Second-Highest Bitcoin Inscriptions Recorded, Fueling Transaction Frenzy and Mempool Backlog
In September 2023, there was a decline in the creation of Ordinal inscriptions on the Bitcoin blockchain. However, in October, there was a significant rebound. This upward trend reached its peak on November 4, 2023, when the blockchain recorded the second-highest daily total of Ordinal inscriptions ever.
Rise in Inscriptions Leads to Transaction Surge
On November 5, 2023, at block height 815,455, the Bitcoin blockchain had approximately 37,868,190 Ordinal inscriptions. This followed a record-breaking day on September 15, 2023, when there were 440,760 inscriptions within 24 hours.
November 4 marked the day with the second-highest one-day total of Ordinal inscriptions, with 433,471 new inscriptions. This surpassed the previous runner-up day of July 30, 2023. The increase in inscriptions also led to a surge in Bitcoin transaction activity, making it the second-busiest day for transactions in Bitcoin’s history.
New Transaction Records Set
The record for the most BTC transactions verified in a single day was set on September 15, 2023, with miners confirming 703,692 transactions. On November 4, there were 698,917 verified transactions added to the blockchain. This figure surpassed the previous high of 682,281 transactions on May 1, 2023.
Miners Benefit from Inscriptions
From December 2022 to July 22, 2023, bitcoin miners accumulated 1,847 BTC in transaction fees from inscriptions. As of today, that sum has increased to 2,201 BTC, indicating an additional 354 BTC earned since late July. During this period, the number of Ordinal inscriptions on the blockchain has more than doubled.
Backlog of Transactions and Network Fees
With the increase in daily Ordinal inscriptions, the Bitcoin network’s backlog of pending transactions has grown to 166,000 at block height 815,457. Currently, BTC network fees for block space range from $0.29 to $1.86 per transaction depending on priority.
Hot Take: Bitcoin Inscriptions Reach New Heights
The surge in Ordinal inscriptions on the Bitcoin blockchain has led to significant milestones in transaction volume and miner earnings. This demonstrates the growing popularity and usage of Bitcoin as a means of transferring value. However, it also highlights the challenges faced by the network in terms of scalability and transaction processing speed. As Bitcoin continues to attract more users and transactions, it will be crucial for developers and stakeholders to find innovative solutions to ensure smooth and efficient operations.
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