In 2023, Bitcoin is soaring and breaking records left and right. For instance, the cryptocurrency’s hashrate reached 491 exahashes per second (EH/s) on May 2 at block height 787,895. Moreover, the difficulty reached a new high of 48.71 trillion on April 20 at block height 786,240. However, there are other things this month that have increased dramatically. With 682,281 transactions on May 1 and 671,668 verified transactions just nine days later, the number of daily transactions completed on the Bitcoin network has likewise reached an all-time high.
Bitcoin Transactions Per Day Break Records, Approaching 700,000 Per Day
As of 2023, both the hashrate and difficulty of Bitcoin have surpassed previous records. But the cryptocurrency hasn’t always had it easy. On May 7, the mempool became chaotic due to more over 500,000 unconfirmed transactions, which resulted in astronomical fees.
Despite transfers lingering in the mempool, ycharts.com reports that the daily transaction rate for bitcoin has reached an all-time high. Although there were a record-breaking amount of unconfirmed transactions at the time, the backlog has subsequently decreased, and right now there are only about 250,000 transactions awaiting processing. It’s also no secret that the majority of the backlog has been caused by Ordinal inscription efforts.
The cryptocurrency network has been able to handle an incredible number of transactions each day despite the drama brought on by the transaction wait. May has been a particularly notable month, with the first day of the month seeing the network reach an all-time high (ATH) for daily confirmed transactions.
Although transfers are still lingering in the mempool, the number of confirmed transactions each day from May 1 through May 14, 2023 (shown on the left) and April 6 through April 19, 2023 (shown on the right), reached an all-time high. through ycharts.com.
On May 1, just one day before Bitcoin’s hashrate reached an ATH of 491 EH/s, a staggering 682,281 transfers were confirmed. Transactions each day from May 6 through May 15, 2023, were not less than 500,000, and on May 10, miners verified 671,668 transactions.
With 631,677 transactions handled on May 14 alone, Bitcoin is still processing thousands of confirmed transactions every day. However, because there are currently about 250,000 unconfirmed transactions in the mempool, each transfer costs between $1.46 and $2.42.
As of this writing, a high-priority transfer is $2.42, a medium-priority transfer is $1.96, and a low-priority transfer is $1.46, according to archived data gathered by mempool.space. The Bitcoin network is still functioning, according to fork, processing 550,239 transactions on Monday despite the hefty fees.data on lol on May 15, 2023.
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