Block sizes greater than 3MB are now common on the bitcoin blockchain as demand for simple inscriptions increases
Observers made history on February 1st, 2023 when Luxor mined the largest ever block of bitcoin. The record-breaking block ( #774,628 ), which measured 3.96MB, surpassed the previous record set on 11 August 2022 when Antpool discovered block #748,918, which was 2.765MB in size. At the same time there were less than 1000 ordinal inscriptions on the bitcoin blockchain, but this trend quickly increased to reach 50,000 inscriptions by Friday and over 66000 inscriptions by noon on February 12th. As a side effect of the trend as a side effect of the sequential write trend on the bitcoin blockchain, the fees for sending bitcoin transactions have been on the high side and news recently suggests that a 3.96MB block was created by Luxor. A sharp increase of 122% in bitcoin network transfer fees has been reported after 1 week of mining and on the same day, the average fee for a transaction on the bitcoin network was $1.704, and today the fee is 0.000079 BTC or $1.74 per transaction. is transfer. Also block sizes have been increasing regularly since the record setting block #774,628. has exceeded the 3MB range. Data from Dune Analytics indicated a higher number of block sizes greater than 3MB after February 5, 2023. For example, block height #776,115, mined on Sunday, was about 3.30MB and contained about 795 transactions. Block height #776,116 was 3.367 MB and approximately 912 transactions were broadcast. There are many examples of 3MB+ blocks, and according to our analysis, larger blocks result in fewer transactions. For example, block height 776,218 was approximately 1.68MB, but contained 3,385 transactions. While bitcoin miners work to clear the mempool I now have some transaction count. Statistics from jochen-hoenice.de and txstreet.com show occasional backups.