Wu Blockchain, a Chinese journalist covering the blockchain and cryptocurrency industry, reported that Bitcoin block #687249 mined today contains 4,075 BTC transactions, the largest ever. This was reported on the 12th (local time) by YouTube.
Meanwhile, the average number of BTC transactions per block is 1,609, a figure that has quadrupled today.
Colin Wu argues that this sudden rise is related to restrictions imposed by the Chinese government this week on bitcoin miners and a sharp drop in bitcoin hashrate, suggesting a slowdown in bitcoin block production.
“According to OKLINK data, 687249 Bitcoin blocks with 4,075 transactions appeared on the 12th. It is rare in history that a block contains such a large number of transactions. The reason is that China limits mining and slows block production due to a decrease in hashrate.”
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.