Satoshi Nakamoto designed Bitcoin in such a way that it is limited to 21 million circulation. It can’t cross that threshold. It is to be noted that eighty percent of all the Bitcoin in existence is already mined.
This means there are only four million bitcoins remained and they are being mined at a rapid pace. The estimated number of Bitcoins mined has crossed the 17 million threshold this year.
At the current rate the Bitcoin mining will be finished in 12 years. The report on the Blockchain.info states that 16th million Bitcoin was mined a year earlier and now the seventeenth is also crossed.
Bitcoin was first mined in 2009 and it was claimed then that it will just take about two hundred days to produce one million bitcoin. These claims were very highly optimistic as was shown during the last year that even with highest publicity and crypto momentum, it took almost a year to complete 1 million bitcoin mining.
The mining is not as easy as was assumed in 2009. It is complicated and requires immense ingenuity and experience to pull it off. The governmental regulations doesn’t help the miners as Chinese crackdown has demonstrated.
Their exodus to the south East Asian countries was not very successful given the logistical nightmares they have been put through. Despite given Russian offers to shift, South East Asia was preferred by Chinese miners.
South Koreans being paranoid has already shown their propensity towards cracking down on the crypto community.
And if one is residing in sub-tropical or tropical environment, good luck to processors to pull that off. The exorbitant electricity cost will get multiplied as it requires further air conditioning installment to slow down the huge processors.
Satoshi Nakamoto holds 980,000 Bitcoins which comprises almost five percent of all Bitcoin in existence.
Shubham Dwivedi is an ardent crypto enthusiast, gamer, fanatic binge watcher, and researcher. He writes frequently on the blockchain, crypto market, and ICOs. Self-proclaimed Libertarian and fan of Milton Freidman, his interests lie in the intersection of technology, economics, and politics. DC Fan but also loves Marvel, Manga Otaku, promiscuous reader and habitual cinephile.
Disclaimer: This article should not be considered as an investment advice. Please conduct your own research before investing in any cryptocurrency.
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