Analyzing the impact of Ordinals on Bitcoin [BTC] network’s traffic

March 20, 2023

By Suzuki Shillsalot

Read Bitcoin (BTC) Price Prediction 2023-24

• Bitcoin’s difficulty hit a new all-time high on 18 March.

• Out of the total fees collected by BTC miners, Ordinals trading accounted for 22%.

According to data from Bitcoin explorer Mempool, the difficulty on the Bitcoin [BTC] network reached a fresh all-time high at 43.55 T, representing an increase of 23% on a year-to-date (YTD) basis.

Due to the rise in difficulty levels, BTC miners had to use more computational power to mine blocks, as the hash rate jumped to 351 EH/s.

The overall traffic on the network has increased significantly since the launch of Ordinal NFTs on the Bitcoin Mainnet in January 2023.

Extra-‘Ordinals’

Since the launch, Bitcoin Ordinals have taken the crypto world by storm. As per Dune Analytics, the total number of Ordinals inscriptions hit 521,843 at the time of writing, with a staggering 58% of them getting minted in March alone.

The figure reached its all-time high on 9 March when more than 30,000 inscriptions were minted on a single day.

Furthermore, the total transaction fees paid on the Bitcoin network more than doubled over the last two months.

To read the entire article...Click Here!