On May 4th, there were 421,748 Runes transactions on the Bitcoin network and 2,807 Ordinals transactions. Source: stock.adobe.com
Key facts:
Over the last 30 days, the network processed 6 transactions per second.
Bitcoin had a longer and slower journey than Ethereum to reach the milestone.
More than 1 billion transactions have been processed on the Bitcoin network, the main chain of the most important digital asset in the market, marking a historic milestone for the pioneering digital currency network and its use as a vehicle for conducting monetary transactions.
According to the monitoring server Clark Moody, the global transaction count reveals that more than 1 billion operations have been successfully processed on the Bitcoin network.
Over a 30-day period, 6.1 transactions per second were executed on the Bitcoin chain. In hat same timeframe, 15.5 million operations were processed, according to Clark Mood.
The over 1 billion transactions processed on the Bitcoin network mean that, over the lifetime of Satoshi Nakamoto's invention, an average of 178,400 BTC transactions have been processed daily.
It's important to note that on the Bitcoin network, transactions are processed by miners. However, this count by Clark Moody does not take into account transactions processed by the Bitcoin Lightning Network, which is a second-layer solution focused on micropayments. There are estimates that millions of bitcoin transactions are executed daily through this network.
Similarly, it's worth considering that the milestone of over 1 billion transactions processed on Bitcoin is less than what has been achieved by the Ethereum network, which processes an average of 1.14 million transactions per day, according to Etherscan.
Ordinals and Runes drive transactions
The milestone of 1 billion transactions processed on the Bitcoin network was propelled by the introduction of the Ordinals and Runes protocols. Through these protocols, tokens and various files can be registered on the chain of the pioneering asset, increasing use cases and, in turn, the number of transactions.
Only Runes, which was the protocol to enhance BRC-20 tokens, has accounted for more than half of the daily transactions on the Bitcoin network since the end of last month when it was implemented by Ordinals developer Casey Rodarmor.
As shown by 'Dune Analytics', Runes transactions have accounted for over 60% of daily operations executed on the Bitcoin network since last weekend. This indicates a resurgence of interest in the protocol, which waned a couple of weeks after its launch.
Runes transactions have accounted for over 60% of daily operations processed since last weekend. Source: 'Dune Analytics'.
To provide better context, on May 4th, there were 421,748 Runes transactions on the Bitcoin network and 2,807 Ordinals transactions. In contrast, there were 230,276 operations on the main BTC chain. The story was similar the following day, with 304,306 Runes transactions on Bitcoin, 1,354 Ordinals transactions, and 193,439 via the traditional route.
Bitcoin miners benefit the most from increased interest in Runes, as higher transaction volumes congest the network, leading to increased fees. These fees are a fundamental part of the reward for mining Bitcoin.
Source: Cryptonoticias.com
