Currently, a total of about 300,000 transactions in Bitcoin are processed daily. In the last 2 years, around 200,000,000 transactions have been made.
Since the Bitcoin network was launched on January 3rd, 2009, it has managed to reach a new milestone. More than 500,000,000 transactions have already been conducted on the network, according to a follow-up chart on the satoshi.info website. These transactions may include uploading information to the blockchain, but not all of them refer to the sending of bitcoins between users.
At the time of writing this article, the follow-up chart mentioned above shows that there have been more than 500,052,000 transactions throughout the history of the Bitcoin blockchain. It can also be seen in the graph that the total figure has doubled in little more than 2 years.
At the start of the tracking on that website in early September 2017, there were barely more than 250,000,000 transactions. It was not until April last year that the figure of 400,000,000 was exceeded, as shown in the chart on satoshi.info.
During the last year, since February 2019, more than 120,000,000 transactions in Bitcoin have been made, according to data from the same source. When referring to the history of blockchain.com, it can be seen that reaching the first 100,000,000 transactions took almost 6 years. That number was surpassed in December 2015, as seen in the graph on blockchain.com.
According to data provided by BitInfoCharts in recent weeks, the average number of transactions per day is over 323,000. That figure would lead to a projection of about 118,000,000 transactions per year. In other words, the number of transactions on the Bitcoin network would reach 1 billion in a little more than 4 years.
Recent Milestones on the Bitcoin Network
Based on data from satoshi.info itself, Bitcoin mining has recently reached a new all-time high in processing power. The figures provided on this site show a peak of 144 exahashes per second (EH/s). In early January this year, the maximum recorded on the website was about 127 EH/s.
Alongside the increase in the processing rate, the difficulty of online mining has also reached all-time highs. It should be noted that the figure now exceeds 15.4 Teras, thus surpassing the recent milestone also reached at the beginning of January, when the difficulty stood at 13.7 Teras.
These milestones come a little more than 3 months before the third halving on the Bitcoin network. When that event occurs in block 630,000, the mining rewards will be reduced by half, going from 12.5 BTC to 6.25 BTC per block.
It is worth mentioning that the expectation of this event has not only impacted the mining of the Bitcoin network. There are also many theories about the behavior that the market of the main crypto asset will have, based on this reduction in the issuance of tokens.
After a little more than eleven years, Bitcoin demonstrates its ability to overcome all-time lows until reaching and even surpassing, all-time-highs. The growing numbers of people that have invested in this cryptocurrency are a sign that it has gained the general public’s confidence.
By Alexander Salazar