Since Luxor, the bitcoin mining pool, mined a record block size of 3.96MB (#774,628) on the bitcoin blockchain, block sizes have been larger than before this block spike in the past 12 days. Statistics show that blocks larger than 3MB are now very popular, and the demand for ordinal inscriptions has skyrocketed as it passed 65,000 this weekend.
Sustained use of blocks larger than 3MB continues on the Bitcoin Blockchain
Observers saw the date on February 3rd. 1, 2023, when Luxor mined the largest block in the Bitcoin blockchain. The record-breaking block (#774,628), measuring 3.96MB, surpasses the previous record set on August 3. 11, 2022, when Antpool detected block number 748918, which had a size of 2.765MB. At the time, there were fewer than 1,000 ordinal prints on the Bitcoin blockchain, but the trend quickly increased to 50,000 by Friday. By noon on Sunday, February 3. 12, over 66,000 inscriptions have been registered.
As a side effect of the trend of ordinal patterns on the Bitcoin blockchain, fees for sending a BTC transaction have skyrocketed. Bitcoin.com News recently reported a sharp 122% increase in Bitcoin network transmission fees one week after Luxor mined a 3.96MB block. On that day, the average transaction fee on the Bitcoin network was $1.704, today it is 0.000079 BTC or $1.74 per transaction. In addition to the increased fee, block sizes have regularly exceeded the 3MB range since log setup block #774,628.
Data from Dune Analytics indicates a significant number of block sizes exceeding 3MB after February 3rd. 5, 2023. Measurements from mempool.space also reflect this trend, with 3MB block sizes easily visible by scrolling back through the last 12 days. For example, block #776,115, which was mined on Sunday, had a height of about 3.30MB and held about 795 transactions. Block #776116 had a height of 3.367MB and held approximately 912 transactions.
There are many examples of 3MB+ blocks, and our analysis shows that larger blocks confirm fewer transactions. For example, block 776,218 was about 1.68MB high but contained 3,385 transactions. While bitcoin miners survey the number of unconfirmed transactions in the mempool, stats from jochen-hoenicke.de and txstreet.com show occasional backups.
What do you think about the sustainable use of large block sizes in the Bitcoin blockchain? Let us know your thoughts in the comments below.
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