In the rapidly evolving world of blockchain technology, examining historical data offers valuable insights into the growth and maturity of decentralized networks. This article dives deep into a specific Bitcoin block—Block 248,565—mined on July 26, 2013. By analyzing its structure, transaction volume, miner rewards, and economic impact, we can better understand how the Bitcoin network has evolved over more than a decade.
Whether you're a blockchain enthusiast, a data analyst, or simply curious about cryptocurrency history, this breakdown provides a clear window into early Bitcoin mining dynamics.
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The Anatomy of Bitcoin Block 248,565
Mined over 11 years ago, Block 248,565 stands as a snapshot of Bitcoin’s formative years. At the time, the network was far smaller in scale compared to today’s global infrastructure. Yet, even in 2013, Bitcoin was demonstrating its potential for secure, decentralized value transfer.
This block was successfully mined by Eligius, one of the earliest and most respected mining pools in Bitcoin’s history. Known for its no-fee policy and commitment to decentralization, Eligius played a crucial role in maintaining network integrity during Bitcoin’s infancy.
Key Block Statistics
- Block Height: 248,565
- Timestamp: July 26, 2013, at 4:08:23 PM UTC
- Total Transactions: 64
- Block Size: 48,928 bytes
- Weight Units (WU): 195,712
- Confirmed Transactions: 655,394 confirmations (as of current data)
- Difficulty Level: 31,256,960.73
These metrics illustrate the relatively lightweight nature of early blocks. For comparison, modern blocks often reach maximum capacity limits due to higher transaction volumes and SegWit adoption.
Transaction Volume and Economic Value
A total of 1,978.19 BTC was transferred within this single block—an average of 30.91 BTC per transaction. Given Bitcoin’s price at the time (~$97), the total value amounted to approximately **$191,884**.
However, when adjusted to today’s valuation (assuming ~$65,000/BTC), the same amount is worth over **$128 million**, highlighting the dramatic appreciation in Bitcoin’s purchasing power and market significance.
Notably:
- Median transaction value: 9.07 BTC
- Input value: 1,978.21 BTC
- Output value: 2,003.21 BTC
- Transaction fees collected: 0.01321 BTC (~$1.28 at the time)
The slight excess in output value comes from the block reward addition, not inflation—Bitcoin’s protocol ensures precise monetary control.
Fee Structure and Miner Incentives
Transaction fees are a critical component of blockchain economics. In Block 248,565:
- Total fees: 0.01321 BTC
- Average fee per transaction: 0.00020641 BTC
- Median fee: 0.0001 BTC
- Fee range: 4–442 satoshis per virtual byte
These figures reflect the low network congestion typical of early Bitcoin usage. Users paid minimal fees for fast confirmation—something increasingly rare in later bull markets.
The miner, Eligius, received a total reward of 25.01321 BTC, composed of:
- Base block reward: 25 BTC (standard at that block height)
- Transaction fees: +0.01321 BTC
This dual-income model remains foundational to Bitcoin’s security model—ensuring miners are incentivized to validate transactions honestly.
Technical Specifications and Network Health
Each block contains technical metadata that ensures cryptographic integrity and consensus across nodes.
Core Technical Details
- Version: 0x2
- Merkle Root:
76-d0(hash root of all transactions) - Nonce: 2,306,367,666 (found through proof-of-work)
- Bits: 436,242,792 (encoded target difficulty)
- Hash:
00000-5b28a(partial hash; full hash uniquely identifies the block)
The difficulty level of over 31 million indicates the computational effort required at the time—a fraction of today’s trillions-level difficulty but still substantial for early ASIC miners.
Additionally:
- Inputs: 239
- Outputs: 298
- Witness Transactions: 0 (SegWit wasn't activated until 2017)
This confirms the block predates major scalability upgrades like Segregated Witness (SegWit), which later increased effective block capacity.
Historical Significance and Market Context
In mid-2013, Bitcoin was gaining traction beyond niche tech communities. Key events around this period include:
- First known retail purchase using Bitcoin (a pizza bought in 2010) had become legendary.
- Mt. Gox was still the dominant exchange (before its 2014 collapse).
- The price surged from ~$100 to over $1,000 by December 2013—a massive bull run.
Block 248,565 captures the network just before this explosive growth. Its clean structure and efficient processing reflect a healthy, functional blockchain ready for wider adoption.
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Frequently Asked Questions (FAQ)
Q: What is a blockchain explorer?
A: A blockchain explorer is an online tool that allows users to view real-time and historical data on transactions, blocks, addresses, and network activity across public ledgers like Bitcoin or Ethereum.
Q: Why was the block reward 25 BTC in 2013?
A: Bitcoin undergoes a "halving" approximately every four years. In 2013, the reward was in its second phase (2012–2016), where miners received 25 BTC per block after the first halving reduced it from 50 BTC.
Q: How do transaction fees work in Bitcoin?
A: Fees are paid by users to prioritize their transactions in a block. Miners select transactions with higher fees per byte to maximize earnings, especially during high demand.
Q: What does “confirmations” mean for a block?
A: Confirmations indicate how many subsequent blocks have been added after a given block. More confirmations mean greater security against reversal. Block 248,565 has over 655,000 confirmations—making it immutable for practical purposes.
Q: Was SegWit active when this block was mined?
A: No. Segregated Witness (SegWit) was activated in August 2017—more than four years after this block was mined. That's why there are zero witness transactions recorded.
Q: Can I track current mining activity like this today?
A: Yes. Modern blockchain explorers provide real-time dashboards showing hash rate distribution, miner revenue, fee trends, and more—offering deeper insights than ever before.
The evolution from blocks like 248,565 to today’s complex ecosystem underscores Bitcoin’s resilience and long-term viability. While transaction volumes and values have grown exponentially, the core principles—decentralization, immutability, and trustless verification—remain unchanged.
For those interested in monitoring live blockchain activity or analyzing on-chain trends, robust platforms offer comprehensive tools to track everything from whale movements to miner behavior.
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