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

The Next Big Catalysts for Bitcoin

The Next Big Catalysts for Bitcoin

According to CNBC "Fast Money" trader Brian Kelly, Tuesday's rally is the result of more crypto-friendly attitudes by government regulators.

Watch Out for Cryptocurrency Scams

What to do if you are the head of the SEC and companies in the cryptocurrency space appear to be pulling a fast one?

Doug Polk Looks at the Top 10 Cash Players in Poker Today

Doug Polk is joined by online poker legend Andres Artinano, better known on the virtual felt as educa-p0ker.

Fourth Day of Gains for Bitcoin, Continues Above $11K Mark

There's been a tremendous Bitcoin bump over the past week with the price breaking above the $11000 mark for the first time in two weeks after plunging off its high near $19000 back in December.

CBS News Goes Inside the Billion Dollar Business of eSports: Today's Bets

CBS News Goes Inside the Billion Dollar Business of eSports: Today's Bets

CBS News on Monday looked at the booming business of eSports and how big names in the world of professional sports are now getting involved.

Syndicate