Happy birthday! Genesis day, pizza day, parity daythe crypto community and more specifically the fans of Bitcoin worship symbols and jealously maintain their subculture with anniversary dates that punctuate the passage of time since 2009. Yesterday, the July 24attentive observers of the network have noticed that we have just taken a symbolic step with the mining of the 800,000ᵉ block and it was an opportunity to recall the path traveled, the hopes of yesteryear and the near future with the next halving targeted. Let’s take this opportunity to take a brief look at this event.
The Bitcoin Community Loves Symbols
On social networks and especially on Twitter – or on X if it should be called that now – large accounts specializing in network monitoring would not have missed the event for anything in the world. The day before, they began to prepare the community at this important stage which is the production of the 800,000ᵉ block. From 14 years old and the Genesis dayand without the intervention of any form of centralized structure, these are therefore 800,000 blocks which have been mined and which now constitute the blockchain Bitcoin. Some Internet users (already) see this round number as the symbol of success of this slightly crazy project of which they are so proud now. In particular, we have read messages of this type:
All the data concerning this block have also been shared, perhaps even framed by the bitcoin the most passionate people who have never been satisfied with numerical data. For your information, and because we are a bit like that, so are we, here are some dates for your greatest pleasure. This block was therefore validated at 5:17 today his height was 1.64 megabyte and the price of Bitcoin was then $29,815. There is 19,437,881.25 BTC in circulation and 1,562,118.75 BTC coming. So much for the statistics that will go down in history.
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Mining difficulty, distribution of mining cooperatives, network data under the microscope
In itself, this event does not bring much, but it allows, like any symbolic stage, to mark the occasion. It will also allow us to take stock of two important metrics: the hashrate Or mining difficulty and the distribution of mining cooperatives.
Regarding this first index, growth has been continuous since 2018 with only a few quick dips for brief periods. The number of machines securing the network continues to increase, making it a priori more solid and more resistant to censorship. It is also becoming more difficult for a private individual to mine a blockBut it is not impossible as we have seen recently.
Finally, second chart of the day, it is therefore the distribution mining cooperatives who share the validation and security of the network. We find in the first place FoundryUSA with 31.07% of the total power, followed by AntPool with 23.54%. Then there is F2Pool And ViaBTC in a handkerchief with almost 10% each followed by a whole set of other smaller entities. Note in passing, the Binance Pool with 7.04% of hashrate global.
This is what we could say during the mining of this 800,000ᵉ block on the network Bitcoin. Minors can currently take advantage of a relatively favorable after a year 2022 oh how complicated, marked by cascading layoffs, a sharp drop in profitability and forced sales of bitcoins. Now it’s the halving which is approaching and according to some observers, it could therefore Trigger Bitcoin’s Next Bull Wave in exactly 40,000 blocks. Tick, tock, tick, tock…
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