Bitcoin Breaks New Record with Over 710K Transactions in One Day
On November 19, 2023, Bitcoin made history by validating more than 710,000 daily transactions, marking a significant milestone for the cryptocurrency network. This record surpassed the previous high number of transactions, setting a new peak in Bitcoin’s history. All these transaction records were largely composed of inscriptions, with the most recent figure accounting for 475,249 inscriptions.
Bitcoin Network Achieves Unprecedented Activity
November 19, 2023, was a remarkable day, as the Bitcoin network operated at a robust hashrate of 480 exahash per second (EH/s). This resulted in a historic milestone of 710,579 verified transactions, representing a record number of transactions within a 24-hour period. It is worth noting that transactions and inscriptions have risen significantly recently, driving up miners’ fees due to a backlog of more than 200,000 transactions.
Impact of Record-breaking Activity on Bitcoin Network
The surge in transactions and inscriptions has led to increased costs for block space, and the network’s hashrate has soared to unparalleled levels of 480 EH/s. The recent transaction volume and hashrate surge illustrate the increasing activity and growth of the Bitcoin network.
Hot Take
Bitcoin reached a historic milestone on November 19, 2023, with a record-breaking 710,579 transactions processed within a 24-hour period. This unprecedented activity highlights the growing strength and activity of the Bitcoin network, setting a new peak in Bitcoin’s storied history.
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