800,000th Bitcoin Block Mined – Network Reaches Milestone Amid Bull Market
• Bitcoin network passed block 800,000 with less than a year to go to the next block reward halving.
• Block height also serves as a measure of the Bitcoin blockchain’s immutability and difficulty.
• Milestone was widely shared across the social media platform on July 24 by Bitcoin proponents and industry commentators.
Bitcoin Network Reaches Block 800,000
The Bitcoin network passed block 800,000 with less than a year to go to the next block reward halving. The milestone was widely shared across the social media platform on July 24 by Bitcoin proponents and industry commentators, highlighting it as an indicator of network security and resilience.
Block height refers to the location on the blockchain relative to how many blocks preceded it — back to the genesis block, which was the founding block of the network. Blocks contain transactions and data bundled into blocks by network miners, allowing users to identify order in which transactions are recorded. It also serves as a measure of Bitcoin’s mining difficulty and immutability — more blocks added means more computing power is required for malicious actors attempting tampering or manipulation of previous blocks.
The 800,000th block contained 3721 transactions at 1.64 megabytes, with the price of Bitcoin (BTC) trading at $29,815 on July 24 when market researcher Dylan LeClair noted it on Twitter: „#Bitcoin block 800,000.“
A 50% attack would require an attacker to gain enough computing power to monopolize generating new blocks and receive rewards since they’re able to prevent other miners from completing blocks. The attacker could also reverse transactions.
The metric acts as a chronological order of transactions and blocks of the network that demonstrates its security and resilience without needing permission from any central authority or government body. As such it serves as an effective tool for measuring immutability in terms of mining difficulty while avoiding manipulation or tampering with existing data stored in past blocks on the blockchain