Happy blockbirthday! Genesis day, Pizza day, Parity daythe crypto community, especially fans of Bitcoin love symbols and jealously maintain their subculture with anniversary dates that punctuate the passage of time since 2009. Yesterday, the July 24thclose observers of the network noticed that a symbolic milestone had been reached with the mining of the 800,000ᵉ block and it was an opportunity to recall how far we have come, the hopes of yesteryear and the near future with the next halving in our sights. Let’s take this opportunity to take stock of the event.
The Bitcoin community loves symbols
On social networks and especially on Twitter – or on X if you have to call it that now – the big accounts specializing in network monitoring wouldn’t have missed the event for the world. As early as the day before, they began preparing the community to this important milestone, which is the production of the 800,000ᵉ block. Since 14 years and the Genesis dayand without the intervention of any form of centralized structure, they are therefore 800,000 blocks that have been mined and now constitute the blockchain Bitcoin. Some Internet users (already) see this round number as the symbol of the success of this crazy project, of which they are now so proud. Some of the messages read like this:
All data concerning this block were also shared, and perhaps even framed by the bitcoiners the most passionate bitcoiners who can’t get enough of numbers. For your information, and because we’re a bit like that ourselves, here are a few datas for your enjoyment. This block has been validated at 5h17 today, its size was 1,64 megabyte and the price of Bitcoin was 29,815 dollars. There are 19,437,881.25 BTC in circulation and 1,562,118.75 BTC coming soon. So much for the statistics that will go down in history.
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Difficulty of mining, distribution of mining cooperatives, network data under the microscope
On its own, this event doesn’t add up to much, but like all symbolic milestones, it does mark the occasion. It will also enable us to take stock of two important metrics: the hashrate or mining difficulty and the distribution of mining cooperatives.
For this first index, growth has been continuous since 2018 with only a few rapid drops during brief moments. The number of machines securing the network continues to grow, making it a priori stronger and more resistant to censorship. It is also becoming more difficult for a private individual to mine a blockbut it’s not impossible as we have recently seen.
Finally, the second chart of the day is the distribution mining cooperatives, which share the task of validating and securing the network. In first place are FoundryUSA with 31.07% of total power, followed by AntPool with 23.54%. Then there’s F2Pool and ViaBTC with almost 10% each, followed by a whole host of smaller entities. Of particular note is Binance Pool with 7.04% of the hashrate worldwide.
That’s what you could say when mining this 800,000ᵉ block on the network Bitcoin. Miners can currently take advantage of a relatively favorable after the year 2022 complicatedmarked by a spate of layoffs, a sharp drop in profitability and forced bitcoin sales. Now it’s halving which is approaching, and according to some observers, it could therefore trigger Bitcoin’s next bull run in exactly 40,000 blocks. Tick, tock, tick, tock…
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