Increase in Average Block Size of Bitcoin Due to Ordinals
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 signifi…
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
Interpretation of the news:
The introduction of Ordinals has significantly impacted the size and cost of Bitcoin transactions. Glassnode data reveals that the average block size of Bitcoin has increased from 1.5-2.0 MB to 3.0-3.5 MB in just a few weeks, since the implementation of Ordinals. This surge in size is not only due to images but also large files such as audio and video being stored as Ordinals. Consequently, the size of transactions has increased by more than 100%, from 600 bytes to 1100 bytes. This increase in block size and transaction hash size shows the need for blockchain protocols to accommodate a higher volume of data generated by users.
The first NFT work of the Taprot Wizards series, the Inscription 652, also set a new record for the largest block and transaction in Bitcoin history. The size of the block increased to 4 MB, showcasing the unique features of NFTs and their potential impact on the cryptocurrency market.
Moreover, the Ordinals protocol has cast nearly 150,000 NFTs on the Bitcoin network as per the latest data of Dune Analytics. This shows the rapid adoption of NFTs, which are gaining popularity amongst artists, collectors, and investors.
The use of Ordinals for storing images, videos, and audio files has opened up new horizons for artists and creators. Ordinals provide an innovative platform that enables creators to claim permanent ownership over their digital assets, which is a critical factor for the NFT market’s growth.
However, the increasing size of blocks and transactions has its downside, as it results in higher fees, making it difficult for small transactions to compete effectively. As a result, there is a need to optimize the use of the blockchain protocol and increase its scalability to lower transaction fees.
In conclusion, the introduction of Ordinals has had a profound impact on Bitcoin’s block size and transaction hash size. It has enabled the storage of large files and facilitated the growth of the NFT market. However, the increasing size of blocks and transactions also creates significant challenges in terms of scalability and fees. Developers must consider how to optimize blockchain protocols to address these issues.
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