Home Bitcoin As the adoption rate grew, the Bitcoin network recorded the 700,000th block

As the adoption rate grew, the Bitcoin network recorded the 700,000th block

Sep 11, 2021 0 Comments

Bitcoin (Bitcoin) The miners formally produced their 700,000th block on September 11th, marking an important milestone for the network and critics of the network claim Since 2009, it has died 428 times.

Bitcoin produced another 100,000 blocks in less than two years arrive The 600,000 milestone on October 18, 2019. At the last 100,000 block milestone, the BTC price was less than $8,000. Today, one Bitcoin is worth more than $45,500.

At the time of writing, the total supply of Bitcoin is 18,812,806, which is 89.5% of all coins that will be produced. On average, a new block is generated every 10 minutes, but the production time will be affected by the difficulty of mining. The difficulty of Bitcoin mining is adjusted approximately every two weeks. This process resets the difficulty for miners to mine digital assets. At the current block production rate, the final Bitcoin will be mined around 2140.

Crypto Twitter celebrates milestone Quote The late Halfini, one of the early pioneers of Bitcoin, Satoshi Nakamoto’s main candidate, The anonymous creator of the technology. Finney died of amyotrophic lateral sclerosis (ALS) in 2014.

Bitcoin is programmed as a self-regulating market with a hard-coded monetary policy that does not rely on any external parties. For example, unlike the Fed, which can freely influence the scale and growth rate of the money supply, Bitcoin maintains a strict upper limit on the supply, which cannot be created without a large amount of energy input from miners.

Although Bitcoin has Invited Due to the attack on its environmental footprint, the energy use of the network only accounts for a small part of the total energy consumption.Efforts to incorporate clean energy into the mining process have largely proven successful. Some estimate It is claimed that more than 50% of Bitcoin mining in the United States is powered by renewable energy.

related: Blockstream and Macquarie Group launch Bitcoin mining pilot program

Thanks to Bitcoin, cryptocurrency has developed into an asset class with more than 2 trillion US dollars. At the time of writing, Bitcoin’s share of the overall market is 41%, or $857 billion.