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Bitcoin Block Number 600,000 Was Mined — What Does It Mean for the Crypto Industry?

  • Denis Sinyavskiy
    📰 News

    The Bitcoin blockchain has reached another height: block number 600,000 has been mined but is it really a reason to celebrate, as crypto enthusiasts believe?

Bitcoin Block Number 600,000 Was Mined — What Does It Mean for the Crypto Industry?
Cover image via www.123rf.com

Today, on October 19, the Bitcoin community has something to celebrate — 600,000 blocks have been mined. Popular crypto enthusiasts Pieter Wuille and Pierre Rochard react have reacted to this event on their Twitter accounts. But does this mean that Bitcoin mining is nearing its end?

What is BTC mining in for in the future

According to the estimates, the last Bitcoin will be mined in more than 100 years — in 2140. This will happen after block No. 6,929,999 is reached. More precisely, 99.2% of BTC will be issued by 2036. After that, new Bitcoins will be poured into the system in very small batches. Thus, miners will have to mint the remaining less than 1% of tokens for about 100 years.

But this will not be the end of Bitcoin. The generating of new blocks will continue, since the network will stay operational and transactions will go on. However, someone should maintain them. These are events of a distant future, though.

BTC block number 600,000

The anniversary block did not turn out to be any special, its out value is 3.411 BTC, the size is 0.87 MB, and SegWit spending is 64%. It is worth noting that the total Bitcoin supply has also reached the mark of 18 mln.

The difficulty of Bitcoin mining continues to increase, this figure has already fixed above the level of 13 trillion. By the end of the year, it is expected to reach 15 trillion.

Bitcoin mining difficulty chart
Image by blockchain.com

Another important event is scheduled for May 2020 - the next BTC halving will happen. This means that the reward for block mining will decrease 2 times. Now, 12.5 BTC is paid for each new block, and already on May 23, this figure will decrease to 6.25 BTC.

 

Bitcoin mining is still far from its end, but ordinary users are no longer able to compete with mining factories. What will happen to the crypto industry further? Leave your comments in the section below!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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