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Bitcoin’s network keeps getting bigger with each passing day. As of 2021, it is reported that there are around 5 million users and thousands more are joining every day. The reason why Bitcoin is so well-accepted by people is that it possesses tons of fantastic features/advantages.
For starters, it allows people to make a profit. Not only that, but those that use it as a payment method experience instant online transactions, greater online security thanks to the fact that they are provided with online anonymity, and they void fees because banks are excluded from each transaction.
One of the main processes that power Bitcoin is mining. Bitcoin mining is exactly the topic that we wanted to discuss in this article. We’ll be naming and explaining a few interesting things that you should know about it. Without any further ado, let’s dive into the details.
They Maintain the Network’s Stability
Bitcoin mining is part of the technology that powers Bitcoin, which is blockchain. Here’s how. The process of Bitcoin mining involves solving extremely hard puzzles with the purpose of recording and verifying transactions made with this cryptocurrency. Each bitcoin user can participate in it. All it takes is a powerful device to withstand the process.
Each transaction that you verify is known as a block and it becomes part of the blockchain. Thanks to Bitcoin mining, Bitcoin manages to remain self-sustainable, highly decentralized, and out of the control of banks and authorities.
Bitcoin Mining Leads to Rewards and Profits
There are two additional things that you should know about Bitcoin mining. First off, the process is completely free. Not only that, but all those who record these transactions are rewarded with Bitcoins. The math is simple – the more Bitcoins you mine; the more Bitcoins you receive as rewards.
The Bitcoins that you receive can be used as a payment method. If you are into the crypto world for a profit, then you can use them at trading sites such as BitQT to make money off them. This particular site has advanced services that will allow you to maximize your revenue. Trading has become very popular and some research showed that there may be as many as 100,000 people who earned at least $1 million by trading with Bitcoin.
These days, Bitcoin trading is very popular thanks to its value. It is even expected that the number of traders will rise more by the end of 2021 due to the fact that experts stated that Bitcoin is expected to rise as much as $100,000.
When Will All Bitcoins Be Mined?
As with any fundamental, Bitcoins are finite. They cannot be mined forever. Experts think that 99% of all Bitcoins will be mined by 2032. But, the more interesting fact is that it will take a lot more time for that number to reach 100%. Reports state that 2140 is the year when all Bitcoins will be mined.
Halving is Its Counterpart
As you may have concluded by now, the main goal of Bitcoins is to release more units of his cryptocurrency into the network. But, as all things need to be balanced, so does Bitcoin mining. Just like Yin and Yang, mining’s counterpart is halving.
Bitcoin halving is an event that takes place when 210,000 Bitcoin is mined. That usually takes 4 years. When this event occurs, it becomes extremely hard for people to mine Bitcoins, and the circulation of units is drastically lowered. The main goal of halving events is to make sure that the network is not overflown with Bitcoins.
There have been three halving events so far –one in 2012, one in 2016, and the last one were in 2020. Additionally, three more events of this type are scheduled to take place in 2024, 2028, and 2032.