diff --git a/backend/src/api/database-migration.ts b/backend/src/api/database-migration.ts
new file mode 100644
index 000000000..eb00dcc53
--- /dev/null
+++ b/backend/src/api/database-migration.ts
@@ -0,0 +1,178 @@
+import config from '../config';
+import { DB } from '../database';
+import logger from '../logger';
+
+class DatabaseMigration {
+  private static currentVersion = 1;
+  private queryTimeout = 120000;
+
+  constructor() { }
+
+  public async $initializeOrMigrateDatabase(): Promise<void> {
+    if (!await this.$checkIfTableExists('statistics')) {
+      await this.$initializeDatabaseTables();
+    }
+
+    if (await this.$checkIfTableExists('state')) {
+      const databaseSchemaVersion = await this.$getSchemaVersionFromDatabase();
+      if (DatabaseMigration.currentVersion > databaseSchemaVersion) {
+        await this.$migrateTableSchemaFromVersion(databaseSchemaVersion);
+      }
+    } else {
+      await this.$migrateTableSchemaFromVersion(0);
+    }
+  }
+
+  private async $initializeDatabaseTables(): Promise<void> {
+    const connection = await DB.pool.getConnection();
+    for (const query of this.getInitializeTableQueries()) {
+      await connection.query<any>({ sql: query, timeout: this.queryTimeout });
+    }
+    connection.release();
+    logger.info(`Initial database tables have been created`);
+  }
+
+  private async $migrateTableSchemaFromVersion(version: number): Promise<void> {
+    const connection = await DB.pool.getConnection();
+    for (const query of this.getMigrationQueriesFromVersion(version)) {
+      await connection.query<any>({ sql: query, timeout: this.queryTimeout });
+    }
+    connection.release();
+    await this.$updateToLatestSchemaVersion();
+    logger.info(`Database schema have been migrated from version ${version} to ${DatabaseMigration.currentVersion} (latest version)`);
+  }
+
+  private async $getSchemaVersionFromDatabase(): Promise<number> {
+    const connection = await DB.pool.getConnection();
+    const query = `SELECT number FROM state WHERE name = 'schema_version';`;
+    const [rows] = await connection.query<any>({ sql: query, timeout: this.queryTimeout });
+    connection.release();
+    return rows[0]['number'];
+  }
+
+  private async $updateToLatestSchemaVersion(): Promise<void> {
+    const connection = await DB.pool.getConnection();
+    const query = `UPDATE state SET number = ${DatabaseMigration.currentVersion} WHERE name = 'schema_version'`;
+    const [rows] = await connection.query<any>({ sql: query, timeout: this.queryTimeout });
+    connection.release();
+  }
+
+  private async $checkIfTableExists(table: string): Promise<boolean> {
+    const connection = await DB.pool.getConnection();
+    const query = `SELECT COUNT(*) FROM information_schema.tables WHERE table_schema = '${config.DATABASE.DATABASE}' AND TABLE_NAME = '${table}'`;
+    const [rows] = await connection.query<any>({ sql: query, timeout: this.queryTimeout });
+    connection.release();
+    return rows[0]['COUNT(*)'] === 1;
+  }
+
+  private getInitializeTableQueries(): string[] {
+    const queries: string[] = [];
+
+    queries.push(`CREATE TABLE IF NOT EXISTS statistics (
+      id int(11) NOT NULL,
+      added datetime NOT NULL,
+      unconfirmed_transactions int(11) UNSIGNED NOT NULL,
+      tx_per_second float UNSIGNED NOT NULL,
+      vbytes_per_second int(10) UNSIGNED NOT NULL,
+      mempool_byte_weight int(10) UNSIGNED NOT NULL,
