Recently, there has been a significant increase in the number of bitcoin miners joining the network. This surge has led to a remarkable boost in the Bitcoin hash rate, which now stands at 439 exahashes per second (EH/s). Furthermore, the daily volume of transactions recorded on the bitcoin blockchain has surpassed 682,000, with more than 300,000 Ordinals registered.
The Bitcoin blockchain’s computational power, as gauged by the hash rate, has surged to an unprecedented level, reflecting heightened assurance in the network’s security. The hash rate serves as a vital metric for the network’s well-being, with a higher hash rate indicating greater miner participation, thereby boosting the network’s resilience against potential attackers.
denverbitcoin, a prominent bitcoin miner affiliated with Upstream Data, cautioned that the recent surge in hash rate might not endure. In a tweet, he emphasized the significance of monitoring the 1,500-block to 5,000-block average time to gain a genuine understanding of the actual hash rate.
The surge in Bitcoin’s hash rate is thought to be temporary and may have been partly driven by the renewed popularity of Bitcoin Ordinals. These unique and nonfungible tokens are built on the Bitcoin network and represent distinct positions on the blockchain. They have gained popularity among collectors, investors, and enthusiasts as a novel way to engage with the Bitcoin ecosystem.
On May 1, the daily count of inscriptions reached over 350,000, causing the total number of Bitcoin Ordinals to exceed 3 million. As each inscription represents a transaction, this surge in Ordinals has also led to a significant increase in the number of Bitcoin transactions.
Bitcoin Ordinals represents an additional function of the network, beyond serving as a store of value or medium of exchange, according to some enthusiasts. However, many individuals, like Adam Back, see these inscriptions as pointless.