In a remarkable conclusion to 2023, the Bitcoin network achieved an unprecedented milestone on New Year's Eve, surpassing its daily transaction record with a staggering 731,351 transactions processed in a single day. This accomplishment marked a significant ascent from the prior record of 723,459 transactions, established on Christmas Eve, December 24, 2023.
Year-End Surge in Bitcoin Onchain Activities
The year 2023 witnessed a succession of milestones within the Bitcoin network, characterized by soaring mining difficulty, unprecedented hashrates, and a consistent uptick in daily transaction confirmations. On the eve of the new year, miners etched a new record with the verification of 731,351 transactions on December 31, 2023, predominantly propelled by the surge in Ordinal inscriptions.
Simultaneously, the day witnessed the processing of 314,003 inscriptions, constituting approximately 42.93% of the total transactions confirmed on that Sunday. Noteworthy was the lucrative fee market experienced by bitcoin miners throughout December. Despite the record-breaking onchain transfer volume on New Year's Eve, a backlog of approximately 351,000 transactions persisted into January 1, 2024. Over the preceding 30 days, miners authenticated an astounding 16,704,699 transactions, averaging an impressive 6.7 transactions per second.
Impressive Transaction Rates and Block Confirmations
The latest achievement saw the Bitcoin network operating at an impressive rate of 8.10 transactions per second on Sunday, translating to around 30,000 transactions every hour. On December 31, an average of 4,600 transactions were documented per block. As of January 1, 2024, the intervals between block confirmations ranged from 9 minutes and 39 seconds to 8 minutes and 55 seconds, with miners validating a total of 946,371,028 transactions up to block height 823,890.
Bitcoin's Momentum into 2024
As the curtains closed on 2023 and ushered in 2024, the Bitcoin network not only celebrated a historic feat on New Year's Eve but also demonstrated the unwavering momentum of its expansion. Nearly 43% of the day's transactions were fueled by the rapidly growing trend of Ordinal inscriptions, underscoring the network's continual evolution and its enduring ability to accommodate new and diverse demands. The record-breaking performance on New Year's Eve stands as a testament to the resilience and scalability of the Bitcoin network amid the ever-changing landscape of digital assets.
