HomeCryptoBitcoin network logs 700,000th block as adoption grows

Bitcoin network logs 700,000th block as adoption grows

Bitcoin (BTC) miners formally produced their 700,000th block on Sept. 11, marking a serious milestone for a network whose detractors declare it has died 428 occasions since 2009. 

It took Bitcoin lower than two years to provide 100,000 extra blocks after reaching the 600,000 milestone on Oct. 18, 2019. At the time of the final 100,000-block milestone, the BTC value was price lower than $8,000. Today, one Bitcoin is price over $45,500.

At the time of writing, Bitcoin’s whole provide was 18,812,806, or 89.5% of all of the cash that may ever be produced. On common, new blocks are generated each ten minutes, although manufacturing time is impacted by mining issue. Bitcoin’s mining issue is adjusted roughly each two weeks, a course of that resets how exhausting it’s for miners to mine the digital asset. At the present tempo of block manufacturing, the ultimate Bitcoin can be mined across the 12 months 2140.

Crypto Twitter celebrated the milestone by quoting the late Hal Finney, one among Bitcoin’s early pioneers and a chief candidate for being Satoshi Nakamoto, the pseudonymous creator of the know-how. Finney handed away from amyotrophic lateral sclerosis, or ALS, in 2014.

Bitcoin was programmed to be a self-regulating market with exhausting coded financial coverage that doesn’t depend upon any exterior events. Unlike the United States Federal Reserve, for instance, which might have an effect on the dimensions and progress fee of the cash provide at will, Bitcoin maintains a tough cap on provide and can’t be created with out the huge power enter of miners.

While Bitcoin has invited assaults over its environmental footprint, the network’s power utilization is a tiny fraction of whole power consumption. Efforts to include clear power into the mining course of have largely confirmed to achieve success, with some estimates claiming that Bitcoin mining within the United States is greater than 50% powered by renewable power.

Related: Blockstream and Macquarie Group launch Bitcoin mining pilot program

Thanks to Bitcoin, cryptocurrencies have grown to turn into a greater than $2 trillion asset class. Bitcoin’s share of the general market is 41%, or $857 billion, on the time of writing.