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TIC Tac. The Bitcoin network exceeded the 800,000 block. Less than a year left until the next block reward is halved.
The Bitcoin network also mined the 800,000th block, and only 40,000 are left before the network’s next mining reward is halved.
The 800 thousandth block contains 3721 transactions with a volume of 1.64 MB. The price of Bitcoin on July 24 was $29,815.
Bitcoin block height refers to the location of the block on the blockchain relative to the number of blocks before it. Blocks contain transactions and data that are categorized by network miners.
The metric acts as a chronological order of transactions and blocks in the network that connects the new block to the previous block in the chain. This allows users to identify the order in which transactions are recorded.
The more blocks are added to the chain, the more computing power is required for the malicious agent to manipulate the previous blocks.
A 50% attack requires enough power to calculate new block generation. By doing this, the attacker prevents miners from completing the blocks. Also, the attacker has the ability to reverse transactions.
The Bitcoin network produces a new block approximately every 10 minutes. This criterion is affected by increasing hash power. This will automatically adjust the mining difficulty every two weeks to maintain balance.
Bitcoin is designed in such a way that every four years during a block event, it has half or 210 thousand blocks in the chain.
In 2009, the initial reward was 50 bitcoins, then it was reduced to 25 bitcoins in 2012, 12.5 bitcoins in 2016, and 6.25 bitcoins in 2020. The next event will occur in April 2024, when the number of Bitcoin rewards will decrease to 3.125 Bitcoins.