No matter how challenging something may seem, it is always important to remain positive and determined. You should never give up easily when facing an obstacle. Instead, you should keep pushing yourself and work hard until you reach your goals. Believe in your capabilities even if things don’t go well at first – with enough determination and effort, nothing is impossible!
Bitcoin is having a great year in 2023 and it’s setting all kinds of records. For example, on May 2 at block height 787,895, the hashrate (the speed at which Bitcoin processes operations) reached an amazing 491 exahash per second. Plus, on April 20 with the same block height, it set its highest difficulty level ever of 48.71 trillion! That isn’t all that’s going up this month though; the number of transactions on the Bitcoin network has also peaked today – 682,281 on May 1 and 671,668 confirmed transactions only nine days later!
Bitcoin Makes History With 500,000 Unconfirmed Transactions!
Bitcoin is doing really well in 2023, setting new records! However, on May 7th, something bad happened and over 500,000 transactions couldn’t be confirmed. This caused a lot of chaos and made the fees go waaaay up. According to ycharts.com, there are a lot of Bitcoin transactions happening every day!
In the past, there was a great amount of transactions that could not be finished – an all-time record. But lately, things have cleared up and now only 250,000 transactions still need to get done. Doing too much Ordinal inscription activities was the cause of the issue in the first place.
Cryptocurrency has been doing well lately! At the start of May, the network had an all-time high day for processing transactions. This means it was better than ever before. There were lots of confirmed transactions each day throughout May and April (pictures provided below).
On May 1, a very large number of 682,281 Bitcoin transfers were confirmed. At the same time, the strength of Bitcoin was measured at 491 ‘EH/s’ which is one of the highest it have ever been. In the following 10 days up until May 15, more than 500,000 transfers were made each day on average. The most transactions ever recorded was 671,668 on May 10!
On May 14, Bitcoin processed an amazing 631,677 transactions! However, there are around 250,000 transactions that haven’t been confirmed yet and it will cost you between $1.46 to $2.42 for each one you complete.
A high-priority Bitcoin transfer will cost $2.42, a medium-priority one is $1.96 and the cheapest option is only $1.46 at the moment. Despite the expensive transfers, the Bitcoin network was still running strong on May 15, 2023 since it processed 550,239 transactions that day!
Do you think Bitcoin’s daily transaction number will hit a high record or slow down soon? Let’s wait and find out!