Out of the Ordinal-ry, Bitcoin’s average block size reaches all-time high
After the January 2023 launch of Ordinals protocol, Bitcoin’s average block size reached 2.5MB. News Collect this piece of history. Bitcoin’s average block size has surpassed 2.5MB since the January 2023 launch of the Ordinals protocol. Related: Bitcoin hit record 44M nonzero addresses thanks to Ordinals: GlassnodeSoftware Engineer Casey Rodarmor launched Ordinals protocol in January. It allowed the creation of Bitcoin “digital artifacts”. These digital artifacts can include JPEG images and PDFS, as well as audio and video files. 100,000,000 Satoshis make up each BTC. Individual satoshis can be inscribed to any content that you like, creating unique digital artifacts. These artifacts can be stored in Bitcoin wallets or transferred using Bitcoin transactions. Inscriptions can be as durable, immutable and secure as Bitcoin itself. The ability to inscribe digital artifacts onto the blockchain has divided the Bitcoin community. There are arguments for and against, which provides plenty of food for thought. From July 2021 to February 2023, Bitcoin’s average block size was between 0.7MB to 1.5MB. The average block size of Bitcoin has exceeded 2MB since February 5, and is currently at 2.2MB. According to data from Glassnode, this record number of non-zero addresses has been reached by the network. Glassnode’s most recent newsletter noted that Ordinals compete for block size demand, but have not yet significantly affected network fees. This is a unique moment in Bitcoin history, where innovation generates network activity without the traditional transfer of coin volume for financial purposes.