The bitcoin network has reached a new milestone: one billion transactions processed, 15 years, four months and four days after its genesis block was mined.
According bitcoin.clarkmoody.com/dashboard/” data-wpel-link=”external” target=”_blank”>data On Clark Moody's bitcoin dashboard, the billionth transaction was mined in block 842,241 on May 5 at 9:34 pm UTC.
bitcoin processes one billion transactions
bitcoin's latest milestone comes less than three weeks after the network completed its fourth halving, which reduced miners' block rewards from 6.25 bitcoins to 3.125 btc. The halving occurred on April 19, when the total bitcoin transaction count was around 990.64 million.
The network has witnessed a significant increase in daily transactions over the past month, with the launch of new protocols such as Ordinals, Runes, and the BRC-20 token standard.
The launch of Ordinals generated bitcoin non-fungible tokens (nfts) that boosted user activity on the network. At the time of writing, data from market analysis platform Dune bitcoin-ordinals-analysis” data-wpel-link=”external” target=”_blank”>presented that approximately $432 million had been spent as transaction fees on more than 66.4 million registrations, indicating that market participants have been busy on the bitcoin network.
On the other hand, Runes was launched on the day of the bitcoin halving, particularly on the halving block. The protocol extends the functionality of bitcoin by allowing the creation of fungible tokens, much like ethereum does. During the halving weekend, Runes transactions accounted for over 50% of total bitcoin transactions, surpassing Ordinals and dominating the network.
Additionally, the launch of spot bitcoin exchange-traded funds (ETFs) in the United States and Hong Kong has also contributed to the rise in bitcoin transactions. The bitcoin ETF Market Currently bitcoin-etf” data-wpel-link=”external” target=”_blank”>has a market capitalization of $53.41 billion and assets under management totaling $52.68 billion.
It's not the first
While it took bitcoin around 15 years to process one billion transactions, the network count is likely to reach two billion in a shorter period of time as btc gains more adoption and users flock to the blockchain.
It is worth noting that bitcoin is not the first blockchain to reach 1,000,000,000 transactions. ethereum did it a few years ago and has processed more than 2.4 billion transactions since its launch in 2015.
Meanwhile, bitcoin's billion transaction count does not include those executed on the network's Lightning Network Layer 2 protocol, launched in 2018.
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