Bitcoin, the world’s first cryptocurrency, recently celebrated a momentous occasion as it mined Block 800,000, a significant milestone in its remarkable history. James Check, known as Checkmate, the lead on-chain analyst at Glassnode, shared intriguing insights into the network’s growth and progress.
According to Checkmate’s analysis, a total of 19.437 million BTC have been created until Block 800,000, with miners receiving a staggering 268.700 BTC in fees. The all-time miner revenue reached a jaw-dropping $52.593 billion, with the majority derived from block subsidies (94.5%) and a smaller portion from fees (5.5%).
The longevity of Bitcoin’s blockchain offers some captivating observations. Approximately 7.5% of the mined 19.4 million BTC remains unspent since the first exchange-traded price in July 2010, suggesting these coins might be lost forever from the early mining days.
Long-term holders demonstrate a strong commitment to BTC, with 74.6% of the total held-off exchanges. In contrast, only 2.68 million BTC are in the hands of short-term holders, while 2.25 million BTC reside on exchanges.
Checkmate highlights the critical metric of Unspent Transaction Outputs (UTXOs). The Bitcoin UTXO set currently contains 163.6 million UTXOs, out of which 2.275 billion have been spent and destroyed. This movement has resulted in an impressive 8.378 billion BTC transferring over 800,000 blocks, equating to a staggering $109 trillion in settled value on the Bitcoin network (approximately $137 million per block on average, when priced in USD).
The concept of “Coindays” has also been analyzed by Checkmate, providing valuable insights into BTC holding behavior. Out of 70.2 billion Coindays created, approximately 37.8 billion Coindays have been destroyed, showcasing the extent of BTC’s movement and spending.
Market analyst Joe Consorti from the Bitcoin Layer commented on the milestone, noting that the fourth halving of BTC supply is only 40,000 blocks away (~9 months). The halving process, which reduces BTC’s issuance rate by around 50% at predetermined intervals, plays a crucial role in achieving a fixed supply.
Over the past 14.5 years, Bitcoin has confirmed an astounding 867 million transactions, averaging 1,084 transactions per block. Despite this massive data, the entire blockchain remains compact at 497 GB, a testament to BTC’s resilience and value as the pioneering cryptocurrency.
With the BTC price standing at $29,844 at press time, the future for Bitcoin looks brighter than ever, with its relentless growth and continued success in reshaping the financial landscape.
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