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Key Notes
- June 6, 2025, marks the day Bitcoin’s 900,000th block was mined.
- For every block added, miners usually get a reward in a sustainable network economics.
- In 2012, this mining reward was 50 BTC but has now been slashed to 3.125 BTC after four Bitcoin halving events.
On June 6, the 900,000th block for Bitcoin BTC $103 663 24h volatility: 1.2% Market cap: $2.06 T Vol. 24h: $44.51 B was mined, marking a significant milestone for the flagship cryptocurrency. The feat is being celebrated widely in the crypto space as it shows the evolution of the digital currency ecosystem.
Bitcoin Halving Slashes Mining Rewards
Bitcoin block height managed to grow by 100,000 blocks in two years, but the expectation is that it will reach the one millionth block by May 2027, about eleven months after hitting the 900,000th block. It is worth noting that the maximum possible BTC supply is limited to 21 million coins.
Happy block height 900,000!
— Jameson Lopp (@lopp) June 6, 2025
In the early days, with each block added to the chain, a miner could receive 50 Bitcoin units at whatever the value was at the time. However, the advent of Bitcoin halving led to the slashing of this reward. For context, the Bitcoin halving event has occurred every four years since Nov. 28, 2012, when the first one happened.
This adjustment, pre-ordained by the code governing Bitcoin’s blockchain, aims to maintain a hard cap of 21 million Bitcoin units and prevent inflation in the digital currency. Therefore, it usually happens after every 210,000th block, and the most recent halving event took place on April 20, 2024.
This was the fourth in the series; the next one is expected to occur in 2028. According to CoinWarz, the precise month for the next halving is March at the block height 1,050,000. By the time the ecosystem has gone through the 33rd or 34th halving event, miners will be left with 0 BTC mining reward.
Miners currently earn only 3.125 BTC per mined block. Notably, Bitcoin’s anonymous founder, Satoshi Nakamoto, programmed the reduction mechanism. Based on the projection and the sequence of events, a 0 BTC mining reward will be the case by the year 2140.
Then, miners would have no option but to rely solely on transaction fees, as mined blocks would no longer create new coins. Hopefully, the number of blocks would have exceeded 6.9 million by then.
Bitcoin Mining Profitability in May
Meanwhile, JPMorgan Chase reported that Bitcoin mining profitability improved significantly in May. The firm inferred this from the 13 US-listed miners it tracks, citing that their total market capitalization surged by 20% last month. On some occasions, the mining profitability drops. Other times, like in May, it spikes.
It further noted that the Bitcoin network hashrate rose about 25 exahashes per second (EH/s) to an average of 897 EH/s last month. According to analysts Reginald Smith and Charles Pearce, Bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue in May.
Explicitly, hashrate provides insight into the total combined computational power that a miner invests in the mining and processing of transactions on a Proof-of-Work (PoW) blockchain. It serves as a proxy for competition in the industry and mining difficulty.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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