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Bitcoin was able to register the 700,000th block with the network |

By on September 12, 2021 0

Bitcoin miners officially hit their 700,000th block on September 11, which marks a milestone for the network. This is quite surprising, since most detractors believed that this cryptocurrency’s network had died about 428 times since 2009.

It took less than a few years for the cryptocurrency to produce around 100,000 blocks after hitting a 600,000 block milestone on October 18, 2019. At the time of the last 100,000 block milestone, the price of BTC was below 8 $ 000. Currently, the price of BTC is $ 45,500.

Bitcoin climbs a major high

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The total supply of BTC is 18,812,806, which is almost 90% of every cryptocurrency ever produced. On average, several new blocks continue to be generated every ten minutes, although production time is certainly impacted by the difficulty of mining. Bitcoin mining difficulty is always adjusted every two weeks, which is a process that keeps resetting how difficult it is for miners to mine the primary digital asset. At the current rate of block production, the final cryptocurrency will be in the year 2140.

The Twitter sphere exploded when the milestone was crossed, as they remembered Han Finney, one of the early pioneers of Bitcoin, and a prime contender to be Satoshi Nakamoto, the pseudonymous creator of blockchain technology. . Finney died in 2014, after battling ALS.

At that time, BTC was programmed as a self-regulating market with a tightly coded monetary policy that would not depend on any outside party. Unlike the United States Federal Reserve, for example, the cryptocurrency maintains a strict cap on its supply and will never be created unless miners bring in a massive influx of energy.

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Interestingly, while Bitcoin has been bombarded with attacks on the environmental footprint it leaves, the grid’s energy consumption is only a tiny fraction of its total energy consumption.

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