Only 20% of Bitcoins Left To Mine: How Difficult Will It Be?

Only 20% of Bitcoins Left To Mine: How Difficult Will It Be?

Bitcoin is entering a new era: times of difficult mining and the high possibility of growth in value. That is all due to one issue. There have been mined 8/10 out of all possible bitcoins.

One of the most known bitcoin-related features is the digital scarcity, implemented by Satoshi Nakamoto’s protocol. There will be produced only 21 million bitcoins – end of story. January 13 is a landmark for BTC as only 20% of the currency is left to be produced. And this is going to be the toughest 20%, mined in the frames of bitcoin’s history.

Our top trading bots

Satoshi’s Progress

As News.Bitcoin.com reports, there is a probability that the creator of bitcoin resolved the Byzantine General’s problem, which is one of the most rigid computational equalizations. Such problem means that nets are simple to attack due to deficiencies. At the same time, protocols cannot affirm anything because of the insolubility in the space of a net.

Thanks to Satoshi (his proof-of-work), it is not easy to tread the network as economic measure turns such actions into pricey ones. Moreover, that would take too much time. The creator of bitcoin managed to establish goods which no one can replicate or spend two times or more. Meanwhile, digital scarcity marked historical finite supply of BTC.

Bitcoin’s Supply to Come to an End

Currently, according to the CoinMarketCap.com, there are 16,803,887 BTC on the market. Two days ago there were exactly 16,800,000 mined units of bitcoin, which make up 80% of total bitcoin supply which will ever be mined. The scope of 21 million BTC was presented nine years ago as Nakamoto implemented the codebase and BTC protocol.

Sure enough, pyrrhonists suggest it might be possible to raise the supply cap. For example, by attacking BTC network to control the largest part of its mining power, called hash rate or hash power. Nevertheless, no one has ever managed to enlarge it, so from now, there are only 4.2 million units of BTC left to be mined.

Miners Should Brace For Tough Times

Therefore, it will be getting more complicated to mine bitcoins. There is even a belief that because of this bitcoin will become more sumptuous as demand will be higher and resources will be limited.

Furthermore, approximately in two years, the premiums for miners will dimidiate. They will be acquiring 6.25 bitcoins instead of 12.5 bitcoins which they get today for each block that they mine. The reason is Nakamoto’s hash power. That is why it will be getting more difficult to produce every coin and miners will have to move forward in order to survive.

Like No One Else

Most of other over one thousand virtual coins on the market have huge supplies, compared to billions, and there are more to be mined. They use less credible mechanisms, for instance, Proof-of-Stake. However, no other will be able to substitute bitcoin in value due to its scarcity. Bitcoin cannot be replicated just like regular commodities that we use nowadays. Limited to 21 million units, bitcoin will create more demand just as rare jewels do as the more confined the product is, the more humans desire it.

Chart Source: blockchain.info

Gemini reports 'degraded performance' in key systems as ETH falls under $4,000
Major U.S.-based cryptocurrency exchange Gemini has experienced two service disruptions today and is now reporting degraded performance in its mobile app,...
Bahamas central bank prepares national Sand Dollar push this summer
The Central Bank of the Bahamas is preparing a national push for its digital currency this summer to get more Bahamians signing up for the Sand Dollar.In...
Chinese online retail giant JD.com adopts digital yuan for salary payments
JD.com has been using China’s Digital Currency Electronic Payment, or DCEP, system to pay the salaries of some employees since January.The e-commerce firm...
Crypto wagering for online sports betting now legal in Wyoming
Wyoming has passed a new law legalizing online sports betting in the state with gamblers able to fund their accounts with bookmakers using cryptocurrencies.Governor...
US isn't prepared to regulate new industries like crypto, says Ripple CTO
David Schwartz, chief technology officer of Ripple Labs, said United States regulators’ response to the crypto industry may help XRP in the end but is also...
Singapore authority issues crypto warning after PM falls prey to scammers
Officials in Singapore have issued a notice to would-be Bitcoin (BTC) and cryptocurrency investors, warning them of the dangers of engaging with such a...
Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, DOT, EOS
Historical trends act as a gauge for traders to assess the possibilities for the future. April has been a bullish month for Bitcoin (BTC) with eight monthly...
Do $100K–$300K Bitcoin call options signal a bullish BTC price path?
The open interest on Bitcoin (BTC) Dec. 31 call options between $100,000 and $300,000 reached an impressive 6,700 contracts, which is currently worth $385...
Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India
An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst...
Report Shows 84% of Surveyed Companies Are Actively Involved in Blockchain
DLT can be applied far beyond the realm of cyber coins. That’s why hundreds of companies around the world are searching for ways to get involved with DLT...
SEC Official Named Cryptos Which Are Definitely NOT Securities
It seems that there has appeared more clearance regarding cryptos in the US. The country’s SEC representative, appointed to be responsible for cyber assets...
A Coder Stored The Historic Korean Peace Declaration On Blockchain
On April 27, the history was made as CoinDesk Korea. The 27-year-old man was the one who programmed the agreement both in Korean and English languages...
Users Complain About Ghostly Coinbase Withdrawals That Leave Them Broke
More and more users of Coinbase are lamenting that this crypto trading venue whipped away off-limits funds from their accounts. In some instances, people...
The AI-startup Neuromation Attracted $50 million during ICO
Ukrainian ICO arena has a new record: The startup Neuromation with the Ukrainian CEO and the office in Kiev attracted $ 50 million for ICO. Moreover,...
TRON Became The Top-10 Cryptocurrency In Six Months.
TRON CEO Justin Sun created not a unique, but a breakthrough platform for content exchange based on the blockchain.The system will be free and accessible...