BITCOIN’S TRANSACTION COUNT HITS ONE BILLION 

The Bitcoin network has celebrated a significant achievement by processing its one-billionth transaction, 15 years after its inception.

Clark Moody’s Bitcoin dashboard recorded this milestone transaction in block 842,241 at 9:34 pm UTC on May 5.

This landmark comes 15 years, four months, and four days after Bitcoin’s pseudonymous founder, Satoshi Nakamoto, mined the network’s inaugural block on January 3, 2009. Over its 5,603-day history, the network has maintained an average of 178,475 transactions per day.

It’s important to note, however, that this figure does not account for transactions conducted on the Lightning Network, a second-layer protocol that facilitates quicker Bitcoin transactions. Data from the Bitcoin-exclusive exchange River indicated that in August 2023 alone, the Lightning Network handled at least 6.6 million transactions, pointing to a significant volume of transactions processed through this system since its introduction in January 2018.

Transaction activity on Bitcoin’s network saw a sharp increase around its fourth halving event on April 20, reaching a peak of 926,000 transactions on April 23, largely driven by the launch of the Runes protocol at block 840,000. Following this spike, the daily transaction volume has settled to 660,260 as of May 4.

While Bitcoin is the oldest cryptocurrency network, it is not the first to surpass one billion transactions. Its main competitor, Ethereum, has registered more than two billion transactions since its debut in July 2015, according to Etherscan.

Currently, Bitcoin is trading at $63,750, having risen over 12% from a two-month low of $56,800 on May 2. Despite this recent increase, the cryptocurrency remains down 13.6% from its all-time high of $73,740 reached on March 13, as per CoinGecko data.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

16 May 2024

MASTERCARD LAUNCHES NEW BLOCKCHAIN STARTUP PROGRAM 

News

16 May 2024

BITCOIN HITS $64.7K AS US CORE INFLATION DIPS