Another event about the bitcoin blockchain happened today as the block number 600,000 is completed on Oct.19. This event is not so special but some crypto enthusiasts are celebrating it by sharing their sentiments about it on twitter.
Is it Worth Celebrating?
Some blockchain lovers are celebrating this event but the question arises that is it really a special event to be celebrated. The answer to this question is that people who are in love with the blockchain have full right to happy about it and no one should have an objection over it. Pierre Rochard and Pieter Wuille have shared their sentiments on the social platform Twitter through their tweets.
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It is reported to Tokenhell that 600,000 blocks have been completed successfully on Oct.19 following another event that happened yesterday. On 0ct.18, it was reported that 18 millionth bitcoins are mined successfully that alerts the crypto miners. The total supply of Bitcoin is 21 million and 3 million which are left behind will be mined in 2140. Three million coins will take the time of more than 120 years.
Happy 600000th block, #bitcoin! https://t.co/3V2OE9ydZe
— Pieter Wuille (@pwuille) October 19, 2019
6,929,999 Block Number
According to the estimated data, it would take more than 100 years when the block number 6,929,999 will be mined. About 99.2% of total BTC will be issued by 2036 and then 1% BTC will be mined in the next one hundred years. After the completion of mining, the process of making transactions will not stop but rather, it will continue as long as the bitcoins are present in the markets. But a news system to maintain this whole process will be needed.
The block that completed the figure of 600,000 is not so worthy in terms of its price as its value was just 3.411BTC. The whole information about this block is shared by Bitcoin Confirms.
Size: 0.87MB, 2848140 WU, 71% full
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 halving is also coming which is going to reduce the block rewards from 12.5 to 6.25. The competition among the miners will also increase and it is expected that small players will leave the BTC mining field.