As Ordinal inscriptions approach the 150,000 mark, blocks larger than 3 MB have become commonplace, with many blocks near the 4 MB range. Meanwhile, after the average transaction fee on-chain rose 122% higher at the beginning of February 2023, the average fee has remained the same over the last few weeks and is currently coasting along at $1.77 per transfer.
Ordinal Inscriptions Close in on Reaching 150K Milestone
On Feb. 19, 2023, the number of Ordinal inscriptions is approaching 150,000 after a significant increase in demand since the end of January. A week ago, Bitcoin.com News reported that blocks larger than 3 MB are now commonplace and are being mined regularly. This has increased the average block size, which is calculated by adding up 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 reached a high of 2.525 MB on Feb. 12, 2023.
The average block size has decreased and was 2.114 MB on Feb. 18, 2023. Along with the 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 3.75 MB or larger has 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 of the blocks larger than 3.75 MB have been mined in February.
Average onchain fees for Bitcoin have remained stable after a 122% increase in average fee costs during the first week of Feb. 2023, and have continued to be within the range of $1.7. On Feb. 15, 2023, BTC fees did increase to a high of $2.465 per transfer. As of Feb. 18, 2023, median-sized fees are roughly 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.