+      fee_data longtext NOT NULL,
+      total_fee double UNSIGNED NOT NULL,
+      vsize_1 int(11) NOT NULL,
+      vsize_2 int(11) NOT NULL,
+      vsize_3 int(11) NOT NULL,
+      vsize_4 int(11) NOT NULL,
+      vsize_5 int(11) NOT NULL,
+      vsize_6 int(11) NOT NULL,
+      vsize_8 int(11) NOT NULL,
+      vsize_10 int(11) NOT NULL,
+      vsize_12 int(11) NOT NULL,
+      vsize_15 int(11) NOT NULL,
+      vsize_20 int(11) NOT NULL,
+      vsize_30 int(11) NOT NULL,
+      vsize_40 int(11) NOT NULL,
+      vsize_50 int(11) NOT NULL,
+      vsize_60 int(11) NOT NULL,
+      vsize_70 int(11) NOT NULL,
+      vsize_80 int(11) NOT NULL,
+      vsize_90 int(11) NOT NULL,
+      vsize_100 int(11) NOT NULL,
+      vsize_125 int(11) NOT NULL,
+      vsize_150 int(11) NOT NULL,
+      vsize_175 int(11) NOT NULL,
+      vsize_200 int(11) NOT NULL,
+      vsize_250 int(11) NOT NULL,
+      vsize_300 int(11) NOT NULL,
+      vsize_350 int(11) NOT NULL,
+      vsize_400 int(11) NOT NULL,
+      vsize_500 int(11) NOT NULL,
+      vsize_600 int(11) NOT NULL,
+      vsize_700 int(11) NOT NULL,
+      vsize_800 int(11) NOT NULL,
+      vsize_900 int(11) NOT NULL,
+      vsize_1000 int(11) NOT NULL,
+      vsize_1200 int(11) NOT NULL,
+      vsize_1400 int(11) NOT NULL,
+      vsize_1600 int(11) NOT NULL,
+      vsize_1800 int(11) NOT NULL,
+      vsize_2000 int(11) NOT NULL
+    ) ENGINE=InnoDB DEFAULT CHARSET=utf8;`);
+
+    queries.push(`ALTER TABLE statistics ADD PRIMARY KEY (id);`);
+    queries.push(`ALTER TABLE statistics MODIFY id int(11) NOT NULL AUTO_INCREMENT;`);
+
+    return queries;
+  }
+
+  private getMigrationQueriesFromVersion(version: number): string[] {
+    const queries: string[] = [];
+
+    if (version < 1) {
+      if (config.MEMPOOL.NETWORK !== 'liquid') {
+        queries.push(`UPDATE statistics SET
+          vsize_1 = vsize_1 + vsize_2, vsize_2 = vsize_3,
+          vsize_3 = vsize_4, vsize_4 = vsize_5,
+          vsize_5 = vsize_6, vsize_6 = vsize_8,
+          vsize_8 = vsize_10, vsize_10 = vsize_12,
+          vsize_12 = vsize_15, vsize_15 = vsize_20,
+          vsize_20 = vsize_30, vsize_30 = vsize_40,
+          vsize_40 = vsize_50, vsize_50 = vsize_60,
+          vsize_60 = vsize_70, vsize_70 = vsize_80,
+          vsize_80 = vsize_90, vsize_90 = vsize_100,
+          vsize_100 = vsize_125, vsize_125 = vsize_150,
+          vsize_150 = vsize_175, vsize_175 = vsize_200,
+          vsize_200 = vsize_250, vsize_250 = vsize_300,
+          vsize_300 = vsize_350, vsize_350 = vsize_400,
+          vsize_400 = vsize_500, vsize_500 = vsize_600,
+          vsize_600 = vsize_700, vsize_700 = vsize_800,
+          vsize_800 = vsize_900, vsize_900 = vsize_1000,
+          vsize_1000 = vsize_1200, vsize_1200 = vsize_1400,
+          vsize_1400 = vsize_1800, vsize_1800 = vsize_2000, vsize_2000 = 0`);
+      }
+
+      queries.push(`CREATE TABLE IF NOT EXISTS elements_pegs (
+        block int(11) NOT NULL,
+        datetime int(11) NOT NULL,
+        amount bigint(20) NOT NULL,
+        txid varchar(65) NOT NULL,
+        txindex int(11) NOT NULL,
+        bitcoinaddress varchar(100) NOT NULL,
+        bitcointxid varchar(65) NOT NULL,
+        bitcoinindex int(11) NOT NULL,
+        final_tx int(11) NOT NULL
+      ) ENGINE=InnoDB DEFAULT CHARSET=utf8;`);
+
+      queries.push(`CREATE TABLE IF NOT EXISTS state (
+        name varchar(25) NOT NULL,
+        number int(11) NULL,
