Bitcoin Hits 700,000th Block, Sparks Celebrations Among Crypto’s Proponents on Twitter
Bitcoin supporters are in a celebratory mood as the network achieved its 700,000th block yesterday.
In spite of the harsh criticism, especially in relation to the cryptocurrency’s effects on the environment, it seems to be growing stronger everyday.
Some critics went as far as to predict Bitcoin’s death, citing investors’ preferences for cryptocurrencies that are more environmentally sound.
But if the latest trend is anything to go by, there will likely be a surge in the demand for this coin. The network reached the 600,000 threshold in October of 2019. This was just two years after it had reached the 500,000 mark in 2017.
For the uninitiated, a block is similar to a page on the ledger of transactions that occur on a network.
These blocks become valid once miners work out some sophisticated math problems. Anytime a miner manages to solve one of these calculations, transactions are recorded in a block. The miner who completes a block is rewarded in the form of Bitcoin.
The formation of the 700,00th block means that so far, there are 18,812,806 Bitcoins in circulation. This reward is divided into two after every four years. As a result, just 21,000,000 Bitcoins are in circulation at any one point.
Documenting Bitcoin is a renowned twitter account that is particularly known for posting crucial events on the Bitcoin network. Their most recent tweet was a quote from one Hal Finney, who was one of the original collaborators on Bitcoin.
Finney’s quote explains that with each passing day where Bitcoin triumphs against legal and technical issues, is enough indication that the crypto will keep growing and increasing in price.