On November 19, 2023, Bitcoin marked a historic achievement by recording its highest daily transaction count ever within a 24-hour period. A remarkable 710,579 transactions were confirmed by miners on that day, including a substantial 475,249 Ordinal inscriptions.
Bitcoin Sets a Lifetime Record: Over 710K Transactions in 24 Hours
This past weekend witnessed a groundbreaking moment for the Bitcoin network. Operating at an impressive hashrate of 480 exahash per second (EH/s), the network validated an unprecedented total of 710,579 transactions – a new pinnacle in Bitcoin’s illustrious history. This surpassed the previous record set on September 15, 2023, when bitcoin (BTC) miners authenticated 703,692 transactions.
Bitcoin Attains a Lifetime Record With More Than 710,000 Daily Transactions Confirmed on Sunday
In 2023, Bitcoin has consistently broken records, particularly in terms of the highest number of daily transactions confirmed in its lifetime.
Moreover, on November 12, 2023, the daily transaction volume (703,327) nearly approached the former record, now ranking as the third-highest in history. All these days showcased unprecedented levels of inscription-based transactions, with the most recent record established on Sunday accounting for 475,249 inscriptions.
Sunday emerged as the second most prolific day for inscription-based transactions, just slightly behind the record set on November 12, which saw 505,345 inscriptions. As of 2:40 p.m. Eastern Time on November 20, 2023, the day’s data remains incomplete, yet 411,723 transfers have already been processed by bitcoin miners, with 300,452 being inscriptions.
Inscriptions have witnessed a recent surge after a brief dip, triggering a rise in miners’ fees due to a backlog of more than 200,000 transactions, consequently driving up the cost of block space. Simultaneously, as miners establish new benchmarks in transaction processing, the network’s hashrate has reached an unparalleled peak of 480 EH/s, based on the seven-day moving average.