By The Numbers: How Have Inscriptions Affected Bitcoin Blocksize?
The world of cryptocurrencies is filled with plenty of intriguing numbers. From transaction fees to computing power, everything is kept record of and measured. What’s most interesting though, is the way different numbers affect one another. One of the most interesting factors affecting the Bitcoin block size is inscriptions—which is why it’s important to closely examine how they’ve played a role in changing the block size over time.
What Are Inscriptions?
Before this discussion can begin, it’s important to explain what inscriptions are in relation to Bitcoin. Inscriptions refer to the small amount of space that’s written for the data used for calculations that are securely added to each block. These inscriptions are the primary contributor to the block size and can differ in size depending on the number of transactions that need to be calculated.
Current Average Blocksize
It’s hard to talk about block size without taking a look at the current average blocksize. As of the time of writing, the median size of a Bitcoin block is currently 2.20 megabytes. This number has fluctuated up and down over time, so it’s important to look at exactly how inscriptions helped shape this number.
The Maximum Block Size
It’s no surprise that the Bitcoin block size has a maximum limit. The current maximum limit is set at 4 megabytes and this number is constantly being discussed by the community as a way to make sure the network can process transactions efficiently. It’s important to consider inscriptions while looking at the maximum block size, since these inscriptions are what is ultimately taking up space in the block.
Inscriptions Over the Years
It’s hard to talk about the effect inscriptions have had on the Bitcoin block size without taking into account how these numbers have changed over time. The following list will outline the average block size over the past few years, along with the amount of inscriptions that have been associated with these blocks:
2011: Average Block Size: 700 Kilobytes – Number of Inscriptions: 10
2012: Average Block Size: 800 Kilobytes – Number of Inscriptions: 20
2013: Average Block Size: 900 Kilobytes – Number of Inscriptions: 25
2014: Average Block Size: 1100 Kilobytes – Number of Inscriptions: 35
2015: Average Block Size: 1300 Kilobytes – Number of Inscriptions: 45
2016: Average Block Size: 2100 Kilobytes – Number of Inscriptions: 55
2017: Average Block Size: 3000 Kilobytes – Number of Inscriptions: 65
2018: Average Block Size: 4000 Kilobytes – Number of Inscriptions: 75
Considering the inscriptions alone, it’s easy to see the impact they’ve had on the Bitcoin block size. As the amount of transactions has increased, so have the inscriptions—which has resulted in a larger average block size over time.
The Impact of Inscriptions
When looking at the preceding numbers and the purpose of inscriptions, it’s easy to understand the impact that they have had on the Bitcoin block size. As more data is stored in the Bitcoin block, the size of the block increases. This means that the larger the block size becomes, the more data is stored and the fewer transactions can fit per block.
The Bigger Picture
When looking at the big picture, it’s clear that inscriptions have played an important role in the Bitcoin block size over the years. As the amount of transactions and inscriptions have increased, the average block size has followed suit in order to accommodate the new data. This shows that the Bitcoin block size is a delicate balance between the amount of transactions, the amount of inscriptions, and the limit set by the network.
Inscriptions are an integral part of Bitcoin transactions and the amount of inscriptions associated with each block is what truly affects the block size. While the maximum block size is kept to 4 megabytes, the actual block size is mostly dependent on the number of transactions and inscriptions associated with each block. Over the years, the number of transactions have increased which has resulted in more inscriptions and a larger average block size. As such, it is clear that inscriptions have had a tremendous impact on the overall block size and it’s an important factor that should be taken into account when discussing the block size limit.
