800,000th Bitcoin block mined

On July 24, the Bitcoin network surpassed the 800,000-block threshold — 40,000 blocks remain until halving.

According to analyst Dylan LeClair, the block contained 3,721 transactions totaling 1.64 MB, with the first cryptocurrency priced at $29,815.

According to NiceHash, Bitcoin mining difficulty stands at 53.91 T. The network creates a new block approximately every 577 seconds.

The next halving, reducing miners’ rewards by half, is expected to occur around April 16, 2024. The event takes place every four years or every 210,000 blocks and typically coincides with crypto market rallies.

Currently miners’ reward stands at 6.25 BTC, and after the halving it will be 3.125 BTC.

At the time of writing, Bitcoin is trading at $29,311, down 2.53% over the past 24 hours.

Analysts at JPMorgan stated that the upcoming halving will be a decisive test for miners due to the reduction in block rewards and rising costs, despite a positive impact on the asset’s price.

In the second half of June, miners sent more than $1 billion in the first cryptocurrency to exchanges, while setting a daily inflow record for the asset.