Monday, May 20, 2024

On May 15th, 2023, the amount of blockchain transactions caused by Bitcoin reached 7 million! Tuesday morning at 9am showed that this number had grown to 7,204,882. People have gotten 1,324 bitcoin in return for confirming these transactions which means they got about $35.86 million in extra fees.

25 Million to 7 Million

Bitcoin’s progress has been unstoppable. It has gone past many records and now it is at 7 million markings recorded on the blockchain. This shows that any doubts about people wanting Bitcoin are wrong. Today, the 16th of May 2023, the total reached by these markings is 7,204,882 since its first marking occured on December 16th 2022.

On April 21, 2023, the number of inscriptions in the world was only 1.24 million. Within 25 days, that count drastically increased by a whopping 480%! Out of these days, May 7, 2023 stands out since it was then when 500,000 unconfirmed transactions filled Bitcoin’s list of orders. This represented an incredible amount of demand for activities within the system.

324 BTC Awards for Bitcoin Miners

Bitcoin miners have been given a lot of money (1,324 BTC) for helping process transactions. This was most notable on May 7 when the fees paid to Bitcoin’s network surpassed 6.25 BTC. Most of these transactions are written in plain text rather than pictures, and there are 6 million of them!

Ordinal inscriptions, a type of technology that helps to create the collections for selling Non-Fungible Tokens (NFTs), have earned $93 million in sales over the past month. This has made Bitcoin the second-most popular blockchain when it comes to making money from NFT sales. The five highest-priced NFTs sold this month came from different Bitcoin blockchain Ordinal collections like Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes and Bitcoin Punks.

What do you think about Bitcoin going up in price and its effect on the Non-Fungible Token (NFT) market? Put your ideas and thoughts in the comments below.

Pictures Credit: Shutterstock, Pixabay, Wiki Commons, Dune Analytics

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