+        string varchar(100) NULL
+      ) ENGINE=InnoDB DEFAULT CHARSET=utf8;`);
+
+      queries.push(`INSERT INTO state VALUES('schema_version', 0, NULL);`);
+      queries.push(`INSERT INTO state VALUES('last_elements_block', 0, NULL);`);
+    }
+
+    return queries;
+  }
+}
+
+export default new DatabaseMigration();
diff --git a/backend/src/api/liquid/elements-parser.ts b/backend/src/api/liquid/elements-parser.ts
index 37e2362e1..a2d4e1546 100644
--- a/backend/src/api/liquid/elements-parser.ts
+++ b/backend/src/api/liquid/elements-parser.ts
@@ -18,12 +18,12 @@ class ElementsParser {
       this.isRunning = true;
       const result = await bitcoinClient.getChainTips();
       const tip = result[0].height;
-      const latestBlock = await this.$getLatestBlockFromDatabase();
-      for (let height = latestBlock.block + 1; height <= tip; height++) {
+      const latestBlockHeight = await this.$getLatestBlockHeightFromDatabase();
+      for (let height = latestBlockHeight + 1; height <= tip; height++) {
         const blockHash: IBitcoinApi.ChainTips = await bitcoinClient.getBlockHash(height);
         const block: IBitcoinApi.Block = await bitcoinClient.getBlock(blockHash, 2);
         await this.$parseBlock(block);
-        await this.$saveLatestBlockToDatabase(block.height, block.time, block.hash);
+        await this.$saveLatestBlockToDatabase(block.height);
       }
       this.isRunning = false;
     } catch (e) {
@@ -92,18 +92,18 @@ class ElementsParser {
     logger.debug(`Saved L-BTC peg from block height #${height} with TXID ${txid}.`);
   }
 
-  protected async $getLatestBlockFromDatabase(): Promise<any> {
+  protected async $getLatestBlockHeightFromDatabase(): Promise<number> {
     const connection = await DB.pool.getConnection();
-    const query = `SELECT block, datetime, block_hash FROM last_elements_block`;
+    const query = `SELECT number FROM state WHERE name = 'last_elements_block'`;
     const [rows] = await connection.query<any>(query);
     connection.release();
-    return rows[0];
+    return rows[0]['number'];
   }
 
-  protected async $saveLatestBlockToDatabase(blockHeight: number, datetime: number, blockHash: string) {
+  protected async $saveLatestBlockToDatabase(blockHeight: number) {
     const connection = await DB.pool.getConnection();
-    const query = `UPDATE last_elements_block SET block = ?, datetime = ?, block_hash = ?`;
-    await connection.query<any>(query, [blockHeight, datetime, blockHash]);
+    const query = `UPDATE state SET number = ? WHERE name = 'last_elements_block'`;
+    await connection.query<any>(query, [blockHeight]);
     connection.release();
   }
 }
diff --git a/backend/src/index.ts b/backend/src/index.ts
index d1bd86994..78c99f016 100644
--- a/backend/src/index.ts
+++ b/backend/src/index.ts
@@ -21,6 +21,7 @@ import backendInfo from './api/backend-info';
 import loadingIndicators from './api/loading-indicators';
 import mempool from './api/mempool';
 import elementsParser from './api/liquid/elements-parser';
+import databaseMigration from './api/database-migration';
 import syncAssets from './sync-assets';
 import icons from './api/liquid/icons';
 
@@ -84,6 +85,11 @@ class Server {
 
     if (config.DATABASE.ENABLED) {
       await checkDbConnection();
+      try {
+        await databaseMigration.$initializeOrMigrateDatabase();
+      } catch (e) {
+        throw new Error(e instanceof Error ? e.message : 'Error');
