Record-Breaking Transaction Activity on New Year’s Eve
As revelers worldwide bid farewell to 2023, the Bitcoin network was marking a milestone, setting a new record for daily transactions. On New Year’s Eve, the network confirmed an unprecedented 731,351 transactions, surpassing the previous record set just a week earlier on Christmas Eve. This surge in activity was driven largely by Ordinal inscriptions, which accounted for nearly 43% of all daily transactions. The end of the year capped off a series of achievements for Bitcoin, including soaring mining difficulty and hashrate and a daily increase in transaction confirmations.
December’s Lucrative Fee Market and Backlog Challenges
The record-setting day was also lucrative for bitcoin miners, who benefited from a particularly robust fee market throughout December. However, the increased activity has led to a significant backlog, with around 351,000 transactions pending at the start of the new year. Over the last month of 2023, miners processed nearly 17 million transactions, averaging 6.7 transactions per second. This activity peaked on New Year’s Eve, with the network managing an impressive rate of 8.10 transactions per second.
A Strong Finish and Promising Outlook for Bitcoin
The Bitcoin network’s record-breaking day on New Year’s Eve is a testament to the continued growth and resilience of the cryptocurrency. As 2024 begins, the network boasts over 946 million validated transactions, reflecting its expanding scale and capacity. The rise of Ordinal inscriptions and the consistent demand for Bitcoin transactions indicate a vibrant and evolving ecosystem, ready to accommodate an increasingly diverse range of applications and users. As the network continues to break records and reach new milestones, the Bitcoin community can look forward to another year of robust activity and innovation.