Bitcoin Hits Block 800,000 Milestone: Key Takeaways & Market Trends!

Key Takeaways:

• Bitcoin’s block number 800,000 has been successfully mined, marking a significant milestone for the original crypto since its inception in 2009.
• The total number of minted BTC coins stands at 19.437 million, with miners receiving substantial revenue of $52.593 billion, comprising 94.5% subsidy and 5.5% fees.
• Notably, 1.45 million BTC coins remain unspent, suggesting potential losses, while most minted BTC (74.6%) are held off exchanges.
• The Bitcoin network has impressively processed 867 million transactions, averaging 1,084 transactions per block, resulting in around $126.4k transferred per transaction.
• Despite positive network fundamentals, BTC’s price experienced a dip below $30,000 due to factors such as anticipation of a Federal Reserve interest rate hike and the introduction of a crypto market regulation bill by House Republicans. However, experts foresee a potential price surge in the future.

Bitcoin (BTC) has reached an impressive milestone with mining block number 800,000. Since its inception in January 2009, the original crypto has evolved significantly. According to Glassnode data, a total of 19.437 million BTC coins have been minted to date, with miners receiving 268.7k BTC as fees.

Additional Read: What Happens After All 21 Million Bitcoin are Mined?

Twitter user “Checkmatey” sheds light on Bitcoin miners’ revenue, which amounts to a staggering $52.593 billion, with 94.5% being subsidies and 5.5% coming from fees. This translates to around $65.7k per block over the span of 800,000 blocks.

#Bitcoin block 800,000 has just been mined!

A quick 🧵 on some #Bitcoin network stats up until this point:

A total of 19.437M $BTC have been minted, and 268.7k $BTC in fees paid out to miners.

Live Dashboard: https://t.co/XJELLsAaGF pic.twitter.com/BixVHYuJmr

— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) July 24, 2023

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However, it appears that not all minted coins have been circulated. Out of the 19.437 million BTC, 1.45 million coins remain unspent, potentially lost. Additionally, 14.505 million coins (74.6% of the total minted BTC) are held off exchanges, while 2.25 million coins are on exchanges.

Looking at Bitcoin’s network activity, it has processed a remarkable 867 million transactions in its 14-year history, averaging 1,084 transactions per block. This results in about $126.4k being transferred in each transaction. Remarkably, all this data is encapsulated within a 497 GB package on the Bitcoin blockchain.

Despite these positive network fundamentals, BTC’s price dipped below $30,000 again after briefly crossing the level. Some attributions for this drop could be the Federal Reserve’s plan to introduce another interest rate hike, potentially the highest in 22 years, leading to a sell-off of risky assets.

Moreover, House Republicans’ introduction of a bill to regulate the crypto markets and enhance collaboration between the SEC and CFTC may have added to investor caution.

Nonetheless, experts anticipate Bitcoin prices to surge by the end of this year or by 2024, especially as US inflation is gradually decreasing, aligning with the Fed’s 2% target. As of press time, BTC was trading at $29,798, experiencing a 0.6% decline in the last 24 hours.

Read More: Bitcoin Price Prediction