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Trading has come a long way, from bartering to stocks, and now we have cryptocurrency. 🚀 Share your thoughts on the future of crypto! 💭 #CryptoEvolution #FutureOfTrading #cryptocurrency #bitcoin #digitaltrading #GOM #godofmining

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Diving into the World of Crypto by exploring the Difference Between Mining and Stocks! 💰📈

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Facing the Crypto Fear: Empowering Investors to Overcome the Uncertainty 🌟💼

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🔮 Peek into the Future: Unveiling the Top 10 Cryptocurrencies for 2024! 📈💰

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365 Days, 1 Mission: Exploring the Future of Web 3.0, Blockchain, Halving, and Cryptocurrency 💻🔗💰 ARE YOU READY? "Day 365" #crypto365 #blockchainfuture #web3.0 #Bitcoin #Ethereum #Money #godofmining

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How Did Crypto Mining Start?

A Brief History on How Crypto Mining Started

When Did Crypto Mining Start?

Going all the way back to 2009, a new form of a monetary system was created using blockchain technology. Its creator Satoshi Nakamoto, intended for bitcoin to be a way for people to spend money on the internet, but with no control from central governments or single entities. Bitcoin was created on the basis of a peer-to-peer network, meaning that you and I can send each other money without the need of a middle man. To achieve this decentralized dream, Satoshi mined the starting block of the chain, known as the “Genesis Block”. Leaving a little message for the upcoming generations. "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".

But Why Does Bitcoin Have to Be Mined?

When it comes to the proof-of-work systems(mining), human greed creates a self-protecting and secure blockchain. In order to bring new bitcoins into circulation, mining has to take place. Mining cryptocurrency is done through machines with high computing power to verify transactions. These machines require electricity and their price can range from 500$ to 30,000$ or even 40,00$! That’s a lot of money right, what’s the catch? Miners who verify transactions and add them onto the blockchain get rewarded with newly minted coins. So new coins enter circulation because miners are being rewarded for keeping the blockchain secure and decentralized.  

More on Verifying Transactions

Blockchain makes use of mining to ensure every transaction carried out on the platform is verified simultaneously, blocking out the possibility of double-spending and counterfeiting. Double spending: The risk that a cryptocurrency can be used twice or more Every transaction is added to a block, and when that block reaches its limit, it gets added to the blockchain. Every new block makes the previous blocks and the whole blockchain more secure. It will require tremendous speed to alter just one transaction before a new block is added. The hacker must have more than 50% of the entire hash power in order to succeed (51% attack). making it almost impossible to hack.

How Did People Mine Crypto Back in The Day?

Well, crypto mining wasn’t nearly as popular or profitable as it is today. It was more of a hobby, not a “money-making business”, that can be done on your PC or laptop. The average CPU was enough to compete for mining a block. When bitcoin was first mined in 2009, mining one block would earn you 50 BTC! Some people mined thousands of bitcoins and had them stored away on a ledger (a hard wallet), and some bought pizzas with their bitcoins. However, when more people started picking up on crypto mining, the hasrate of the network grew too much for CPU mining to compete, and new equipment was introduced. GPU mining became the only way to mine bitcoin. but, as the number of miners increased yet again, the network grew larger and Asics were introduced. They are more powerful than GPU with greater hash power. It’s important to note that an increase in the number of miners doesn’t mean that the reward per block exceeds 6.25 BTC (this number will remain the same until the next bitcoin halving in 2024), thanks to something called the “mining difficulty”, which we’ll get into in a bit.

Why Did Mining Change?

The transition from CPU mining to GPUs and ASICs happened because the number of people who joined the network increased. Therefore, you need more hash power in order to compete and stay profitable, especially with the mining difficulty adjustments. Let’s take this analogy to make things clear. Let’s say that 100 builders can finish building a house in 10 days, this means that 200 builders can finish the same house in 5 days. An increase in the number of builders means that the house will take less and less time to be complete, allowing them to move on to the next one much quicker, right? Satoshi thought of this scenario, and to prevent bitcoin from losing its value by introducing large amounts of coins in a shorter time span, he created the mining difficulty to ensure that the time interval for one block to be mined in the bitcoin network isn’t less or more than 10 minutes. The mining difficulty refers to the difficulty of solving the cryptographic equation and generating bitcoins. It’s affected by the number of new miners that have joined the network. This difficulty is adjusted every 2,016 blocks or approximately every two weeks. 2014, as the price of bitcoin rose, more miners joined its network, and the average time to discover a block of transactions fell to 9 minutes instead of 10 minutes. So, the difficulty was increased. The opposite can happen as well, a decrease in the number of miners decreases the difficulty. Do I make more bitcoin if the difficulty is low? Yes! Since fewer people are competing for the same block, so your chances increase without having to upgrade or add to your hash power.

What Were The Speculations Around Mining?

Energy consumption remains the most prominent speculation since the dawn of crypto mining. It’s no secret that mining bitcoin or any other cryptocurrency requires a hefty amount of energy, and can have a massive draw on the world’s energy resources if miners insist on non-renewable and carbon-intensive energy resources. This is not the case though, it’s already true that many large mining facilities have been located near low-cost, low-carbon energy sources for this very reason. For example, many of the world’s largest mining facilities are located near renewable energy sources (hydro, wind, and solar) in China, Georgia, and Iceland. Cryptocurrency supporters argue that because miners have an incentive to minimize their energy costs they will naturally seek out the most efficient machines and the cheapest electricity, which will ultimately lead to improvements in computing efficiency that will spill over to other industries. The need to mainstream bitcoin and regulate cryptocurrency markets is likely to accelerate research into reducing the cost of storing renewable energy. Regulations to streamline cryptocurrency mining will ultimately lead to the use of renewable energy, bringing crypto closer to being accepted as legal tender.

Where Is Crypto Mining Now?

Currently, there are about 900 new bitcoins being mined every single day. If this continues to be the case throughout 2022, then about 328,500 bitcoins could be mined this year. Even with the bearish market, the total hash power of the network is recording new highs. This means one thing, people finally understood how to be profitable and take advantage of the market to maximize their profits. During summer 2021, the bull run of the market attracted a lot of new miners joining the industry by buying their equipment at a very high price, to have a piece of the instant and attractive returns. But as much as you enjoy instant rewards, you have to be strategic when entering this industry. Just as traders have their famous “buy low, sell high” phrase, the mining community’s advice to potential miners is to wait for the bear market to join, simply because the prices of the machines are lower, making it quicker to gain back the amount invested when the market recovers.

What Does the Future Hold For Miners?

The Bitcoin ecosystem is still developing, making it possible if not likely that Bitcoin itself will continue to evolve over the coming decades. However, as Bitcoin evolves, no new bitcoins will be released after the maximum number of bitcoins (21 million) is reached. Bitcoin transactions will continue to be pooled into blocks and processed, so Bitcoin miners will continue to be rewarded, but likely only with transaction processing fees. If the Bitcoin blockchain in 2140 processes many transactions, then Bitcoin miners will generate great profits from transaction processing fees alone. This applies only to bitcoin and coins with a limited supply. On the other hand, cryptocurrencies with an unlimited supply or with a larger supply than bitcoin (Ravencoin supply is 21,000,000,000) will still be mineable as long as the blockchain system exists. Crypto mining is necessary to maintain the blockchain’s security and decentralized nature. There is a positive look at the future from crypto miners and crypto supporters with current improvements in equipment and the use of renewable energy. Crypto mining has a bright long-term future, and we're just getting started.     Read the full article