The accomplishment received significant recognition on social media, as Bitcoin supporters and specialists praised it as proof of the network’s safety and durability. The Bitcoin network recently achieved a notable landmark by mining its 800,000th block, leaving only 40,000 blocks until the next halving of mining rewards.
The Milestone Was Well Received by the Crypto Community
The 800,000th block contained 3,721 transactions and took up 1.64 megabytes of data. At the same time, the price of Bitcoin was $29,815, a slight decrease from $29,162, as reported by CoinMarketCap.
The accomplishment received significant recognition on social media, as Bitcoin supporters and specialists praised it as proof of the network’s safety and durability.
In blockchain technology, “block height” refers to the position of a block on the blockchain in relation to the number of blocks that came before it, starting with the network’s first block, known as the genesis block.
Each block contains bundled transactions and data, arranged in chronological order, allowing users to track the sequence of recorded transactions.
Block height is also essential in ensuring the Bitcoin blockchain’s immutability. As more blocks are added, it becomes increasingly difficult for a malicious actor to alter previous blocks due to the increased computational power required.
This helps to prevent 50% of attacks, where an attacker gains enough computing power to control block generation, allowing them to reverse transactions and disrupt the network. In addition, block height influences the mining difficulty of the Bitcoin network.
The mining difficulty is regularly adjusted based on the network’s total computational power and the time it takes to mine a certain number of previous blocks. Since the network produces a new block about every 10 minutes, any changes in hashing power lead to automatic adjustments to maintain balance.
Additionally, block height determines the rewards miners receive for adding a new block to the network. Bitcoin’s design includes a halving event that occurs approximately every four years or every 210,000 blocks.
