• Bitcoin hash rate briefly touches new highs
• Daily transactions exceed 500,000 with 300,000 Ordinals inscribed
• Bitcoin mining investments in infrastructure increase despite fluctuations in price
Bitcoin Hash Rate Hits New Highs
The Bitcoin hash rate recently soared to an all-time high of 439 exahashes per second (EH/s), signifying increased confidence in the network’s security. This reflects growing investments in mining infrastructure despite fluctuations in Bitcoin’s price, as more territories and regions around the world are mining Bitcoin with increasing amounts of renewable energy.
Daily Transactions Exceed 500K
The number of transactions processed on the Bitcoin blockchain in one day exceeded 682,000, with over 300,000 Ordinals inscribed. This milestone demonstrates the network’s strength and stability, and the increasing adoption of Bitcoin for various use cases.
Bitcoin Ordinals Contribute to Transactions
A resurgence in the popularity of Bitcoin ordinal inscriptions is helping to contribute to increased daily transactions. These tokens are built on the Bitcoin network and represent a distinct position within it. Each ordinal can be used for a variety of purposes such as staking or voting rights and are nonfungible.
Short-Lived Hash Rate Surge?
Denver Bitcoin cautioned that this surge may be short-lived, noting that it’s important to watch block times to gain an understanding of true hashrate rather than relying solely on “total hashrate” queries online.
Increasing Adoption Despite Price Fluctuations
These milestones demonstrate that despite fluctuations in its price, there is still increasing adoption and investment into Bitcoin from various sources such as miners investing in infrastructure or users taking advantage of unique nonfungible tokens like ordinals.