Simon Ng As the adoption of Bitcoin increases, the blockchain associated with it grows at a rapid rate. As the demand for Bitcoin continues to skyrocket, so does its blockchain, thanks to the trend of Ordinal Inscriptions. So, what is this new trend and why is it causing a surge in the growth of Bitcoin’s blockchain? In this article, we explore the impact that Ordinal Inscriptions have had on Bitcoin’s network growth and just how quickly it is increasing. By the end of this article, you will have a greater understanding of how the trend of ‘Ordinal Inscriptions’ has caused the exponential growth of Bitcoin’s blockchain network.
The Impact of Ordinal Inscriptions on Bitcoin’s Network Growth
Ordinal inscriptions have become a popular phenomenon since their introduction on the Bitcoin network on Feb. 2, 2023. According to recent data, 214,028 inscriptions have been added to the blockchain as of April 7, 2021. As a result, the size of the Bitcoin blockchain has grown exponentially — data shows that it grew by 7.77 GB over a 26-day period, amounting to a rate of 0.288 GB per day.
The increase in blockchain size has also been accompanied by higher mining revenue and fees for transactions. According to data from bitinfocharts.com, Bitcoin’s average fee per transaction is currently $1.82 and the median fee is $0.777. This is significantly higher than the fees prior to Dec. 24, 2022 when it was below $1 or even closer to 0. Miners have also seen an increase in revenue due to ordinal inscriptions — they accrued their peak daily revenue of $28.21 million on Feb. 16, 2023 and are earning more revenue than prior to Dec. 24, 2022.
Ordinal inscriptions have also had an impact on block sizes. The average block sizes are now higher than the 1.60 MB threshold after remaining below it for months — this serves as evidence that more transactions are now taking place on the Bitcoin network thanks to ordinal inscriptions. The increased number of transactions has also resulted in shorter transaction times and improved scalability.
Overall, it’s clear that Bitcoin’s growth has been accelerated due to an influx of ordinal inscriptions on its network — this has led to enhanced mining revenue, higher transaction fees, bigger blocks and faster transaction times than ever before. While the impact of these inscriptions remains to be seen in the long term, they have already provided some much-needed momentum to the blockchain ecosystem at large.
The trend of ordinal inscriptions have directly impacted Bitcoin’s blockchain growth and given the network an unprecedented level of scalability. This newfound scalability has opened up a world of potential applications and possibilities, showing that Bitcoin’s blockchain growth is accelerating its potential faster than ever before. With the potential for further applications and growth, Bitcoin’s blockchain is positioned to be a key player in the digital financial space for years to come.
