Bitcoin Distributed Ledger Approaching Half a Terabyte

  • BTC price at the time of writing – $19,141.87
  • For nearly 14 years, the blockchain was less than a kilobyte
  • The size of the BTC chain is about 432,176,009 KB

On January 3, 2009, more than a decade ago, the Bitcoin blockchain had a size of 0.285 kilobytes (kB), or roughly 285 bytes. However, the blockchain ledger currently occupies just over 432 gigabytes, or roughly half a terabyte.

The Bitcoin (BTC) blockchain is close to reaching 500 gigabytes, or roughly half a terabyte, on October 15, 2022. This is necessary to store the entire history of a distributed ledger on a drive.

At the time of writing, it has taken over 432GB of space to store the entire BTC blockchain. On January 3, 2009, nearly 14 years ago, Satoshi Nakamoto launched a blockchain with a size of less than a kilobyte, or approximately 285 bytes.

500 GB Bitcoin Blockchain

The size of the Bitcoin distributed ledger did not reach 1 megabyte until February 16, 2009, and by February 13, 2012, the size of the blockchain was around 1,000,000 kilobytes, or 1 gigabyte.

The size of the BTC chain was around 432,176,009 KB on Saturday, when it was 432 GB today. To store the entire blockchain network, miners and full nodes require more than 432GB of storage space to manage the chain.

According to current metrics, there are 14,299 full nodes accessible at the time of writing. This indicates that thousands of nodes are hosting a complete copy of the blockchain network. Light clients are wallets that do not run a full node and use a simplified payment verification (SPV) system.

SPV clients sync to nearby full bitcoin nodes that validate instead of hosting a full node. Full nodes are used by full node operators, miners, and institutions such as exchanges, payment companies, and custodians, while SPV wallets make up the majority of the wallets of the crypto community today.

BTC storage and other distributed ledgers require a large amount of disk space.

The Bitcoin Cash (BCH) network has 186 GB, the Bitcoinsv (BSV) network has more than 7 terabytes (TB), and the Dash (DASH) network is about 27 GB. Ethereum (ETH) is just five gigabytes away from 0.5 terabyte at 495 gigabytes.

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How many bitcoins are there?

Bitcoin software limits the total supply, which will never exceed 21,000,000 coins. Mining is the process by which new coins are made: miners capture transactions as they are relayed across the network, compiling them into blocks protected by complex cryptographic accounts.

For every block successfully added to the blockchain, miners receive rewards as payment for using their computational resources.

The reward per block at the time of Bitcoin’s launch was fifty bitcoins: for every 210,000 new blocks mined, which takes the network nearly four years, this number is halved.

The block reward has been halved three times by 2020 to 6.25 bitcoins.

Bitcoin has not been shown for the first time, which means that no coins were mined or distributed among its founders before it was released to the public.

However, early participants in the network were able to regularly mine for a large amount of coins due to the lack of competition among miners during the early years of Bitcoin Existence: Satoshi Nakamoto alone is believed to own more than 1 million bitcoins.

Nancy J
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