Bitcoin Network Milestone
In a significant achievement for the Bitcoin network, the 900,000th block was successfully mined on Friday. This milestone has galvanized celebrations across the community of Bitcoin enthusiasts, reflecting the cryptocurrency’s enduring popularity and relevance. The ascent to this particular block height illustrates a notable trend; it took almost two years to accumulate the last 100,000 blocks, suggesting an increased scrutiny in the pace of Bitcoin transactions.
Future Projections
Experts anticipate that Bitcoin will reach the 1 million block mark around May 2027, a target that marks a pivotal moment in the cryptocurrency’s ongoing development. The total supply of Bitcoin is capped at 21 million coins, a fact that lends the asset its unique scarcity amid growing global interest.
Mining Rewards and Halving Events
During its inception, each newly mined block awarded miners a generous reward of 50 BTC. However, this reward is progressively halved every 210,000 blocks in an event known as halving. The next halving is projected for March 2028 when the block height hits 1,050,000. With each halving, the reward diminishes, eventually nearing zero as Bitcoin approaches the conclusion of its issuance schedule after approximately 33 to 34 halvings, expected around the year 2140.
By then, the total number of blocks mined could exceed 6.9 million. Post this final halving event, the creation of new coins will cease entirely. Miners will instead focus on transaction fees to sustain their operations.
Current Supply Status
Currently, it is noteworthy that over 75% of the total Bitcoin supply that will ever exist has already been mined, underlining the asset’s phased approach to scarcity and reward dynamics.
