Bitcoin breaks record: Christmas Eve sees daily transaction count and hashrate reach new peaks

During the festive weekend, the Bitcoin network set two new records. On Christmas Eve, the network reached a historic high with 723,459 Bitcoin transactions confirmed by miners in just one day. 

It surpassed previous high of 710,579 set 36 days earlier by an impressive margin of 12,880 trades . The significant increase in daily transactions on December 24 mainly stemmed from the Ordinal inscription, which contributed a significant volume to the day’s transfers.

Data from Dune Analytics indicates that approximately 439,505 Ordinal inscriptions were verified on Sunday. As a result, inscriptions overtook traditional financial transfers, accounting for 60.75% of all transactions on Christmas Eve 2023. The previous record from November 19 now ranks second highest, in when December 3, 2023 ranked third with 707,876 transfers.

In addition to setting a daily transaction record on Christmas Eve, Bitcoin miners also achieved a new peak in the network’s total hashrate. Cumulative hashrate jumped to 546 exahash per second (EH/s) on December 24, up from 538 EH/s the day before when the network difficulty exceeds 72 trillion. This translates to 546 quadrillion hashes per second (H/s) or 0.546 zettahash per second (ZH/s). From January 1, 2023 to present, hashrate has increased by 311 EH/s.

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