Today, October 19, bitcoin community there is something to celebrate - 600 blocks have been mined. Popular crypto enthusiasts Peter Vouillet and Pierre Rochard responded to this event on their Twitter accounts. But does this mean that bitcoin-Mining comes to the end?
Happy 600000th block, #bitcoin! https://t.co/3V2OE9ydZe
- Pieter Wuille (@pwuille) October 19, 2019
It is estimated that the last bitcoin will be mined in 100+ years, in 2140. This will happen after block #6,929,999 is reached. More precisely, by 2036, 99,2% of BTC will be issued. After that, new bitcoins will be added to the system in very small batches. Thus, miners will have to mint the remaining less than 1% of the tokens for about 100 years.
But that won't be the end of Bitcoin. The generation of new blocks will continue as the network remains operational and transactions continue. However, someone has to support them. But these are events of the distant future.
BTC block number 600 000
The anniversary block was not special, with an output value of 3,411 BTC, a size of 0,87 MB, and a SegWit cost of 64%. It is worth noting that the total supply of bitcoins also reached the 18 million mark.
Block 600000
Hashed: 0x…07316856900e76b4f7a9139cfbfba89842c8d196cd5f91
Size: 0.87MB, 2848140 WU, 71% full
Txs: 1,925
SegWit spends: 64%
3,762 in → 4,120 out
Out / In Ratio: 1.10
Out Value: $ 27,232,211 | 3,411 btc pic.twitter.com/qKyme7i0cg- Bitcoin Confirms (@BitcoinConfirms) October 19, 2019
The difficulty of mining bitcoins continues to grow, this figure has already been fixed above the 13 trillion level. By the end of the year it is expected to reach 15 trillion.
Another important event is scheduled for May 2020 - there will be another reduction in BTC. This means that the reward for Mining blocks will be reduced by 2 times. Now 12,5 BTC is paid for each new block, and on May 23 this figure will drop to 6,25 BTC.
Bitcoin mining is still far from its end, but ordinary users can no longer compete with mining factories. What will happen to the crypto industry next? Leave your comments in the section below!