On Sunday, November 19, 2023, Bitcoin achieved a historic milestone, registering the highest number of daily transactions ever confirmed within a 24-hour span. A significant 710,579 transfers were confirmed by miners that day, including a significant portion of 475,249 Ordinal inscriptions.
Bitcoin Hits Lifetime Peak: 710K+ Transactions in 24 Hours
This recent weekend marked a record-breaking moment for the Bitcoin network. Operating at a robust hashrate of 480 exahash per second (EH/s), the network verified an unprecedented total of 710,579 transactions – a new peak in Bitcoin’s storied history. This surpassed the previous high set on September 15, 2023, when bitcoin (BTC) miners verified 703,692 transactions.
Furthermore, on November 12, 2023, the daily transaction volume (703,327) nearly eclipsed the former record, now ranking as the third highest in history. All of these days featured unparalleled 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, slightly trailing 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 surged recently after a brief dip, sparking a rise in miners’ fees due to a backlog of more than 200,000 transactions, which has driven up the cost of block space. Concurrently, as miners set new benchmarks in transaction processing, the network’s hashrate has soared to an unparalleled peak of 480 EH/s, based on the seven-day moving average.
What do you think about Bitcoin confirming 710,579 transactions in one day? Share your thoughts and opinions about this subject in the comments section below.
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