Bitcoin Blockchain Adds 100,000 Blocks in Less than Two Years
On September 11, Bitcoin (BTC) miners successfully generated their 700,000th block, representing a significant landmark for an infrastructure that critics claimed to have perished 428 times since 2009. After hitting the 600,000 block landmark on October 18, 2019, Bitcoin took hardly two years to generate 100,000 additional blocks.
The BTC price was below $8,000 before the last 100,000-block landmark. One Bitcoin is now worth more than $45,500. While writing this article, the aggregate supply of Bitcoin was 18,812,806 (or 89.5%) of all coins ever created. Fresh blocks are produced once in ten minutes on average, but production time is affected by mining difficulty.
The mining difficulty of Bitcoin is changed approximately once in two weeks, which rebalances the complexity in mining the digital currency. The last Bitcoin will be mined approximately in the year 2140 at the present rate of block generation.
— Pieter Wuille (@pwuille) September 11, 2021
Crypto Twitter commemorated the occasion by citing the departed Hal Finney, one of Bitcoin’s earliest adopters and a leading contender to be Satoshi Nakamoto, the technology’s completely anonymous inventor. Finney died in 2014 from amyotrophic lateral sclerosis, commonly referred to as ALS. Bitcoin was designed to be a self-regulating system with hard-coded money supply that does not rely on outsiders.
Unlike the US Federal Reserve, which can change the size and pace of expansion of the cash liquidity at whim, Bitcoin has a strict limit on supply and cannot be produced without the enormous energy contribution of miners.
The 700,000th #Bitcoin block.
“Every day that goes by and #Bitcoin hasn’t collapsed due to legal or technical problems, that brings new information to the market. It increases the chance of #Bitcoin‘s eventual success and justifies a higher price.”
— Hal Finney pic.twitter.com/RYzHHBodTe
— Documenting Bitcoin 📄 (@DocumentingBTC) September 11, 2021
While Bitcoin has drawn criticism for its ecological consequences, the network’s electricity consumption represents a negligible portion of overall energy use. Initiatives to integrate green energy into the mining procedure have generally been productive, with some estimations stating that Bitcoin mining in the US is powered by sustainable power to a level greater than 50%. Cryptocurrencies have evolved to be over $2 trillion asset class as a result of Bitcoin.While writing this article, Bitcoin has a 41% market share, or $857 billion.
#Bitcoin energy usage is cleaner than every major industry and represents a rounding error in total energy consumption. @FriarHass delivers a comprehensive analysis worth reading.https://t.co/9RSH8t5Z1U
— Michael Saylor⚡️ (@michael_saylor) August 11, 2021