Bitcoin miners officially produced their 700 thousandth block on 11th September. Thus, marking a key milestone for a network whose critics assert that it has gone the way of the dinosaurs over four hundred times since the year 2009.
It is to be noted that Bitcoin took less than 2 years to produce a hundred thousand new blocks subsequent to attaining the 600k milestone on 18th October, 2019. At the time of the rearmost 100k block milestone, the price of Bitcoin was worth less than eight thousand dollars. Today, one Bitcoin is changing hands at over 45,647.
Bitcoin Block Production and Total Bitcoin Mined
At press time, the total supply of the crypto asset is standing at 18,812,950, which is around 89.6 percent of all the coins that will ever be produced. On average, new blocks are created every 10 minutes, despite the fact that production time is impacted by mining difficulty. The mining difficulty of Bitcoin is adjusted approximately every 2 weeks. The aforesaid process resets how hard it is for miners to mine the virtual currency. At the present speed of block production, the final BTC will be mined around 2140.
Presently, digital assets have grown to become a more than two trillion dollars asset class. Bitcoin’s dominance is at around 41% with a 7-day decline of over eight percent, at the time of reporting.
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Image by Eivind Pedersen from Pixabay
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