Bitcoin Celebrates 800,000 Blocks: A Milestone of Security and Resilience

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• Bitcoin network has mined block 800,000 with just 40,000 left to mine before the network’s next mining reward halving.
• Block height also serves as a measure of the Bitcoin blockchain’s immutability and difficulty.
• 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.

Bitcoin Network Passes Block 800,000

The Bitcoin network has passed block 800,000 with less than a year to go until its next mining reward halving. The 800,000th block contained 3721 transactions at 1.64 megabytes, with the price of Bitcoin (BTC) trading at $29,815 on July 24.

Block Height as a Measure

Block height is used as a measure of the Bitcoin blockchain’s immutability and difficulty and acts as a chronological order of transactions and blocks on the network. Blocks contain transactions and data bundled into blocks by network miners that are connected in a chain going back to the genesis block which was the founding block of the network. This allows users to identify the order in which transactions are recorded.

50% Attack

A 50% attack requires an attacker to gain enough computing power to monopolize generating new blocks and receive rewards since they can prevent other miners from completing blocks. In addition, this type of attack also allows for reversing transactions that have already been completed on the blockchain.

Impact on Mining Difficulty

Block height serves as a measure used to maintain Bitcoin’s mining difficulty in order for it to remain secure from malicious actors attempting tampering or reversing transactions within previous blocks without having significant amounts of computing power at their disposal.

Response From Crypto Community

The milestone was widely shared across social media platforms on July 24th with crypto proponents highlighting it as an indicator of security and resilience for the Bitcoin network overall.

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