The Crypto Mining is Still Alive: Data that Proves It

The Crypto Mining is Still Alive: Data that Proves It

Crypto mining is still alive and specialists proved it. Keep reading to find out all the information. Read on to discover all the details. 

Crypto mining is still alive and specialists proved it. Keep reading to find out all the information. Read on to discover all the details. 

Bitcoin (BTC) miners officially produced their 700,000th block on September 11, marking a major milestone for a network whose detractors claim they have declared it dead 428 times since 2009.

It took less than two years for Bitcoin to produce 100,000 more blocks after hitting the 600,000 milestone on October 18, 2019. By the time of the last 100,000 blocks milestone, the price of BTC was worth less than $8,000. Today, a Bitcoin is worth more than $45,500.

Bitcoin (BTC) miners officially produced their 700,000th block on September 11, marking a major milestone for a network whose detractors claim they have declared it dead 428 times since 2009.

At press time, the total supply of Bitcoin was 18,812,806, that is, 89.5% of all the coins that will exist. On average, new blocks are generated every ten minutes, although production time is affected by the difficulty of mining. Bitcoin's mining difficulty is adjusted roughly every two weeks, a process that resets the difficulty for miners to mine the digital asset. At the current rate of block production, the last Bitcoin will be mined around 2140.

The crypto community on Twitter celebrated the milestone by citing the late Hal Finney, one of the early pioneers of Bitcoin and a leading candidate to be Satoshi Nakamoto, the pseudonym creator of the cryptocurrency. Finney passed away from amyotrophic lateral sclerosis, or ALS, in 2014.

Bitcoin was programmed to be a self-regulating market with a hard-coded monetary policy that is not dependent on any outside party. Unlike the Federal Reserve of the United States, for example, which can affect the size and growth rate of the money supply at will, Bitcoin maintains a fixed limit on supply and cannot be created without the massive input of energy from the miners.

The crypto community on Twitter celebrated the milestone by citing the late Hal Finney, one of the early pioneers of Bitcoin and a leading candidate to be Satoshi Nakamoto

Although Bitcoin is under attack for its environmental impact, network energy use is a small fraction of total energy consumption. Efforts to incorporate clean energy into the mining process appear to have been successful, with some estimates claiming that Bitcoin mining in the United States is powered by more than 50% renewable energy.

Thanks to Bitcoin, cryptocurrencies have grown into an asset class of more than $ 2 trillion. Bitcoin's share of the global market is 41%, or $ 857 billion, at the time of writing.

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