Bitcoin Network Reaches Milestone as 800,000th Block Mined
Adekunle Joshua
The Bitcoin network hit a major milestone, mining its 800,000th block! Only 40,000 blocks remain until the next mining reward halving
The 800,000th block had 3,721 transactions and occupied 1.64 MB of data. Bitcoin's price was $29,815 at the time, slightly down from $29,162
This achievement has drawn attention from enthusiasts and experts, highlighting the network's security and resilience In blockchain tech
The "block height" refers to a block's position on the chain relative to previous blocks, starting from the genesis block
Block height plays a vital role in ensuring Bitcoin's immutability, making tampering with previous blocks increasingly difficult
The mining difficulty of the Bitcoin network depends on block height, adjusting to maintain equilibrium based on hashing power and block time
Block height also determines mining rewards, with halving events occurring every ~4 years. The next halving in April 2024 will reduce the block reward to 3.125 BTC.