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The Bitcoin network today achieved a significant milestone by processing its one billionth transaction, marking a significant event in the cryptocurrency’s roughly 15-year history.
This milestone was achieved when transaction #1,000,000,000 was mined with block 842,241 on May 5, 2023 at 9:34 PM (UTC).
This landmark event comes 15 years, 4 months, and 4 days after Satoshi Nakamoto, the pseudonymous creator of Bitcoin, mined the network’s first block on January 3, 2009. Over a period of 5,603 days, Bitcoin processed an average of 178,475 blocks per day. work.
However, this number of transactions does not include transactions made on the Lightning Network, Bitcoin’s Layer 2 network.
This milestone comes at an exciting time for Bitcoin, with daily transaction levels rising over the past year as new protocols such as Bitcoin Ordinals and Runes attract more activity to the world’s first blockchain. It has been done. The launch of a spot Bitcoin ETF has also contributed to bullish sentiment towards the token.
Bitcoin’s daily transactions surged around the network’s fourth halving event on April 20, including an all-time high of 926,000 transactions processed on April 23. Much of this demand can be attributed to the launch of the Runes protocol, a new Bitcoin token standard on the block. 840,000. However, the number of daily transactions for Bitcoin has decreased to 660,260 since May 4.
However, Bitcoin is not the first blockchain to handle over 1 billion transactions. For example, Ethereum has processed over 2 billion transactions even though it has been roughly six years since Bitcoin was launched.
Bitcoin is currently trading around $63,700, easing a 12% price rebound since the two-month low of $56,800 on May 2. It is still down 13.6% from the previous high of $73,740 set on March 13. this year.
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