17.01.2018 It`s early to give up and sit back. Everything is still ahead!

January 13, 2018 a significant event in the cryptocurrency world happened – the number of mined bitcoins exceeded 16,8 million, which is 80% of the total issue. As you know, the number of these cryptocoins is limited to 21 million units, and the question arises: what’s next?

We hasten to reassure you: until the moment when the last bitcoin appears will happen in more than 100 years. According to approximate calculations, this will happen in 2140. How come? After all, in January 3, 2009 the first unit was generated and 50 bitcoins were issued, where the mining marathon started from. Nine years have passed, and 4/5 of the total amount has been mined. Does it mean that the production of one – fifth will take one hundred and twenty years?

Strange as it may seem, but yes. We do not exclude that there will be some new technologies that will give us the opportunity to make it faster, but the meaning lies in the details. Namely, in the complexity of mining. And it is growing, really growing.

At the dawn of mining it was faster, more profitable and easier to mine bitcoin. Over time, the requirements and demands for equipment rose, energy consumption did too and the world public is worried about the impending shortage of electricity. At the same time, against the backdrop of increased costs, the reward for mining a block decreased fourfold. Initially, it was 50 BTC, then it was followed by two halvings. Until 2020, the remuneration is 12.5 bitcoins, then it will be 6.25.

As we can see, mining is becoming more difficult, and the profitability is falling, especially taking into account that among other things, there are commissions for transactions that are only growing.

Everything will end up with the fact that only industrial mining giants will mine bitcoin, since those who are smaller, won`t be able to reach profitability. Unless, of course, nothing changes radically.

But don`t be upset, there is so many fish in the sea!

 

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