Simon Ng Toward the end of September 2023, the frequency of Ordinal inscriptions on the Bitcoin blockchain experienced a downturn. However, as October drew to a close, a resurgence was noted, culminating in a spike on November 4, 2023. On this day, the blockchain witnessed a substantial surge in activity, logging the second-highest number of Ordinal inscriptions ever recorded in a single day.
Surge in Daily Bitcoin Inscriptions Drives Transaction Volume and Results in Mempool Congestion
Data from the morning of November 5, 2023, indicates that block height 815,455 saw a significant cumulative figure of around 37,868,190 Ordinal inscriptions on the Bitcoin network. This spike in activity trails only behind the record-breaking day of September 15, 2023, when the blockchain saw an unprecedented 440,760 inscriptions in a span of 24 hours.
Analysis from Dune Analytics reveals that November 4, 2023, saw 433,471 inscriptions, marking it as the second-most prolific day for Ordinal inscriptions. This figure not only surpassed the earlier peak seen on July 30, 2023, with 422,164 inscriptions but also led to a notable increase in the Bitcoin network’s transaction activity, making it the second-most active day for transactions in the history of Bitcoin.
The all-time high for Bitcoin transactions within a single day remains September 15, 2023, with 703,692 transactions processed by miners.
Statistics for Bitcoin’s daily transaction counts from October 5 to November 5, 2023, have been documented by Blockchair.
The number of transactions processed on November 4 reached 698,917, outstripping the previous high of 682,281 transactions that were recorded on May 1, 2023. Retracing the development over the past 106 days since the inception of Ordinal inscriptions in December 2022, until July 22, 2023, it is noted that Bitcoin miners have amassed a total of 1,847 BTC in transaction fees from inscriptions.
As it stands, this revenue has burgeoned to 2,201 BTC, signifying that an additional 354 BTC have been collected in fees by miners from inscriptions since the latter part of July. Back then, the tally of Ordinal inscriptions was at approximately 18.67 million; as of the current count, it has escalated by over 19.19 million inscriptions.
The resurgence of Ordinal inscriptions to new heights has also led to a notable increase in the number of unconfirmed transactions within the Bitcoin network, with a backlog reaching 166,000 pending transactions at block height 815,457. Currently, the fee structure on the BTC network to prioritize transactions ranges from $0.29 to $1.86 per transaction, depending on the urgency of the block space.
The notable influx of Ordinal inscriptions on November 4, 2023, stands as a significant event in the Bitcoin ecosystem. We invite you to offer your perspective and analysis on this development in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Ordinal Inscriptions
What caused the spike in Bitcoin’s network activity on November 4, 2023?
The spike in network activity was due to a surge in Bitcoin Ordinal inscriptions, marking the second-highest daily count on record.
How many Bitcoin transactions were verified on November 4, 2023?
On November 4, there were 698,917 Bitcoin transactions verified, nearing the all-time high set on September 15, 2023.
What is the impact of the increased Ordinal inscriptions on the Bitcoin network?
The increased Ordinal inscriptions have led to a significant rise in transaction volumes and a notable backlog in the mempool, with pending transactions reaching 166,000.
How much have miners earned in transaction fees from inscriptions since July?
Since late July, miners have collected an additional 354 BTC in transaction fees from inscriptions, bringing the total to 2,201 BTC.
What are the current network fees for Bitcoin transactions?
The fees range from $0.29 to $1.86 per transaction, depending on the desired priority for block space on the Bitcoin network.
More about Bitcoin Ordinal Inscriptions
- Bitcoin Transaction Volume Surge
- Ordinal Inscriptions Trend
- Bitcoin Network Fees
- Bitcoin Blockchain Activity
5 comments
This is huge, but aren’t we worried about the mempool backlog? Transactions taking forever now…
interesting to see such activity, I remember when hitting even half this number was a big deal for the network, things are ramping up!
wow didn’t expect to see such numbers on Nov 4th. Looks like Bitcoin’s got a new wave of interest, whats driving it though
the surge in ordinal inscriptions is impressive but let’s not forget the true value of btc lies in its scarcity and security, not just transaction counts
Inscriptions are the next big thing it seems? miners must be happy with the extra fees but is it sustainable