Nobody knows yet which mining pool or miner completed the achievement on the BTC network. The lucky one received the reward of 6.25 BTC in addition to another 0.1538 BTC for the payment of fees.
More than 12 years ago, developer Satoshi Nakamoto put the Bitcoin (BTC) network into operation. The long blockchain accompanying it recently reached the new milestone of 700,000 mined blocks.
Metrics from btc.com indicate that the block had a weight of 1.28 MB and included 1,276 transactions. However, no one knows which mining pool or miner completed the achievement since the identification section only shows the word unknown. The mempool.space service returns the same result, reporting that that occurred at 04:14 UTC with a total of 49,601.54 BTC.
The lucky one received the reward of 6.25 BTC in addition to the fees generated by the included transactions. The amount was 0.1538 BTC, which means that the miner got a total of 6.40 BTC. That figure is equivalent to almost USD 290,000 based on the current price of the first cryptocurrency on the market.
The Bitcoin Network Remains Active and Expands
The Bitcoin network reached 700,000 mined blocks, while its native cryptocurrency has a trading price of over USD 45,000. Those two facts show that this digital system is increasingly operational despite various obstacles. Clones, forks of projects, and proposals of other blockchain networks appeared, but Bitcoin continues to expand as a means of payment, store of value, and investment.
Another critical element of this milestone is the smooth deflationary monetary policy on the Bitcoin network. Not even the exodus of Chinese miners, bans, or regulations in multiple countries have prevented it from further expanding. The volatility of the markets and accusations that it is a slow network or harms the environment have not stopped it either.
There Are Still 5.1817.000 BTC Left to Mine on the Network
Bitcoin halvings reduce the number of coins issued on the network every 210,000 blocks. In the beginning, each mined block generated an incentive of 50 BTC, but the current figure is 6.25 BTC. There will be a total issuance of 21 million BTC, of which 18,813,000 BTC are in circulation or under the safekeeping of their holders.
The international Bitcoin community could not help but notice the historical achievement that the network reached. On Twitter, developer Pieter Wuille posted a message to commemorate how representative that figure is. The Belgian programmer congratulated the network for reaching the 700,000 Bitcoin milestone.
In the same post, Wuille referred to a tweet he posted in October 2019, when the Bitcoin network reached 600,000 mined blocks. For reference, the developer retains a tweet from December 29th, 2010, when Bitcoin achieved 100,000 mined blocks.
Twitter users responded to Wuille by saying that Bitcoin could hit 1 million blocks in around six years if the trend continues. Others noted that the figure will rise to 1.4 million blocks in 2034 after the sixth blockchain halving.
By Alexander Salazar