With NFTsp protocol queues in January 2023, Bitcoin is average block size increased to about 2.5 MB. But what are the pros and cons for users?
At An All-time High
The block size of the sequential protocol for Bitcoin has reached an all-time high.
According to information compiled by Blockchain, Bitcoin block sizes began to increase in early February 2023 and exceeded 2.5 MB in the weeks following the release of the sequential protocol.
According to an earlier article published by Blockchain, members of the Bitcoin mining ecosystem have earned over $600,000 through Ordinals, also known as Bitcoin-based NFTs.
The Ordinals protocol, developed by software developer Casey Rodarmor in January 2017, enables the creation of Bitcoin-based non-fungible tokens on the network. These NFTs can contain PEG images, PDF documents, video and audio files.
Rodarmor suggests in the Ordinals documentation that these digital artifacts could be stored in the same way as the satoshis that make up a Bitcoin. It is very important to remember that each Bitcoin is made up of 100,000,000,000,000,000 Satoshis.
Increases Month By Month
Between July 2021 and February 2023, the average size of a Bitcoin block fluctuated between 0.7 MB and 1.5 MB. On Feb. 5, Bitcoin’s average block size exceeded 2 MB for the first time and currently stands at 2.2 MB.
According to Glassnode, the network reached 44 million non-zero addresses after the launch of Bitcoin Ordinals, setting a new record. According to Glassnode’s latest statistics, Ordinals are suffering from block storage demand but have yet to have a significant impact on network prices.
Finally, Glassnode characterizes ordinals as a new and exceptional point in bitcoin history. As such, the concept incentivizes network performance without the traditional transfer of token volumes for monetary goals.
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