Bitcoin Sets New Record with 731K Transactions in 2023
The year 2023 was characterized by significant milestones in the Bitcoin network, including higher mining difficulty, increased hashrate, and a surge in daily transaction confirmations. As the year came to a close, miners achieved a new record by verifying a remarkable 731,351 transactions on December 31, 2023. This milestone was mainly driven by Ordinal inscriptions.
Record-Breaking Transactions on New Year’s Eve
On December 31, 2023, a total of 314,003 inscriptions were processed, accounting for approximately 42.93% of the day’s confirmed transactions. In December, bitcoin miners also experienced a profitable fee market. Despite breaking the daily onchain transfer record, there were still around 351,000 transactions left in the backlog on January 1, 2024. Over the past 30 days, miners authenticated an impressive 16,704,699 transactions, averaging 6.7 transactions per second.
Impressive Transaction Rate and Block Confirmations
The Bitcoin network achieved a transaction rate of 8.10 transactions per second on December 31, 2023, equivalent to around 30,000 transactions per hour. Each block documented an average of 4,600 transactions. As of January 1, 2024, the intervals between block confirmations ranged from 9 minutes and 39 seconds to 8 minutes and 55 seconds. In total, miners validated a staggering 946,371,028 transactions up to block height 823,890.
Hot Take: Bitcoin Strides into 2024 with Unstoppable Momentum
As 2023 transitioned into 2024, the Bitcoin network not only celebrated a historic achievement on New Year’s Eve but also demonstrated its continuous expansion. The growing trend of Ordinal inscriptions fueled almost 43% of the day’s transactions, highlighting the network’s ongoing evolution and its ability to meet diverse demands.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.