As ordinal signups approach the 150,000 mark, blocks larger than 3MB have become common, with many blocks near the 4MB range. Meanwhile, after the on-chain average transaction fee increased 122% in early February 2023, the average fee has stayed the same for the past few weeks and currently stands at $1.77 per transfer.
Ordinal Enrollments Approaching 150,000 Milestone
On February 19, 2023, the number of ordinal inscriptions is close to 150,000 after 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 regularly mined. This has increased the average block size, which is calculated by adding 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 peaked at 2,525 MB on February 12, 2023.
The average block size has decreased and was 2,114 MB on February 18, 2023. Along with 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 3.75MB or more has been mined. For example, block heights #774.628, #777.302, #776.310, #777.320, and #777.303 are 3.93 MB or larger. All blocks larger than 3.75 MB were mined in February.
Average On-Chain Fees for Bitcoin have been flat 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 maximum of $2,465 per transfer. As of February 18, 2023, medium rates are approximately 0.00003 BTC or $0.744 per transfer. Bitcoin median fees have also been flat after the initial rise during the first week of February.
Just four days ago, the number of ordinal registrations reached 100,000, and now it is steadily approaching 150,000. At the time of writing this article, there are approximately 145,630 ordinal registrations embedded in the Bitcoin blockchain.
What do you think about the ordinal registrations that are terrifyingly close to 150,000? Share your thoughts in the comments section below.
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