Bitcoin Block 800,000 Has Just Been Mined: A Historic Moment in BTC’s Journey

Bitcoin (BTC) reached a milestone with the mining of Block 800,000, marking a historic occasion in its 14.5-year journey.

James Check, the lead on-chain analyst at Glassnode, shared fascinating insights on Twitter about the progress of the Bitcoin network up until this point.

According to James Check’s analysis, 19.437 million BTC have been created until Block 800,000, with miners getting 268.700 BTC in fees.

The all-time Bitcoin miner revenue stands at around $52.593 billion, with the majority coming from block subsidies (94.5%) and a smaller portion from fees (5.5%).

Furthermore, Checkmate revealed that around 7.5% of the 19.4 million mined BTC have not been used since the first exchange-traded price in July 2010, suggesting that these coins might be lost forever by early miners.

Moreover, 74.6% of BTC is held off crypto exchanges by long-term holders, indicating a strong commitment to BTC by a substantial portion of its user base. In addition, only 2.68 million BTC are held by short-term holders, and 2.25 million BTC are located on exchanges.

Further, Checkmate highlighted the Unspent Transaction Outputs (UTXOs) as a critical metric. He said that the Bitcoin UTXO set contains 163.6 million UTXOs, out of which 2.275 billion have been spent and destroyed.

The movement and spending of BTC are further illustrated by the concept of “Coindays,” representing the accumulation of holding time for each unit of BTC.