The Bitcoin blockchain has seen the 800,000th block mined just on July 24th. This shows that the Bitcoin blockchain continues to grow without the need to rely on a central authority. The decentralized network of nodes and miners allowed Bitcoin to process millions of transactions in the last decade.
Bitcoin Blockchain Mined 800,000 Blocks
Bitcoin continues to grow and register blocks on its network. The 800,000th block was mined on July 24, processing 3,271 transactions. On that day, the largest cryptocurrency in the world was traded for $29,100 and it’s getting ready for the upcoming halving event.
Every four years (or every 210,000 blocks), the Bitcoin blockchain experiences a halving event. This is a situation in which Bitcoin rewards for miners get reduced by 50%.
That means that in 2024, new blocks mined by miners will receive a reward of just 3.125 BTC, reducing Bitcoin’s daily issuance to just 450 BTC on average. At the moment, the mining reward is 6.25 BTC per block and 900 BTC are created daily.
All Bitcoin blocks contain data from transactions that let the whole ledger record all the movements that take place on the network. The larger the chain of blocks, the more secure it becomes. Old transactions are very difficult to be reversed as new ones continue to get settled.
While blockchain length does not have an impact on price, it shows that Bitcoin continues to be adopted by a large number of individuals around the world.