On November 19, 2023, Bitcoin reached an extraordinary milestone by confirming the highest number of daily transactions ever recorded within a 24-hour period. A total of 710,579 transactions were confirmed by miners on that day, with a significant portion consisting of 475,249 ordinal inscriptions.
This past weekend marked a historic moment for the Bitcoin network, which operated at a robust hashrate of 480 exahashes per second (EH/s). The network processed an unprecedented 710,579 transactions, setting a new peak in Bitcoin’s history. This achievement surpassed the previous record, set on September 15, 2023, when Bitcoin miners confirmed 703,692 transactions.
Moreover, on November 12, 2023, the daily transaction volume nearly reached the previous record, with 703,327 transactions processed, making it the third-highest daily transaction count in Bitcoin’s history. All of these days saw a significant number of inscription-based transactions, with the most recent record set on Sunday accounting for 475,249 inscriptions.
Sunday became the second most prolific day for inscription-based transactions, 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 data for the day is still incomplete, but Bitcoin miners have already processed 411,723 transactions, including 300,452 inscriptions.
The surge in inscriptions has led to an increase in miners’ fees due to a backlog of over 200,000 transactions, driving up the cost of block space. Simultaneously, as miners achieve new milestones in transaction processing, the network’s hashrate has reached an unparalleled peak of 480 EH/s, based on the seven-day moving average.