RATE Group | The Days Of Bitcoin Mining Are Nearly Over
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The Days Of Bitcoin Mining Are Nearly Over

02 Nov The Days Of Bitcoin Mining Are Nearly Over

Posted at 14:52h in Bitcoin News by

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We are reaching peak Bitcoin and this is going to change the whole ecosystem. Some even think that it could be the end of Bitcoin as we know it.


bitcoing

As programmers we have to admire the algorithm that Bitcoin relies on. It’s not perfect, but it is clever and it works most of the time. However when Satoshi Nakamoto, whoever he is, proposed Bitcoin he limited the total number to 21 million coins. It is generally said that this is an anti-inflationary rule, although how you measure inflation in a cryptocurrency that is as volatile as Bitcoin is a good question.

The idea was that Bitcoin miners would be rewarded for their efforts by newly-minted Bitcoin. This would pay for the computational efforts needed to maintain the Blockchain. This processing in return for new Bitcoin is generally referred to as “Bitcoin mining”, although any earth moving happens miles away to feed power stations. After eleven years, yes the paper Bitcoin: A Peer-to-Peer Electronic Cash System was published…

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