May Shatters Bitcoin Transaction Records, Highlighting a Year of Unparalleled Achievements

According to recent data, May has set new records for milestones within the Bitcoin network. Following the record-breaking number of transactions confirmed on April 23, four of the top five days with the highest transaction counts settled on the Bitcoin blockchain occurred in May.

2024: A Banner Year for Bitcoin Records

The year 2024 has been a period of unprecedented achievements for BTC, with its price hitting an all-time high of $73,794 per coin on March 14. On May 26, Bitcoin’s total hashrate, measured by the seven-day simple moving average (SMA), reached a peak of 656 exahash per second (EH/s).

Additionally, on April 23, miners processed a record-breaking 927,010 transactions in a single day. On the same day, Bitcoin hit its hashrate peak, May 26, it also recorded the second-highest number of settled transactions, with 852,655 confirmed.

While miners processed nearly a million transfers on April 23, 2024, with 927,010 transactions that day, they also achieved four of the five highest days ever for daily confirmed transactions this month.

The previous day, May 25, saw the third-largest transaction day ever with 835,040 recorded. Furthermore, May 23 ranked fourth with 744,761 transactions, and May 24 saw 736,439 transactions processed. In total, four of the top five highest transaction days in Bitcoin’s entire history occurred in May.

In addition to setting new transaction records, Bitcoin also saw the largest block size ever mined in its history in 2024. Block height 841,886, mined by Marathon’s Mara Pool on May 3, reached 3.993 megabytes (MB). The second-largest block ever mined, at 3.990 MB, was recorded on March 2, 2024. This year also witnessed the highest onchain transfer fees in Bitcoin’s history.

Between April 19 and 20, Bitcoin’s onchain fees surged to $240 per transfer for some users. The average onchain transfer cost was $127 on April 20, 2024, as reported by bitinfocharts.com. Additionally, Bitcoin’s mining difficulty reached an all-time high of 88.10 trillion on April 24, shortly after the halving event.

This year also marked a milestone as Bitcoin settled over 1 billion confirmed transactions on its network. Furthermore, Bitcoin has also emerged as a leader in non-fungible token (NFT) sales and tokenization, making it a standout year for the world’s first cryptocurrency network.

What do you think about all the records Bitcoin set in 2024? Share your thoughts and opinions about this subject in the comments section below.

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