Christmas Eve Sees Lifetime Surge in Daily Transactions and Hashrate

On Dec. 24, 2023, Bitcoin shattered yet another daily transaction milestone, with miners confirming 723,459 transfers in a single day. The transaction rate on Christmas Eve exceeded the former peak of 710,579 verifications on Nov. 19, 2023.

Bitcoin’s Festive Feat — Record Transactions and Hashrate Soar on Christmas Eve

Throughout the festive weekend, the Bitcoin network set two fresh records. On Christmas Eve, the network achieved a historic high with 723,459 bitcoin transactions confirmed by miners in a single day. It surpassed the previous high of 710,579 set 36 days earlier by an impressive margin of 12,880 transactions. The marked surge in daily transactions on Dec. 24 primarily stemmed from Ordinal inscriptions, contributing a considerable volume of the day’s transfers.

Dune Analytics data indicates that about 439,505 Ordinal inscriptions were verified on Sunday. Consequently, inscriptions outpaced traditional financial transfers, making up 60.75% of all transactions on Christmas Eve 2023. The previous record from Nov. 19 now ranks as the second highest, with Dec. 3, 2023, trailing as the third with 707,876 transfers.

Beyond setting a daily transaction record on Christmas Eve, bitcoin (BTC) miners also achieved a new pinnacle in the network’s total hashrate. The cumulative hashrate soared to 546 exahash per second (EH/s) on Dec. 24, climbing from 538 EH/s the previous day as network difficulty breached 72 trillion. This rate translates to 546 quintillion hashes per second (H/s) or 0.546 zettahash per second (ZH/s). From Jan. 1, 2023, to date, the hashrate has escalated by 311 EH/s.

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