Crypto Twitter Celebrates as Bitcoin Hits its 700,000 Block
Crypto Twitter celebrates as the number one cryptocurrency network that produces its 700,000th block! Many crypto experts and critics were recently quite vocal about the environmental concerns around bitcoin, and they were claiming that the death of the coin is soon. However, the demand for this virtual asset is still strong.
The world’s most valuable crypto asset network produced the 700,000th block on September 11th. More and more experts estimated that the coin would be discarded as more environmentally sound virtual assets are created. This does not seem to be the case, given the time to make a new set of bitcoin blocks. The bitcoin network hit 500,000 blocks in 2017. Roughly two years later, on October 18th, 2019, the network produced the 600,000th block. It can be claimed that the demand for the world’s biggest cryptocurrency has at least remained the same, given that the 700,000th block was produced again more or less two years later.
You can imagine cryptocurrency blocks on a network as pages on a ledger of transactions. Some miners solve complex mathematical problems to validate these blocks on a particular cryptocurrency network. When miners complete a new block, it is ready for transactions to be entered in. They are virtually immutable. If the overall transactions are high on a network, alliances will be created faster. In other words, if miners are not fast enough to make these blocks, transactions will be waiting in a queue and thus will take more time to complete.
When a block is completed, miners are awarded new coins. These coins then enter circulation. For instance, now that the 700,000th block was created on the bitcoin network, the total number of bitcoins currently in circulation has reached 18,812,806. This refers to almost 89.5% of all bitcoins that will ever be created. There will only be 21,000,000 bitcoins in circulation and thus, every four years, the miners’ award is halved, and the mathematical problem to be solved to produce a block gets more and more complex every two weeks! Current predictions state that all 21,000,000 bitcoins will be in circulation by 2140.
When the 600,000th bitcoin block was mined in 2019, the world’s most significant cryptocurrency price was around $8,000. Today, after the production of the 700,000th block, the price is around $45,000. Recently a popular Twitter account, Documenting Bitcoin, shared a quote by Hal Finney, a former collaborator on bitcoin. Many speculate that the creator of bitcoin, whose pseudonym is Satoshi Nakamoto, is Finney. He says:
“Every day that goes by and Bitcoin hasn’t collapsed due to legal or technical problems, that brings new information to the market. It increases the chance of Bitcoin’s eventual success and justifies a higher price.”