Bitcoin network records 700,000th block as adoption increases

Bitcoin’s (BTC) miners officially produced their 700,000th block on September 11, marking a significant milestone for a network distracting that has died 428 times since 2009.

It took Bitcoin less than two years to produce 100,000 more blocks after obtaining the 600,000 marks on October 18, 2019. When it hit the last 100,000 block mark, the BTC price was worth less than $ 8,000. Today one bitcoin is worth more than $ 45,500.

Happy 700,000th block, #bitcoin! https://t.co/24mpVKXK8e

– Pieter Wuille (@pwuille) September 11, 2021

At the time of writing, the total amount of Bitcoin is 18,812,806, or 89.5% of the total that will be produced. On average, new blocks are generated every ten minutes, although production time is affected by the difficulties involved in mining. Bitcoin‘s mining difficulty is adjusted roughly every two weeks, which resets the problem for miners in mining the digital asset. At the current block production rate, the last bitcoin will be mined around the year 2140.

Crypto Twitter celebrated the milestone of quote The late Hal Finney, one of Bitcoin’s early pioneers and a leading candidate for the role of Satoshi Nakamoto, the creator of the technology. Finney died of amyotrophic lateral sclerosis (ALS) in 2014.

Saturday 700,000 #Bitcoin Block.

“Every day goes by, and #Bitcoin does not crash due to legal or technical issues, which brings new information to the market. It increases the chance #Bitcoinis ultimately successful and justifies a higher price. “

– Hal Finney pic.twitter.com/RYzHHBodTe

– Record Bitcoin (@DocumentingBTC) September 11, 2021

Bitcoin is programmed to be an automated market with a hard-coded monetary policy that is independent of outsiders. In contrast to the US Federal Reserve, which can influence the size and growth of the money supply at will, Bitcoin, for example, maintains a hard supply limit and cannot be created without it.

While Bitcoin invited Attacking its ecological footprint, the network’s energy consumption is only a fraction of its total energy consumption. Efforts to incorporate clean energy into mining have mainly proven successful, with some estimates claiming that more than 50% of bitcoin mining in the United States is powered by renewable energy.

#Bitcoin has cleaner energy consumption than any significant industry and represents a rounding error in total energy consumption. @FriarHass offers a comprehensive analysis that is well worth reading. https://t.co/9RSH8t5Z1U

– Michael Saylor⚡️ (@michael_saylor) August 11, 2021

Related: Blockstream and Macquarie Group launch Bitcoin mining test program

Thanks to Bitcoin, the cryptocurrency has grown into an asset class worth more than $ 2 trillion. Bitcoin’s share of the total market at the time of writing is 41%, or $ 857 billion.