Bitcoin today achieved a significant milestone as the popular cryptocurrency hit the 700,000th block. A Twitter user Clark Moldy announced this via his handle, accompanied by a happy emoticon to celebrate the milestone.
Two years ago, the number of blocks recorded on the blockchain was 600,000. 693 days later, BTC miners have produced an extra 100,000 blocks, adding to the existing number to reach the incredible milestone. This figure implies that no blockchain has recorded more transactions than the Bitcoin network.
Total Number of Bitcoin Nears 19 Million
The total amount of Bitcoin currently is 18.8 million, three million off the 21 millionth mark, while the price is inching towards the $45k price level. Compared to two years ago when the total number of blocks was 600k, the BTC was $7.9k on Bitstamp exchange, more than 460% increase from that day till now.
Typically, it’s complicated to calculate how long it would take to generate one block due to the various factors. At one time, it took an average of ten minutes to produce one block, but it later rose to thirteen minutes. This happened as a result of the Chinese authorities’ clampdown on miners. Many miners shut down operations while others had to migrate to countries with less strict mining regulations.
Bitcoin blocks have no limit, provided that users continue to transact in their wallets. They will continually be added to the chain when receipts are confirmed. However, what has a limit is the number of BTC that can be produced.
One BTC is produced from analyzing and solving different calculations on the blocks using sophisticated pieces of hardware. If the calculations are correct, the miner is rewarded with a Bitcoin. But, miners can only produce 21 million BTC. When it reaches that mark, production ceases. The good news is that miners don’t have to worry about getting to that mark anytime soon. Based on calculations, miners will hit the 21 millionth BTC in 2140.
Current Volatility Rate Analysis
The weekend began on a good note for some cryptos, as they stayed green. For others, it was no good news as they remain in the red zone. At the time of this writing, BTC is trading $45.7k, which many buyers consider as a liquidity level. If the BTC can break the barrier, it could rise to $50k next week.
Speaking of other coins, ADA was the biggest climber in the market today, recording a 2.26% increase in the last 24 hours. It started trading at $2.40 today and currently trades at $2.56. It’s believed that ADA could reach $2.83 in the upcoming days. Elon Musk’s Doge fell by 2.1%, trading at $0.244%.