Ordinal registration is expected to reach the 150,000 milestone as the size of blocks surpasses 3.75MB. After a 122% surge in on-chain fees, the rate has remained static for the past few weeks, currently standing at $1.77 per transaction.
Cryptocurrency Network Reaches 150,000 Signups
On February 19, 2023 the number of ordinal registrations is close to the 150,000 mark. This is after a sharp surge in demand at the end of January. According to reports, blocks with a size greater than 3MB are common and often mined. This is calculated by adding all the block sizes that were mined in a given day and dividing it by 144, the common number of blocks mined every day. Ycharts.com shows that the block size reached its peak at 2,525 MB on February 12, 2023.
The average block size has decreased to 2,114 MB on February 18, 2023. There are blocks larger than 3MB and a growing number of blocks that are close to the 4MB range being mined. Blockchain.com has a long list of blocks that are larger than 3.75 MB. For example, block heights #774.628 to #777.302, #776.310 to #777.320 and #777.303 are 3.93MB or larger. All blocks that are larger than 3.75 MB were mined in February.
On-chain fees increased 122% in the first week of February, resulting in a static market since then. On February 15, 2023 BTC fees reached a peak of $2,465 per transaction. As of February 18, 2023, the average rate is 0.00003 BTC (or $0.744) per transaction. The average rate has remained the same after the initial increase in fees during the first week.
In the past 4 days, the number of ordinal registrations has risen from 100,000 to nearly 150,000. As of this writing, the exact number of registrations is 145,630.
What do you make of the 150,000 signups for ordinal? Leave your thoughts below.
