2023 is a record year for bitcoin in many ways. It reached the highest hashrate and mining difficulty, and on May 1 it broke the daily transaction record: 682,281 confirmed transfers. Despite the problems with the mempool, the network maintains a dynamic growth in the number of transactions, although the fees range from $ 1.46 to $ 2.42.
On May 7, there was an increase in fees due to the chaos in the mempool, 2023 became a record year for Bitcoin. At the beginning of the year, its hashrate – that is, the computing power used to mine the cryptocurrency – and the difficulty of mining reached record highs.
In early May, bitcoin broke another record, the #Bitcoin price action contained a breakout on May 11, and although the price rebounded afterward, it failed to regain the previous level reported by @beincrypto_en on May 16, 2023
New daily transaction record
On May 1, 2023, the Bitcoin network broke the daily transaction record, approaching the level of 700,000 transactions in one day. On that day, 682,281 confirmed transactions were made through the web. Just 9 days later, the number of confirmed daily transactions dropped to 671,668.
ycharts.com has informed us that not all record volumes were processed to perfection by the Bitcoin infrastructure. On May 7th, there was a sharp increase in fees due to chaos in the mempool, i.e. the pool of pending transactions, caused by more than 500,000 users’ unconfirmed transactions.
It was a record high regarding the number of transactions awaiting confirmation. However, since then, the congestion in the mempool has decreased, and now approximately 250 thousand transactions are waiting to be processed.
The number of confirmed Bitcoin transactions from May 1 to 15, 2023
| DATE | VALUE |
| May 15, 2023 | 526,379.0 |
| May 14, 2023 | 631,677.0 |
| May 13, 2023 | 575,640.0 |
| May 12, 2023 | 509,159.0 |
| May 11, 2023 | 546,549.0 |
| May 10, 2023 | 671,668.0 |
| May 9, 2023 | 598,256.0 |
| May 8, 2023 | 575,051.0 |
| May 7, 2023 | 607,883.0 |
| May 6, 2023 | 601,134.0 |
| May 5, 2023 | 411,429.0 |
| May 4, 2023 | 491,123.0 |
| May 3, 2023 | 489,559.0 |
| May 2, 2023 | 457,708.0 |
| May 1, 2023 | 682,281.0 |
Source: ycharts.com
A sharp increase in fees
Despite the dramatic situation related to the transaction queue, the Bitcoin network was still able to process an impressive amount of transactions per day. May was a particularly notable month as the network achieved a record number of confirmed daily transactions on the first day.
According to ycharts.com, 682 281 transfers were confirmed, just one day before the Bitcoin hash rate reached its all-time high of 491 EH/s. From May 6 to May 15, 2023, the number of daily transactions did not drop below 500 000, and on May 10, miners confirmed 671 668 transactions.
Bitcoin continues to maintain a dynamic growth rate in the number of confirmed daily transactions, for example, on May 14 alone, 631,677 transactions were processed. However, about 250,000 still accumulate in the mempool. unconfirmed transactions and fees range from USD 1.46 to USD 2.42 per transfer.
According to archived data compiled by mempool.space, high-priority transactions require a fee of $2.21, medium-priority transactions cost $1.94 and low-priority transactions cost $1.79 at the time of writing.
By Marina Meza
