Bitcoin’s Block Space is 100% Filled by NFT Ordinals: Report
According to Dune Analytics dashboard, the first cryptocurrency’s blockchain has been experiencing the longest period of maximum block loading since February.
This is evident from the fact that the block space has been filled almost completely for the entire period, which coincides with the introduction of Ordinals.
As of the end of August, around 85% of transactions on the network were related to Bitcoin NFTs.
Since the launch of the protocol, 33.7 million inscriptions have been created, with a collective size of 12.9 GB.
The Bitcoin mempool has also been consistently high since May, with approximately 235,000 unconfirmed transactions (246 MB) as of September 21, according to BTC.com.
According to journalist Colin Wu, this ongoing overload of the network will continue to impact the processing time for low-value transfers. It is worth recalling that in May, Bitcoin Core developer Luke Dash Jr. suggested implementing a “spam filter” for BRC-20 and Ordinals standard tokens, as they were causing a negative impact on the network.
