Bitcoin Blocks Above 3.75 MB as Ordinal Inscriptions Near 150K

• Bitcoin blocks above 3.75MB are now commonplace, with many blocks reaching 4MB.
• The average on-chain transaction fee for Bitcoin has remained stable at around $1.77 per transfer since the beginning of February 2023.
• Ordinal inscriptions are approaching 150,000 after a surge in demand at the end of January.

Increasing Block Size

As Ordinal inscriptions approach the 150,000 mark, blocks larger than 3 MB have become commonplace, with many blocks near the 4 MB range. This has increased the average block size from 2.525 MB to 2.114 MB over the last week. Statistics from show that a long list of blocks that are 3.75 MB or larger have been mined in February alone, demonstrating an increase in mining activity and increasing block size overall.

Stable Transaction Fees

Meanwhile, after the average transaction fee on-chain rose 122% higher at the beginning of February 2023, it has remained stable over the last few weeks and is currently coasting along at $1.77 per transfer with median fees roughly 0.00003 BTC or $0.744 per transfer.

Ordinal Inscriptions Surge

Only four days ago, the number of Ordinal inscriptions hit 100,000 and is now steadily approaching 150,000 as demand increases since January 2021.

Average Block Size Decreases

The average block size has decreased and was 2.114 MB on Feb 18th 2023.

High Median Fees Remain Stable

Median fees on Bitcoin have also remained stable after their initial 122% increase during the first week of February 2023; On Feb 15th 2023 BTC fees did increase to a high of $2.465 per transfer but have since decreased again to their current levels