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2026-03-18

Coins by Cryptorank

Bitcoin just celebrated a major birthday! Not a literal one, of course, but the mining of its 800,000th block is a pretty big deal in the crypto world. Think of it as a significant milestone marking years of growth and development for the original cryptocurrency. Leading the charge in understanding what this all means is James Check, better known as Checkmate, the brilliant on-chain analyst at Glassnode. He’s been digging into the data, and what he’s found is fascinating.

What Does 800,000 Blocks Actually Mean for Bitcoin?

This milestone isn’t just a number; it’s a testament to Bitcoin’s consistent operation and the massive amount of activity happening on its network. Checkmate’s analysis paints a vivid picture of this journey:

• Bitcoin Creation: A whopping 19.437 million BTC have been mined up to Block 800,000.
• Miner Rewards: Miners, the backbone of the network, have earned a substantial 268,700 BTC in transaction fees.
• Total Miner Revenue: The cumulative earnings for miners have reached an astounding $52.593 billion. Interestingly, the vast majority (94.5%) comes from block subsidies – the newly minted Bitcoin awarded for mining a block – with the remaining 5.5% from transaction fees.

Lost Coins and Long-Term Belief: Where is All the Bitcoin?

Bitcoin’s history is etched onto its blockchain, revealing some intriguing trends about how people hold and use it:

• The Mystery of the Missing Coins: Around 7.5% of all mined Bitcoin hasn’t moved since July 2010, the year Bitcoin first got a price on exchanges. It’s likely these coins are lost forever, remnants of the early days.
• Hodlers Gonna Hodl: A significant 74.6% of all Bitcoin is held off exchanges, suggesting a strong long-term conviction among holders.
• Short-Term vs. Exchange Holdings: In contrast, only 2.68 million BTC are held by short-term speculators, while 2.25 million BTC are sitting on exchanges, ready to be traded.

UTXOs and Coindays: Measuring the Flow of Value

Checkmate delves deeper into the mechanics of Bitcoin transactions, highlighting key metrics:

• Unspent Transaction Outputs (UTXOs): The Bitcoin network currently has 163.6 million active UTXOs.
• Massive Value Transfer: 8.378 billion BTC has been transferred across 800,000 blocks, representing roughly $109 trillion in settled value.
• Coindays: Out of 70.2 billion Coindays created, about 37.8 billion have been destroyed.

What’s on the Horizon? The Approaching Halving

The excitement around Bitcoin doesn’t stop at Block 800,000. Market analyst Joe Consorti from The Bitcoin Layer points out another crucial event on the horizon: the next Bitcoin halving.

• The Countdown to Halving: We’re approximately 40,000 blocks away from the fourth halving.
• Impact of Halving: The halving reduces miner rewards by 50%, reinforcing Bitcoin’s scarcity.

A Look Back: The Incredible Growth of the Bitcoin Network

Let’s take a moment to appreciate the scale of Bitcoin’s operation over the past 14.5 years:

• Transaction Powerhouse: Bitcoin has processed 867 million confirmed transactions.
• Transactions Per Block: Around 1,084 transactions per block.
• Blockchain Size: Despite the activity, the blockchain remains about 497 GB.

The Future is Bright for Bitcoin?

With the price hovering around $29,844 at the time of writing, and with milestones like Block 800,000 achieved, the sentiment around Bitcoin remains optimistic.