Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Stanbic IBTC
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Cryptocurrency

88.0% of all Bitcoins mined, as 2.5 million BTCs left to be mine

Mining is the process of adding confirmed transactions to the Bitcoin blockchain.

Published

on

Rich investors are moving cryptos at an alarming rate, Bitcoin, BTC, cryptocurrency,Cryptocurrencies and its usage in Africa

Bitcoin Miners might be going out of BTCs very soon, especially in the aspect of mining Bitcoins.

Data retrieved from an advanced crypto tracker, Bitcoin Block Bot revealed 88.0% of all BTC has been mined. Only 2,520,000 BTC left to mine!

READ: Earning BTCs without Having To Pay Money

READ: Bitcoin whale transfers $641 million worth of BTCs

When all BTCs become mined, BTC miners will no longer be able to collect block rewards since there are no more Bitcoins to be created, meaning BTC miners will only earn from the transaction fees to be collected from every verified transaction.

Although, BTC Miners will continue to protect the blockchain since they will still be making cash via transactional fees.

READ: Meet Theta Fuel, the cryptocurrency that catches world’s attention

Readers should be aware that Bitcoin Miners play a major role in the blockchain ecosystem. Since the last BTC halving done around May 2020, the reward halved from 12.5 to 6.25 bitcoin, meaning Bitcoin Miners now earned about $63,750 ($10,200 x 6.25) per block.

What you must know; Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the blockchain network rewards BTC miners via transaction fees and subsidies. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction.

READ: Leaked memo: CBN instructs banks to blocks bank account of 38 companies for “forex abuse”

This confirming process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.

In spite of the recent sell-offs recorded in the crypto market of late, BTC has performed fairly well, up by over 30% since the start of 2020 maintaining its position above $10k after testing this price level several times. It hasn’t dropped below $8000 since the price started climbing in late July.

bitcoin train

Despite these gains, it has continued to struggle to surpass the new psychological barrier of $12k. However, ongoing bullish sentiment, as evidenced by on-chain data, suggests that many investors would continue to support a price above $8,000

Binance

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement




Advertisement

Nairametrics | Company Earnings