Bitcoin Achieves New Milestone: Processes 1.6 Million Confirmed Payments in a Single Day

As Bitcoin (BTC) gains traction in everyday transactions, the Bitcoin network reached a historic milestone on April 23 by processing the highest number of confirmed payments in a single day.

Just three days into the new halving cycle, which began on April 20, the Bitcoin network successfully handled over 1.6 million unique transactions between senders and receivers.

Cryptotelegraphs

Analysis comparing data from Blockchain.com and Glassnode indicates a direct correlation between the introduction of Bitcoin Runes, an alternative to Bitcoin Ordinals, and the BRC-20 protocol on the Bitcoin blockchain, and the surge in daily Bitcoin transactions.

According to insights from Dune Analytics, Runes accounted for 81.3% of all Bitcoin transactions on April 23.

Cryptotelegraphs

Despite this, BTC eventually reclaimed the majority share of transactions on the network. As of April 29, BTC represented 77.8% of all Bitcoin transactions, with Runes contributing 18.8%. Other transactions on the Bitcoin network include ordinals (1.2%) and BRC-20 (2.3%) transactions.

For further understanding of Bitcoin Runes and their distinctions from BRC-20 tokens, explore Cryptotelegraphs' comprehensive guide.

The rise in Bitcoin Runes transactions has notably benefited the mining sector. Leading mining firms in the United States, such as Stronghold Digital Mining and Marathon, have acknowledged the positive impact of Runes both financially and functionally in discussions with Cryptotelegraphs.

Since the Bitcoin halving came into effect, Rune transactions have contributed over 1,200 BTC in transaction fees to miners, showcasing their significance in the ecosystem.

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