The Bitcoin blockchain is currently experiencing a surge of activity. The Bitcoin hash rate, or the total computing power of the network, has climbed to 439 exahash per second (EH/s), while the number of transactions occurring on the blockchain, as well as the number of 'ordinals' inscribed on it, have both reached all-time highs. These milestones demonstrate the strength and stability of the Bitcoin network, as well as how its usage is growing with increasing adoption.

The hash rate measures a network's security, since it is a reflection of how many miners are partaking in the blockchain network and making it more difficult to attack. More investment in mining is occurring despite fluctuations in Bitcoin prices, and various regions around the world are mining Bitcoin for renewable energy sources. However, there are indicators that this current surge may be temporary due to how the true hash rate is measured.

Ordinals are an important contributor to this activity, and refers to non-fungible tokens (NFTs) which are based on the Bitcoin blockchain, and are inscribed on a Satoshi – the smallest denomination of Bitcoin. This has made them popular among collectors and investors, allowing them an interesting way to engage with the Bitcoin ecosystem. As a result, the number of Bitcoins being transacted on the blockchain has risen quickly to 682,000, with mempools becoming busy and transaction fees increasing beyond their usual costs.

However, the concept of ordinals and the role that it plays on the Bitcoin blockchain have been met with mixed opinions. Some believe it contributes another layer of usage to what is already a store of value and medium of exchange, and others such as Dr. Adam Back labelled them as 'useless'. As usage of Bitcoin and its related products continue to grow, this debate is likely to persist.



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