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Bitcoin (BTC) network has experienced massive growth in the last 12 months, with its distributed database increasing daily. In 2020, the Bitcoin blockchain’s total size increased by 25%, suggesting that global adoption is on the rise.
25% increase in 2020
According to data from analytical site ycharts, the size of the Bitcoin blockchain stands at 319.69GB. This represents a 25% increase from its previous mark of 256 GB recorded a year ago. The numbers show the accelerated growth of data that is recorded on the Bitcoin network.
The size of the Bitcoin blockchain represents the total record of all transactions processed on the network. The number also represents the amount of information that full nodes need to download and maintain on their hard drives to synchronize with the network. Currently, the blocks have an approximate weight of 1.2 MB, as can be seen on mempool. space. At the moment, the total number of these blocks has already exceeded 660,000.
Since each block is added to the blockchain every 10 minutes, it means that the blockchain has been increasing at a rate of 144MB daily. At the current rate, the Bitcoin blockchain size will increase by 52GB by the end of 2021. This is deduced by multiplying an average of 6 blocks per hour by 24 hours.
Bitcoin Blockchain Has Grown Rapidly in the Past 5 Years
Looking at on-chain data from Statista.com, the Bitcoin blockchain has experienced exponential growth in recent years. In the first five years of existence, the chain reached 20GB in size. It then took another three years to reach 100GB, and thereafter it has been increasing at a faster rate. This can largely be attributed to the increased adoption of digital currency.
Part of the sustained growth is due to the introduction of the SegWit scaling solution. It effectively doubles the size of the blocks translating into more transactions per block, leading to heavier blocks—likewise the sustained increase in the activity of Bitcoin users who process over 330,000 transactions daily. Bitcoin will continue to grow and is the largest blockchain after exceeding 500 million transactions last February.