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Bitcoin hits another milestone with its 700,000th block amid growing crypto frenzy

Bitcoin network had produced its 100,000th block back on December 29, 2010.

More than 12 years after the bitcoin network came into existence with the creation of genesis block, bitcoin miners reached a new milestone of producing the 700,000th block on Saturday despite 428 bitcoin obituaries (according to 99bitcoins.com) written so far. The phase bitcoin obituary is colloquially used to refer to the number of times bitcoin has been declared to be worthless or dead in articles, news, or blogs, etc. As the bitcoin frenzy continues to attract investors, the virtual currency took less than two years to reach the latest milestone from the previous 600,000-mark on October 18, 2019, which also took a similar time of less than two years from the 500,000th block mined on December 19, 2017. Bitcoin network had produced its 100,000th block back on December 29, 2010.

Bitcoin’s price at 600,000th block was around $8,200 that grew to $45,842, at the time of filing this report, according to the data from CoinMarketCap. Moreover, according to blockchain.com, with the 700,000th block produced, bitcoin’s total current supply was 18.813 million – 89.58 per cent of the total bitcoin supply that is limited and pre-defined in the bitcoin protocol at 21 million. The historic 700,000th block was mined by unknown miner(s) who earned a total reward of $287,540, according to blockchain.com.

Bitcoin blocks are essentially files that store bitcoin network-related data. Once a block, which acts as a record book, is written, the records cannot be changed or removed. After miners complete the block of such transactions or data that are added to the blockchain, they are rewarded with new bitcoin. Reportedly, a single block is generated in approximately every 10 minutes. Crypto users on Twitter highlighted the latest bitcoin milestone by quoting one of bitcoin’s pioneers and renowned cryptographer who was believed to be the pseudonymous creator of bitcoin — Satoshi Nakamoto.

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