Despite Transfers Lingering in the Mempool, Bitcoin’s Daily Transaction Rate Taps All-Time High

Bitcoin is connected a rotation successful 2023, breaking records near and right. For instance, connected May 2, astatine artifact tallness 787,895, the cryptocurrency’s hashrate soared to 491 exahash per 2nd (EH/s). Moreover, connected April 20, astatine artifact tallness 786,240, the trouble deed a caller precocious of 48.71 trillion. But that’s not the lone happening that’s been skyrocketing this month. The fig of regular transactions processed connected the Bitcoin web has besides deed an all-time high, with 682,281 transactions connected May 1 and 671,668 confirmed transactions conscionable 9 days later.

Bitcoin’s Daily Transaction Count Smashes Records, Nearing 700,000 per Day

Bitcoin has been breaking records successful 2023, with its hashrate and difficulty reaching caller all-time highs. But it hasn’t been each creaseless sailing for the cryptocurrency. On May 7, more than 500,000 unconfirmed transactions caused chaos successful the mempool, starring to skyrocketing fees.

Bitcoin transactions per time according to ycharts.com.

While this was a lifetime, record-breaking fig of unconfirmed transactions, the congestion has since eased, and contiguous determination are astir 250,000 transactions waiting to beryllium processed. It’s besides nary concealed that Ordinal inscription activities person played a large relation successful causing overmuch of the backlog.

Despite the play caused by the transaction queue, the cryptocurrency web has managed to process an awesome fig of transactions per day. May has been a peculiarly noteworthy month, with the web hitting an all-time precocious (ATH) for regular confirmed transactions connected the precise archetypal day.

Number of confirmed transactions per time connected May 1 done May 14, 2023 (pictured left) and April 6 done April 19, 2023 (pictured right) via ycharts.com.

A monolithic 682,281 transfers were confirmed connected May 1, conscionable 1 time earlier Bitcoin’s hashrate reached an ATH of 491 EH/s. From May 6 up until May 15, 2023, transactions per time person not been little than 500,000 and connected May 10, miners confirmed 671,668 transactions.

Bitcoin is showing nary signs of slowing down the fig of regular confirmed transactions, with 631,677 transactions processed connected May 14 alone. But with astir 250,000 unconfirmed transactions inactive lingering successful the mempool, fees are betwixt $1.46 to $2.42 a transfer.

According to archived data collected by mempool.space, a high-priority transportation volition acceptable a sender backmost $2.42 per transaction, portion a medium-priority transportation costs $1.96 and a low-priority transportation is $1.46 astatine the clip of writing. Despite the precocious fees, the Bitcoin web is inactive chugging along, having processed 550,239 transactions truthful acold connected Monday, according to fork.lol statistics connected May 15, 2023.

What bash you deliberation the aboriginal holds for Bitcoin’s regular transaction count? Will it proceed to interruption records oregon volition we spot a slowdown successful the coming months?

Image Credits: Shutterstock, Pixabay, Wiki Commons

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