Not dead yet: Bitcoin network logs 700,000th block as adoption grows

Bitcoin (BTC), miners produced their 700,000.00th block on September 11. This is a significant milestone for a network that has been denigrated by its critics as having died 428 times in the past nine years.

After reaching the 600,000. milestone on October 18, 2019, Bitcoin took less than two years for Bitcoin to produce 100,000 additional blocks. The BTC price was less than $8,000. One Bitcoin today is worth more than $45,500

Happy 700000th block #bitcoin!– Pieter Wuille (@pwuille) September 11, 2021

Bitcoins total supply at the time of writing was 18,812,806, which is 89.5% of all coins ever produced. New blocks are created on average every ten minutes. However, mining difficulty can affect production times. The mining difficulty of Bitcoin is reset approximately every two weeks. This adjusts the difficulty for miners to mine this digital asset. The current rate of block production means that the last Bitcoin will be mined in the year 2140.

Crypto Twitter celebrated this milestone by quoting Hal Finney (one of Bitcoins pioneers, and a prime candidate to be Satoshi Nakamoto the pseudonymous inventor of the technology). Finney died in 2014 from amytrophic lateral sclerosis (ALS).

The 700,000th #Bitcoin block.

“Every day that passes and #Bitcoin doesnt crash due to technical or legal problems, that provides new information to market. This increases the chances of #Bitcoin succeeding and justifies a higher cost.

— Hal Finney 11, 2021 — Documenting Bitcoin (@DocumentingBTC).

Bitcoin was designed to be an autonomous market that can regulate itself with a hard-coded monetary policy and is not dependent on outside parties. Bitcoin is not like the United States Federal Reserve. It can alter the size and rate of the money supply. Bitcoin has a hard limit on supply.

Although Bitcoin has been criticized for its environmental impact, it is only a small fraction of the total energy consumed. The efforts to integrate clean energy into mining have been largely successful. Some estimates suggest that Bitcoin mining in the United States uses more than half of its energy from renewable sources.

#Bitcoins energy usage is cleaner and more efficient than any major industry, but it still represents an error in total energy consumption. @FriarHass delivers a comprehensive analysis worth reading. Saylor (@michael_saylor), August 11, 2021

Related: Blockstream and Macquarie Group launch pilot Bitcoin mining program

Bitcoin has helped cryptocurrencies grow to be a $2 trillion asset class. At the time of writing, Bitcoin holds 41% of the total market, or $857 million.