Not dead yet: Bitcoin network records 700,000th block as adoption grows

Not dead yet: Bitcoin network records 700,000th block as adoption grows


Bitcoin (BTC) miners officially produced their 700,000th block on Sept. 11, marking a major milestone for a network whose detractors claim it has died 428 times since 2009. 

It took Bitcoin less than two years to produce 100,000 more blocks after reaching the 600,000 milestone on Oct. 18, 2019. At the time of the last 100,000-block milestone, the BTC price was worth less than $8,000. Today, one Bitcoin is worth over $45,500.

Happy 700000th block, #bitcoin! https://t.co/24mpVKXK8e

— Pieter Wuille (@pwuille) September 11, 2021

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At the time of writing, Bitcoin’s total supply was 18,812,806, or 89.5% of all the coins that will ever be produced. On average, new blocks are generated every ten minutes, though production time is impacted by mining difficulty. Bitcoin’s mining difficulty is adjusted roughly every two weeks, a process that resets how hard it is for miners to mine the digital asset. At the current pace of block production, the final Bitcoin will be mined around the year 2140.

Crypto

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