Miners Have Produced 800,000 Blocks on the Bitcoin Network

  • On-chain analyst highlighted several milestones achieved by Bitcoin since its creation.
  • Checkmate’s analysis covers the total number of blocks mined on the Bitcoin network.
  • According to Checkmate, miners have produced 800,000 blocks on the Bitcoin network.

Glassnode’s lead on-chain analyst has highlighted several milestones achieved by Bitcoin. since its creation over fourteen years ago. The analyst, posting on Twitter under the username Checkmate, shared the total number of blocks mined on the Bitcoin network since its inception, among other statistics about the pioneer cryptocurrency.

According to Checkmate, miners have produced 800,000 blocks on the Bitcoin network, amounting to the mining of 19.437 million bitcoins. Also, Checkmate noted that since Bitcoin’s launch, 268,700 bitcoins have been paid as fees to miners on the network. Using Bitcoin’s current price, Checkmate estimated the all-time Bitcoin miner revenue is worth $52.593 billion. That reflects an average of $65,700 paid per block, over the 800,000 mined blocks.

Checkmate highlighted that of the 19.437 million bitcoins mined over the years, nearly 1.457 million bitcoins have not been spent. That is equivalent to about 7.5% of the total bitcoins mined. The on-chain analyst believes this set of bitcoins is probably lost and may never be recovered. Checkmate also noted that 14.505 million bitcoins, equivalent to 74.6% of the total Bitcoins, are held off exchanges by long-term holders. Short-term holders kept 2.68 million bitcoins, while exchanges stored 2.25 million bitcoins.

Another Bitcoin stat highlighted by Checkmate is the Bitcoin Unspent Transactions (UTXO). He noted that Bitcoin’s UTXO contains 163.6 million UTXOs. Over the years, 2.439 billion UTXOs have been created on the Bitcoin network, with 2.275 billion already spent or destroyed.

Checkmate explained that the creation and destruction of UTXOs accompany the transfer of Bitcoin volumes. Hence, over 8.378 billion bitcoins have been transferred across the 800,000 created Bitcoin blocks. That equates to an average of 10,473 bitcoins spent per block. In US Dollar terms, Checkmate noted that the Bitcoin network settled transactions worth $109 trillion, equating to an average of $137 million per block.

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