8.2 C
New York
Monday, September 20, 2021
HomeCryptoCurrencyBitcoin marks a new milestone: block number 700,000 is mined

Bitcoin marks a new milestone: block number 700,000 is mined

More than 12 years have passed since the Bitcoin (BTC) network came into operation. The long chain of blocks that accompanies it reached, this Saturday, September 11, a new milestone: the block number 700,000 was mined.

According to metrics from btc.com, the block had weighed 1.28 MB and included 1,276 transactions. However, it is unknown which mining pool or miner completed the achievement since only « appears in the identification section. »or unknown in Spanish. The same is thrown by the mempool.space service in which it was reported that the event occurred at exactly 04:14 UTC with a total volume of 49,601.54 BTC.

The lucky miner obtained the reward of 6.25 BTC plus the commissions generated by the included transactions. The amount for the payment of the fees amounted to 0.1538 BTC, which translates into a total of 6.40 bitcoin. At the current price of the main cryptocurrency the figure represents almost 300,000 US dollars, according to the CriptoNoticias price calculator.

The Bitcoin network is active and expanding

The fact that the Bitcoin network has reached 700,000 mined blocks and that its native cryptocurrency is priced above $ 45,000, shows that the digital system is more current. Even with the appearance of clones, project forks and the arrival of other proposals for blockchain networks, Bitcoin continues to expand either as a means of payment, as a safeguard of value or investment.

minado-bloque-700.000-blockchain-bitcoin minado-bloque-700.000-blockchain-bitcoin
Technical data of the 700,000 block of the Bitcoin network that was mined during the early hours of Saturday, September 11. Source: mempool.space.

Another aspect to highlight for this milestone is that Bitcoin’s deflationary monetary policy is running smoothly. This despite the exodus of miners in China, bans or regulations in multiple countries, market volatility and accusations of being a “slow” network or that it does not contribute to the environment, as reported in the past by CriptoNoticias.

Every 210,000 blocks the Bitcoin network halves the BTC issued. During its beginnings, each mined block generated 50 BTC in exchange as an incentive, currently that figure is 6.25 BTC. In total, 21 million bitcoin will be issued and some 18,813,000 BTC are already in circulation or protected by their holders.

The achievement achieved on the network did not go unnoticed by the international bitcoiner community . Developer Pieter Wuille posted a commemorative message for how representative the figure is. “Happy block 700,000 Bitcoin,” wrote the programmer on Twitter.

Wuille also quoted, in the same post , a tweet of his from October 18, 2019, the date on which the 600,000th block was mined. For reference, the developer keeps messages in its history a tweet from December 29, 2010 when Bitcoin reached 100,000 mined blocks.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read