Read this about Bitcoin Mining, the network's block rewards & issuance rate.
I did these calculations which took some time. A retweet would be much appreciated😂
90% of the Total BTC has been mined and the last Bitcoin is expected to be mined in the year 2140.
I did these calculations which took some time. A retweet would be much appreciated😂
90% of the Total BTC has been mined and the last Bitcoin is expected to be mined in the year 2140.
https://twitter.com/shdwinvestor/status/1510281655239561217
What is Bitcoin Mining?
Bitcoin mining is how new coins come in circulation. It's also how our transaction on the BTC network are verified.
As the Bitcoin blockchain uses the Proof-of-Work consensus algorithm, Mining is done by solving a complex computational math problem.
Bitcoin mining is how new coins come in circulation. It's also how our transaction on the BTC network are verified.
As the Bitcoin blockchain uses the Proof-of-Work consensus algorithm, Mining is done by solving a complex computational math problem.
No advanced math is really involved. What miners are actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a "hash") that is less than or equal to the target hash.
It's basically guesswork.
It's hard as there's over a trillion guesses.
It's basically guesswork.
It's hard as there's over a trillion guesses.
In order to solve a problem first, miners need a lot of computing power.
To mine successfully, you need to have a high "hash rate," which is measured in terms of gigahashes per second (GH/s) and terahashes per second (TH/s).
To mine successfully, you need to have a high "hash rate," which is measured in terms of gigahashes per second (GH/s) and terahashes per second (TH/s).
The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
Current block rewards is 6.25 Bitcoins.
People all around the world mine BTC & this is how it achieves decentralisation.
Current block rewards is 6.25 Bitcoins.
People all around the world mine BTC & this is how it achieves decentralisation.
In the absence of miners, the Bitcoin Network would still exist & be usable, but there would never be any additional bitcoin.
But let's face it. There will always be a computer mining BTC, this is why governments understand that what their unable to stop, they might aswell join.
But let's face it. There will always be a computer mining BTC, this is why governments understand that what their unable to stop, they might aswell join.
In the first Halving that occured (2012), 50% of the total Bitcoin was mined due to the beginning blocks rewarding 50 Bitcoins per block.
A halving occurs every 210,000 blocks which takes roughly 4 years.
A halving occurs every 210,000 blocks which takes roughly 4 years.
The last block rewards which will roughly occurr in 2136, will reward 0.00000000582076609134685 Bitcoin which is $0.0003 in today's notional value.
This is why just 10% of the coins will take over a century to mine.
There are 33 halvings expected till the year 2140.
This is why just 10% of the coins will take over a century to mine.
There are 33 halvings expected till the year 2140.
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