800,000 Blocks Have Been Mined in the Bitcoin Network

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The Bitcoin network yesterday reached a milestone with 800,000 blocks left until the halving. Dylan Leclerc reported that 3,721 transactions were included in the 1.64 MB block for $29,815.

NiceHash noted that Bitcoin mining difficulty is at 53.91 T, and a new block is created about every 577 seconds.

The halving event is expected to occur sometime around April 16, 2024 with miners getting cut from 6.25 BTC to 3.125 BTC in rewards.

At the time of writing, the cryptocurrency is trading at $29,311 with a 2.53% decrease overnight.

JPMorgan analysts argued that the halving will present difficulties for miners due to reduced block rewards and increasing costs, despite an overall positive impact on the asset’s price.

Across the second half of June, miners moved more than $1 billion to exchanges, setting the record for the currency’s highest daily inflow.