As ordinary inscriptions approach the 150,000 mark, blocks larger than 3 MB have become common, with many blocks close to the 4 MB range. Meanwhile, after the average transaction fee on the chain surged 122% higher in early February 2023, the average fee has remained the same in recent weeks and currently runs at $1.77 per transfer.
Ordinary inscriptions are approaching the 150,000 milestone
On February 19, 2023, the number of Ordinal inscriptions approaches 150,000 following a significant increase in demand since the end of January. A week ago, Bitcoin.com News reported that blocks larger than 3MB are now common and are being mined regularly. This has increased the average block size, which is calculated by adding up the sum 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 peaked at 2.525 MB on February 12, 2023.
The average block size has decreased and was 2.114 MB as of February 18, 2023. Along with the blocks larger than 3 MB, there is 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 3.75MB or larger have 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 blocks larger than 3.75 MB have been mined in February.
Bitcoin average onchain fees have remained stable after a 122% increase in average fee costs during the first week of February 2023, and have remained within the $1.7 range. On February 15, 2023, BTC fees increased to a high of $2,465 per transfer. As of February 18, 2023, median fees are approximately 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.
Just four days ago, the number of Ordinal inscriptions reached 100,000, and now it is steadily approaching 150,000. At the time of writing, there are approximately 145,630 Ordinal Inscriptions embedded in the Bitcoin blockchain.
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What do you think about Ordinal inscriptions coming very close to reaching 150,000? Share your thoughts in the comments section below.
Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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