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The 800,000th block was mined by an unknown miner at 11:37 GMT on July 23 and contained 1.63 megabytes, with the value of Bitcoin at $29,815.
The Bitcoin community has crossed one other milestone in its historical past after a consumer mined its 800,000th block on July 24, 2023. With solely 40,000 blocks left till the subsequent Bitcoin halving, the halving occasion is predicted to happen in late 2024.
What Is Bitcoin Halving?
The Bitcoin community is designed to have a halving occasion each 210,000 blocks, or roughly each 4 years. The halving is meant for controling Bitcoin inflation and guaranteeing its shortage and worth improve over time. With each block added, the Bitcoin community makes it more durable for scammers and hackers to tamper with earlier blocks. It additionally offers an on-chain file of how transactions happen.
Whereas there’s a reward for mining, it reduces by half after each halving occasion. From 50 BTC as a block reward at Genesis, the mining reward has lowered to 25, 12.5, and 6.25 in 2012, 2016, and 2020, respectively. Likewise, the present mining reward of 6.25 bitcoins per block is predicted to halve after the three.125 bitcoins.
The 800,000th block was mined by an unknown miner at 11:37 GMT on July 23 and contained 1.63 megabytes, with the value of Bitcoin at $29,815.
Reactions to the New Milestone
Following the block mining, many Bitcoin fans celebrated the milestone on Twitter and Reddit. Whereas some identified the milestone proves the resilience and safety of the Bitcoin community, one consumer highlighted that the progress occurred all with out centralization.
Once more, some analysts started to take a position on the potential worth of the asset. Traditionally, Bitcoin halving occasions usually trigger a bullish cycle. This can be as a result of it creates a provide shock and consequently will increase the demand for Bitcoin. The final two halvings had been additionally precursors to important worth will increase within the subsequent months and years.
Regardless of the historical past, a number of others have argued that the halving is already priced in by the market. As a substitute, they imagine elements reminiscent of regulation and institutional adoption influence Bitcoin’s worth extra in the long run. For instance, Bitcoin’s most up-to-date rally got here due to renewed curiosity in Bitcoin ETFs from BlackRock and Constancy.
On the time of writing, Bitcoin is buying and selling at $29,756 per coin, robe by 0.5%, according to Coingecko. It additionally has a market capitalization of $578.4 billion and maintains its place as the biggest cryptocurrency globally.
An skilled author with sensible expertise within the fintech business. When not writing, he spends his time studying, researching or instructing.
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