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FameEX Hot Topics | Bitcoin Sets New Milestone with 703,000 Transactions in a Single Day Amid Rising Demand
2023-09-20 16:17:06
The Bitcoin blockchain has been witnessing a remarkable surge in ordinal inscriptions, recently surpassing a significant milestone of over 33 million in total. However, the most noteworthy event occurred on September 15, 2023, when the Bitcoin network achieved a historic feat by processing a staggering 440,760 ordinal inscriptions in a single day, out of a total of 703,692 transactions confirmed during that remarkable day. This monumental achievement took place on a memorable Friday, September 15, 2023, when the Bitcoin blockchain validated the highest number of transactions ever confirmed within a 24-hour period. A jaw-dropping total of 703,692 transactions were successfully processed by miners, breaking the previous record established on May 1, 2023, when 682,281 transactions were recorded on the Bitcoin blockchain.
What adds to the significance of this achievement is the dominance of ordinal transactions on that particular day, accounting for an astonishing 62.63% of the day's overall activity. Data from Dune Analytics reveals that a total of 440,760 ordinal inscriptions were authenticated on September 15, surpassing the previous record set on July 30, 2023. As of the current block height, which stands at 808,443, there are approximately 33,355,450 ordinal inscriptions residing on the Bitcoin blockchain. An interesting note accompanying this record-breaking day is that Bitcoin miners have collectively earned a substantial 2,068 BTC from these inscriptions since December 2022, equivalent to an impressive $55 million.
The upward trajectory in ordinal inscriptions shows no signs of slowing down. On September 16, 2023, the blockchain processed 381,189 inscriptions, followed by 419,147 inscriptions the very next day. September 18 witnessed approximately 402,535 inscriptions, and as of the current Tuesday, 175,126 transactions have already been confirmed. These statistics underscore the growing prominence of ordinal inscriptions in comparison to traditional financial transactions. They are vigorously competing for coveted block space on the Bitcoin blockchain, highlighting a shift in the landscape of financial transactions. It's important to note that the Bitcoin blockchain currently contends with a backlog of approximately 481,574 unconfirmed transactions, as reported at block height 808,443. In summary, the world of Bitcoin is witnessing an exponential rise in ordinal inscriptions, surpassing an impressive 33 million in total. Yet, the most remarkable achievement occurred on September 15, 2023, when the Bitcoin network broke records by processing a monumental 440,760 ordinal inscriptions in a single day. This emphasizes the growing significance of ordinal inscriptions within the cryptocurrency sphere, as they compete fiercely with traditional financial transactions for space on the blockchain. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
