Bitcoin metrics have recently hit new heights, with the Bitcoin hash rate reaching an all-time high of 439 exahashes per second (EH/s), while the number of daily transactions processed on the Bitcoin blockchain exceeded 682,000, with over 300,000 Ordinals inscribed. The increase in the hash rate reflects growing investments in mining infrastructure worldwide, with many regions utilizing renewable energy, alleviating concerns about centralization and environmental impacts. However, some experts caution that the hash rate surge may be short-lived, and it is important to monitor the 1500-block to 5k-block average time to determine the true hash rate.
Bitcoin Ordinals, unique nonfungible tokens that represent distinct positions on the Bitcoin blockchain, have gained popularity among collectors, investors, and enthusiasts. Each ordinal inscription counts as a transaction, contributing to the increase in daily transactions on the network. While some see Bitcoin Ordinals as a new way to engage with the Bitcoin ecosystem, others view them as useless.