The size of the Bitcoin network exceeded half a terabyte! How long does it take to download this blockchain?

Although the price of Bitcoin (BTC) has not reached an all-time high this year, the digital currency has achieved several important milestones, including reaching the highest level of network difficulty, achieving the highest total hashrate and setting a new ceiling for confirmed transactions. Daily.

In addition, the distributed ledger has grown to more than half a terabyte to accommodate all transactions on the Bitcoin blockchain.

According to reports, node operators now require more than 500 GB of storage space to maintain the Bitcoin blockchain. Downloading the complete blockchain takes about 47 hours and 44 minutes using a standard ADSL connection with a speed of 24 Mbps.

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Beginning

About 431 days ago or one year and two months ago on October 15, 2022, the size of the Bitcoin blockchain was approximately 432 GB. This represents growth of just over 100 gigabytes over the past year, a faster rate than usual.

It should be noted that the increase in Bitcoin block size stems from the Ordinals inscriptions that began in December 2022 and reflects the high demand and constant innovation in the network. In the first week of January, the average block size increased to 2,517 MB by February 12, 2023.

The average block size of Bitcoin has increased significantly in recent years. Between January 3, 2023 and December 19, 2023 (350 days), the average block size was about 1.705 MB, which is an increase from previous years.

In 2022, the average was 1.19 MB, and historically, after 2018, the annual average block size has consistently remained above 1 MB.

However, the block size of 1.7 MB still could not meet the current demand. Currently, there are 30,6379 unconfirmed transactions, requiring miners to clear 349 blocks to address this backlog.

As of December 20, 2023, the high-priority transaction fee on the Bitcoin network is $15.32 per transaction. The Bitcoin network experiences a significant volume of transactions, with more than 600,000 transactions per day, or an average confirmation rate of approximately 7.93 transactions per second.