80 Percent of Bitcoin Mined: What Next?

Written by:
Guest
Published on:
Jan/15/2018

A milestone was reached over the weekend after the determination that only 4.2 million Bitcoin tokens are left to be mined meaning that the cryptocurrency is only 20 percent away from reaching its hardwired 21 million token limit.

Written directly into the bitcoin protocol, there is a 21 million limit on how many tokens can ever exist at any one point in time.

Miners currently receive a 12.5 BTC reward for every block that they mine.

Scarcity arguably creates demand, which in turns makes the coins more valuable, CoinTelegraph.com notes.

CommerceBlock CEO Nicholas Gregory stated last month that once the limit is reached, Bitcoin will be able to sustain itself through transaction costs and fees.

“I’m not sure of an exact date, but essentially when the cap comes to an end it should be the transaction fees that will still keep the miners from mining and at the moment the fees are quite high anyway.

“I think bitcoin miners earn a large percentage of the money from the fees anyway, so it’s not rally seen as a problem.”

Not to worry, at least if you are a short-term investor. Some have suggested that miners are a few decades from reaching the cap.  Though Bitcoin is relatively new and 80% is certainly a large number, it is becoming more difficult to mine.

Bitcoin News revealed the following:

In addition to the difficulty in accessibility miners themselves are going to have to up their processing power constantly. In two years or less depending on hashrate speed, the next miner reward halving is approaching. This means instead of miners getting 12.5 BTC for every block they mine they will get 6.25 BTC in two years time. This network consensus agreement of a halving every four years will make bitcoins more difficult to obtain even for the large warehouses all over the world filled with data processors. Every one of them and ASIC technology itself will have to progress for mining operations to continue profiting. Of course, the price per bitcoin should also be higher than the cost to mine the currency as well.

Aaron Goldstein, Gambling911.com

video News

Violence Plagued Prison Before Whitey Bulger's Beating Death (Video)

Violence Plagued Prison Before Whitey Bulger's Beating Death (Video)

Long before notorious Boston mobster James “Whitey” Bulger was killed at a federal prison in West Virginia, lawmakers, advocates and even prison guards had been sounding the alarm about dangerous conditions there.

Bet the Minnesota Vikings vs. Eagles Week 5 - 2018: Latest Spread, Odds to Win, Predictions, More

Bet the Minnesota Vikings vs. Eagles Week 5 - 2018: Latest Spread, Odds to Win, Predictions, More

Minnesota is a +3 road underdog going up against Philadelphia. They have a 1-2-1 Straight Up record and 2-2 Against The Spread record.

Fortune: Why Sports Executives Are Betting Golf Is the Next Big Gambling Sport

Tiger Woods is Back!  He won the Dell Technologies Championship this past weekend and this is likely to translate into a greater interest in Golf both with fans and bettors.

Legalized Sports Betting in Texas a Pipe Dream

Those looking to place sports bets online in Texas will be able to do so via a host of international websites and maybe even by driving to Oklahoma.  Otherwise, it's a give that the state won't be legalizing sports betting any time soon.

Draftkings Sports Betting 'Team Pick'em' Open to All in US

"Team Pick'em" is available in all 50 states and offers real cash prizes and is free to enter

Syndicate