transaction hash of the special currency, the average size of the transaction has increased by more than 100%, from 600 bytes to 1100 bytes. In addition, according to the latest data of Dune Analytics, the number of NFTs cast by the Ordinals protocol on the Bitcoin network has reached nearly 150000 (142735). （cryptoslate）

After the introduction of Ordinals, the average block size of Bitcoin has increased to 3.0-3.5 MB, almost doubling compared with that before the release of the protocol

Interpret the above information:

Bitcoin has experienced a significant increase in its average block size since the introduction of Ordinals, according to Glassnode data. The upper limit of the average block size has grown from 1.5-2.0 MB to 3.0-3.5 MB in a few weeks. This increase has been caused not only by images but also by larger files like audio and video, which are now being stored as Ordinals. The Ordinal network has had a significant impact on the size and cost of the transaction hash of the special currency. However, the average size of the transaction has increased more than 100%, from 600 bytes to 1100 bytes.

Moreover, the number of non-fungible tokens (NFTs) cast by the Ordinals protocol on the Bitcoin network has reached nearly 150000 (142735), a figure according to the latest data of Dune Analytics. NFTs are commonly used to represent ownership of digital assets and unique items in a virtual world. On February 1, 2022, the first NFT work of the Taprot Wizards series, Inscription 652, also set a new record for the largest block and transaction in Bitcoin history, with a size of 4 MB.

This growth in block size can be viewed as both an opportunity and a challenge for the Bitcoin network. On one hand, larger blocks allow more transactions to occur within a single block, therefore increasing transaction speeds and the capacity of the network. On the other hand, larger blocks can lead to higher fees and longer confirmation times, which can deter users from using the network.

In conclusion, the introduction of Ordinals has had a significant impact on the size of transactions and the number of NFTs being cast on the Bitcoin network. The growth in block size presents both opportunities and challenges for the Bitcoin network, and it will be essential to watch how the network adapts to this change in order to maintain its efficiency and appeal to users.

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