The Bitcoin network sets new records at the end of the year and the beginning of the year

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In 2023, Bitcoin shattered a series of benchmarks for network and on-chain activity as mining difficulty and computing power soared to unprecedented levels, and the number of daily transaction confirmations increased. As the new year dawned, miners hit a record of 731,351 verified transactions on December 31, 2023, driven primarily by the Ordinals inscription.

Source: Blockchair

314,003 inscriptions were processed that day, accounting for approximately 42.93% of the total confirmed transaction volume on Sunday. Meanwhile, Bitcoin miners experienced a lucrative fee market in December.

Source: Dune

Despite breaking the daily on-chain transfer record on New Year’s Eve, there are still approximately 351,371 outstanding transactions at the time of writing. Over the past 30 days, miners have verified a staggering 16,704,699 transactions, an average of 6.7 transactions per second.

Source: Mempool.Space

With this latest milestone, the network processed an impressive 8.1 transactions per second on Sunday, or approximately 30,000 transactions per hour. As of December 31, an average of 4,600 transactions were recorded per block. As of January 1, 2024, the block confirmation interval ranges from 9 minutes and 39 seconds to 8 minutes and 55 seconds, and miners have verified a total of 946,371,028 transactions before block height 823,890.

2023 is coming to an end, and the Bitcoin network not only ushered in a historic feat of handover between the old and new years, but also showed strong growth momentum. Nearly 43% of the day’s transactions were driven by the fast-growing Ordinals trend, reflecting the network’s continued growth and its long-term ability to meet new and diverse needs.