Microsoft has officially halted production of the Xbox 360

After just over a decade, Microsoft has halted production of the Xbox 360.

The news was announced via a blog post written by Xbox head Phil Spencer, who says the decision was made due to "the realities of manufacturing a product over a decade old."

Spencer also revealed some impressive stats on the game console: Xbox 360 owners have spent 78 billion hours playing games, and 25 billion hours within apps.

Although Microsoft is ceasing hardware production of the 360, it's still committed to supporting Xbox 360 owners. Microsoft's biggest commitment is to continue supporting Xbox Live, their online gaming infrastructure, which will allow Xbox 360 owners to continue buying and playing multiplayer games online for the foreseeable future.

Microsoft will also continue to support Xbox 360 hardware while allowing those who upgrade to the Xbox One to play backwards-compatible Xbox 360 games at no charge. It's unknown how long Microsoft will continue to support its older hardware, but for the foreseeable future Xbox 360 owners won't notice any difference.