+      }
     }
 
     if (config.STATISTICS.ENABLED && config.DATABASE.ENABLED && cluster.isMaster) {
diff --git a/mariadb-structure.sql b/mariadb-structure.sql
deleted file mode 100644
index f652a0a54..000000000
--- a/mariadb-structure.sql
+++ /dev/null
@@ -1,106 +0,0 @@
-SET SQL_MODE = "NO_AUTO_VALUE_ON_ZERO";
-SET time_zone = "+00:00";
-
-CREATE TABLE `blocks` (
-  `height` int(11) NOT NULL,
-  `hash` varchar(65) NOT NULL,
-  `size` int(11) NOT NULL,
-  `weight` int(11) NOT NULL,
-  `minFee` int(11) NOT NULL,
-  `maxFee` int(11) NOT NULL,
-  `time` int(11) NOT NULL,
-  `fees` double NOT NULL,
-  `nTx` int(11) NOT NULL,
-  `medianFee` double NOT NULL
-) ENGINE=InnoDB DEFAULT CHARSET=utf8;
-
-CREATE TABLE `statistics` (
-  `id` int(11) NOT NULL,
-  `added` datetime NOT NULL,
-  `unconfirmed_transactions` int(11) UNSIGNED NOT NULL,
-  `tx_per_second` float UNSIGNED NOT NULL,
-  `vbytes_per_second` int(10) UNSIGNED NOT NULL,
-  `mempool_byte_weight` int(10) UNSIGNED NOT NULL,
-  `fee_data` longtext NOT NULL,
-  `total_fee` double UNSIGNED NOT NULL,
-  `vsize_1` int(11) NOT NULL,
-  `vsize_2` int(11) NOT NULL,
-  `vsize_3` int(11) NOT NULL,
-  `vsize_4` int(11) NOT NULL,
-  `vsize_5` int(11) NOT NULL,
-  `vsize_6` int(11) NOT NULL,
-  `vsize_8` int(11) NOT NULL,
-  `vsize_10` int(11) NOT NULL,
-  `vsize_12` int(11) NOT NULL,
-  `vsize_15` int(11) NOT NULL,
-  `vsize_20` int(11) NOT NULL,
-  `vsize_30` int(11) NOT NULL,
-  `vsize_40` int(11) NOT NULL,
-  `vsize_50` int(11) NOT NULL,
-  `vsize_60` int(11) NOT NULL,
-  `vsize_70` int(11) NOT NULL,
-  `vsize_80` int(11) NOT NULL,
-  `vsize_90` int(11) NOT NULL,
-  `vsize_100` int(11) NOT NULL,
-  `vsize_125` int(11) NOT NULL,
-  `vsize_150` int(11) NOT NULL,
-  `vsize_175` int(11) NOT NULL,
-  `vsize_200` int(11) NOT NULL,
-  `vsize_250` int(11) NOT NULL,
-  `vsize_300` int(11) NOT NULL,
-  `vsize_350` int(11) NOT NULL,
-  `vsize_400` int(11) NOT NULL,
-  `vsize_500` int(11) NOT NULL,
-  `vsize_600` int(11) NOT NULL,
-  `vsize_700` int(11) NOT NULL,
-  `vsize_800` int(11) NOT NULL,
-  `vsize_900` int(11) NOT NULL,
-  `vsize_1000` int(11) NOT NULL,
-  `vsize_1200` int(11) NOT NULL,
-  `vsize_1400` int(11) NOT NULL,
-  `vsize_1600` int(11) NOT NULL,
-  `vsize_1800` int(11) NOT NULL,
-  `vsize_2000` int(11) NOT NULL
-) ENGINE=InnoDB DEFAULT CHARSET=utf8;
-
-CREATE TABLE `transactions` (
-  `blockheight` int(11) NOT NULL,
-  `txid` varchar(65) NOT NULL,
-  `fee` double NOT NULL,
-  `feePerVsize` double NOT NULL
-) ENGINE=InnoDB DEFAULT CHARSET=utf8;
-
-
-ALTER TABLE `blocks`
-  ADD PRIMARY KEY (`height`);
-
-ALTER TABLE `statistics`
-  ADD PRIMARY KEY (`id`);
-
-ALTER TABLE `transactions`
-  ADD PRIMARY KEY (`txid`),
-  ADD KEY `blockheight` (`blockheight`);
-
-
-ALTER TABLE `statistics`
-  MODIFY `id` int(11) NOT NULL AUTO_INCREMENT;
-
-CREATE TABLE `last_elements_block` (
-  `block` int(11) NOT NULL,
-  `datetime` int(11) NOT NULL,
-  `block_hash` varchar(65) NOT NULL
-) ENGINE=InnoDB DEFAULT CHARSET=utf8;
-
-INSERT INTO `last_elements_block` VALUES(0, 0, '');
-
-CREATE TABLE `elements_pegs` (
-  `block` int(11) NOT NULL,
-  `datetime` int(11) NOT NULL,
-  `amount` bigint(20) NOT NULL,
-  `txid` varchar(65) NOT NULL,
-  `txindex` int(11) NOT NULL,
-  `bitcoinaddress` varchar(100) NOT NULL,
-  `bitcointxid` varchar(65) NOT NULL,
-  `bitcoinindex` int(11) NOT NULL,
-  `final_tx` int(11) NOT NULL
-) ENGINE=InnoDB DEFAULT CHARSET=utf8;