Bitcoin is breaking records at a rapid pace. At block height 787,895, the cryptocurrency’s hashrate soared to 491 exahash per second (EH/s). At block height 786,240, the difficulty reached a new record of 48.71 trillion. But that’s not the only thing that’s been skyrocketing this month. On May 2, the Number of daily transactions processed by the Bitcoin network also reached an all-time record with 682,281 transaction. Just nine days later, 671,668 confirmed transactions were processed.
Bitcoin’s Daily Transaction Count Smashes Records, Nearing 700,000 per Day
Despite the difficulties caused by the queue of transactions, the network is able to process a large number of transactions each day. May 1 was a notable one, as the network reached an all-time (ATH) high for daily confirmed transactions. The number of confirmed transfers reached 682,281. May 6 up to May 15, 2023, the number of transactions per day will not be less than 500,000. On May 14, miners confirmed 671,668 transactions.
The number of confirmed daily transactions is still increasing, with 631,677 transactions being processed on May 14 alone. But with approximately 250,000 transactions that are still unconfirmed in the mempool there is a fee of between $1.46 and $2.42 per transfer. According to data gathered by mempool.space at the time this article was written, a high priority transfer costs $2.42, while a medium priority transfer costs $1.96, and a low priority transfer is $1.46.
What do you see as the future of Bitcoin’s daily transaction count? Will it continue to break records or will we see a slowed down in the months ahead?
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