Bitcoin Mining Passes the 80 Percent Mark. A vital part of the bitcoin is that it is designed to have a limit as to how many coins can be produced in its lifetime. Only 21 million bitcoins can potentially be mined. This could influence the value of the bitcoin as it becomes harder for people to find them in the future. It will also be harder for people to mine bitcoins as they become more complicated and detailed in their layouts.
But the bitcoin mining practice continues to run throughout the world. The currency reached a massive milestone when the currency reached the 80 percent mark regarding how many coins have been mined. This is one of the largest totals in terms of cryptocurrencies and how often they are mined versus how much can be produced during the lifetime of that currency.
During the past weekend, the total number of bitcoins mined reached the 16.8 million plateau. This is equal to 80 percent of the possible bitcoins that can be produced. It is a very high total that is expected to become even more significant as the bitcoin continues to be analyzed and reviewed.
The extensive coding and processing power needed to mine new bitcoins will become greater as fewer coins are available. The coins will become scarce as mining functions start spending more time just to get these coins mined.
Also, the reward number for each blockchain block that is mined will be halved for every 210,000 blocks that are mined. The original reward for mining was at 50 bitcoins for each block mined. That total has been halved as more blocks are being produced. At this point, the reward is 12.5 bitcoins for each block mined. That number is expected to be cut in half to 6.25 bitcoins per block later in the coming year.
The declining rewards and the added complexity of the bitcoin mining process could keep people from mining altogether. The changing value of the bitcoin might make an impact though, what with the bitcoin being in the five-digit range for its value. The extreme volatility of the currency may still be a concern to be aware of as it evolves and changes.
Estimates suggest that based on how much effort will be required in the future and how much mining is taking place right now, the last bitcoin is expected to be mined in 2040.
The ongoing increase in difficulty for mining the bitcoin could cause groups to start charging more for their mining functions. This comes as the bitcoin becomes a more inviting currency to use for online transactions and functions. People could increase their fees for using the coin, thus improving upon how well they can get funds for their mining needs.
The chances for the value of the bitcoin could still increase as a result of this. The move may come from how it is becoming increasingly hard to get bitcoins. This may also develop from the bitcoin being more valuable to those who actually have it, what with the fees associated with the currency potentially starting to go up.
