Bitcoin supporters are celebrating the achievement of a new milestone by the world’s largest cryptocurrency network. Although many critics and experts have predicted Bitcoin’s death, there seems to be strong demand for the token despite their environmental concerns.
On September 11, the world’s largest cryptocurrency network created its 700,000.000th block. There are growing fears that Bitcoin will soon be outlawed by newer, more sustainable cryptocurrencies. It could indicate that demand is evident by the time it takes to create Bitcoin blocks. On 18 October 2019, the network reached 600,000. This is roughly two years after hitting 500,000 in 2017. It shows that demand has remained constant for Bitcoins.
A Bitcoin block can be described as a page in the ledger that records transactions on a network. Bitcoin miners validate blocks using complex mathematical problems. Transactions are added to each block when a miner completes it. Blocks can be made virtually indefinitely and faster if there are more transactions. If miners can’t create blocks fast enough, then more Bitcoin transactions will take longer to complete.
For completing a block, miners receive new Bitcoins. These Bitcoins then go into the current circulation. With the creation of the 700,000th block, about 89.5% of all Bitcoins–18,812,806–that will ever be produced are now in circulation. Every four years, the reward for miners is roughly halved and there will be only 21 million bitcoins in circulation. Around every two weeks, the difficulty of creating a block requires a mathematical problem to solve. According to current estimates, it will take until the year 2140 before all 21 million bitcoins can be circulated.
This information is encrypted in Bitcoin and can not be changed by anyone. Bitcoin’s price was approximately $8,000 when the 600,000. The block was mined in 2019, and it was $45,000 when the 700.000th was produced.
Popular Twitter account Documenting Bitcoin posted a quote by the late Hal Finney. Many speculate that Finney was Satoshi Nakamoto (the pseudonymous creator) of Bitcoin. “Every day that passes and Bitcoin doesn’t crash due to technical or legal problems, that brings new information into the market. Finney stated that this increases the probability of Bitcoin’s eventual success, and justifies a higher cost.