Bitcoin Achieves Milestone with 900,000th Block Mined
On June 6, the Bitcoin network reached a milestone of 900,000 blocks mined. This achievement highlights the growth of the cryptocurrency ecosystem.
Bitcoin Halving and Mining Rewards
- The next millionth block is projected to be reached by May 2027.
- The total BTC supply is capped at 21 million coins.
- Mining rewards were initially 50 BTC per block, now reduced to 3.125 BTC due to halving events.
- Halvings occur approximately every four years, with the most recent on April 20, 2024.
- The next halving is expected in March 2028, at block height 1,050,000.
- By 2140, mining rewards will reach 0 BTC, leaving miners reliant on transaction fees.
Bitcoin Mining Profitability
- JPMorgan Chase reported a 20% increase in market capitalization for US-listed miners in May.
- Bitcoin's hashrate rose to an average of 897 EH/s.
- Miners earned an average of $51,600 per EH/s in daily block reward revenue.