Bitcoin Milestone: Network Celebrates Processing One Billion Transactions
Summary:
The Bitcoin network recently recorded its one billionth transaction, a significant milestone reached 15 years after its creation. However, these figures do not encompass transactions undertaken through the Lightning Network, a Bitcoin layer for micropayments. Despite a surge in daily transactions during Bitcoin's fourth halving event, the daily count has since declined. Currently, Bitcoin's market value sits at $63,750, witnessing a 12% rise after a two-month slump.
A significant achievement has been reached as the Bitcoin network handled its billionth transaction, 15 years post its inception. Clark Moody’s Bitcoin dashboard indicates that the billionth transaction occured, a part of the 842,241 block which was mined at 9:34 pm UTC on May 5. This monumental milestone transpired exactly 15 years, four months, and four days after the first block was mined on January 3, 2009, by the elusive creator of Bitcoin, Satoshi Nakamoto. This implies a daily transaction average of 178,475 on the Bitcoin network, throughout its existence of 5,603 days.
Yet, it is important to mention that transactions processed on the Lightning Network, an auxiliary Bitcoin network devoted to small payments, are not included in the billion transaction count. As per data from the Bitcoin-only exchange River, the Lightning Network is estimated to have processed more than 6.6 million transactions in August 2023 alone, suggesting the existence of potentially hundreds of millions of unseen transactions activated on Lightning ever since January 2018.
Bitcoin's transaction activity saw a distinct surge around its fourth halving event which occurred on April 20, with a peak of 926,000 transactions recorded on April 23. The Runes protocol, a newly introduced Bitcoin token standard launched at block 840,000, significantly impacted this spike. However, the daily transaction count has since cooled down to 660,260 on May 4.
In terms of valuation, Bitcoin is currently trading at $63,750, a 12% increase from the two-month drop to $56,800 observed on May 2, as per CoinGecko. Nonetheless, it still maintains a 13.6% drop from its highest ever value of $73,740 which was recorded on March 13.
Published At
5/6/2024 2:39:06 AM
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