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80% of total bitcoins have already been “Mined”

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Bitcoin mining

Bitcoin is precious, and there is a limited supply of world’s biggest crypto currency. Cryptocurrency wallet and tracking website Blockchain.info shows on Saturday that total amount of Bitcoins in circulation crossed 16.8 million mark, that equals 80% of total bitcoins that could be mined (21 million).

According to the whitepaper issued by Satoshi Nakamoto, total bitcoin supply is limited at 21 million and 16.8 million have already been mined means 80% of Bitcoins are mined.

With less than 4.2 million tokens left to be mined, cryptocurrency is only 20 percent away from reaching its hardwired 21 million token limit.

There are currently just over 16.8 million tokens in circulation with market price of around $14000, and market cap of $240 billion.

Mining is getting tougher

Each bitcoin is mined from what is known as a block , a data set on the blockchain  which releases a handful of tokens each time it is successful broken down.

But the computer algorithms behind the blocks are getting harder to crack. It is a feature of the system that encouraged early adoption and now fights off inflation.

The current block reward is 12.5 bitcoin, but approximately avery 210,000 blocks the reward is cut in half. This will happen sometime in 2020.

The original mining reward stood at 50 tokens before it was halved to 25 and then 12.5. The next reward will only account for 6.25 tokens per block, thus making mining unprofitable.

Price is expected to rise

The increasing difficulty is clear because all bitcoin were already mined by 2017, but between 2016 and 2017 only 7 per cent were released. Then from 2017 to 2018 only another 3 percent were mined, and next year this number is expected to be even lower.

Some experts have suggested that once the number of available tokens decreases, bitcoin’s price tag could go through the roof.

Jamie Redman, contributor to Bitcoin.com, said: “In most cases when an asset is limited and resources are harder to come by, the supply causes demand for the market.

“The supply of bitcoin shows a significant gap between how many there are and those who want to obtain some”

Price is expected to go higher by the time as mining rewards are shrinking and demand is getting higher.

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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