700,000 in Bitcoin as of September 11. block removed. Thus, 89.58% of its supply has been extracted.
As it is known, a block is mined in Bitcoin approximately every ten minutes. The time in block production can be extended or shortened depending on the mining difficulty. For example, in the Chinese crisis, it took 122 minutes to dig a single block.
Bitcoin recorded the previous milestone with 600,000 blocks on October 19, 2019. Bitcoin was trading around $8,000 at that time, and it took 693 days to reach the block height of 700,000. Bitcoin has gained 463% since then.
Although the supply of Bitcoin is limited to 21,000,000 units, there is no limit on the number of blocks to be produced. Therefore, even in 2140, when all Bitcoins are expected to be mined, new blocks will continue to be added as people will continue to transact with the network.
Bitcoin is trading at $45,200, down 2% at the time of publication.
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