- On July 24, 800,000 blocks were mined on the bitcoin network. This came amidst a drop in the asset’s exchange rate to the $29,000 level.
- The ecosystem has processed 867 million transactions over the past 14 years. And all the data can fit on a storage device, up to 497GB.
- It also means that the date of the next halving is approaching. When that happens, miners’ income will be cut in half.
On Monday, July 24, 2023, exactly 800,000 blocks were mined on the bitcoin network, as pointed out by cryptocurrency expert Dylan Leclair. There are 267 days left until the next halving of mining rewards.
The 800,000 block included 3,721 transactions totaling 1.63 MB in size. Bitcoin’s average value was $29,815.
According to Glassnode, 19.437 million BTC have been issued online since January 2009. Meanwhile, 75% of the total circulating supply of this asset is controlled by long-term wallets that hold the cryptocurrency for more than 155 days.
1.45 million BTC have never been on the move. These assets could be lost forever. And only 2.25 million BTC are held on exchanges.
Miners have earned a total of 268,700 BTC or $52.59 billion over the years, or about $65,700 per block. The share of that that comes from fees is just 5.5%, said a Glassnode analyst with the nickname “_Checkmatey_”:
Bitcoin: block 800,000 – issuance and fees (USD)
The bitcoin network has processed 867 million transactions in the past 14 years – 1,084 per block. The average amount per transaction is $126,400. And all the data will fit into 497GB of storage:
Total amount of memory used by the Bitcoin blockchain
Reminder, on Monday, July 24, 2023, the bitcoin exchange rate collapsed to $29,000. As of this writing, it is trying to gain ground at $29,200 to $29,300.
We previously covered Berenberg Capital’s forecast in July. According to him, halving bitcoin will have a positive impact on the share price and portfolio returns of large holders. If you want to know more about it, Incrypted has a detailed guide. In it you will find a description of what halving is and what impact it has on the bitcoin exchange rate.
It will be interesting