In the recent weeks, we’ve had uproars both on the international and local borders on taking stands either for or against cryptocurrencies. It is no news that Bitcoin has always been the chief leader of cryptocurrencies around the world.
Here are facts we believe you should know about Bitcoin mining.
Fact #1 Bitcoin is mined through a process in which a miner solves a computational problem that in turn enables the miner to add a new block to the chain. A miner is rewarded in bitcoin after successfully carrying out this process.
Fact #2 The mining system is designed so that the mining reward is cut to half after every 210k new blocks are added.
Fact #3 In its early days, miners were rewarded 50btc for every new block mined, as at February 2021, rewards are estimated to be 6.25btc for every new block mined.
Fact #4 Not only do miners get rewarded for mining, they also get the transaction fees from trades in the blocks they’ve mined which is currently around $20/trade.
Fact #5 As designed by it’s creator(s), there can only ever be 21 million coins mined.
Fact #6 Of the 21 million, approximately 18.5 million has been mined while the whole 21 million coins is estimated to have been completely mined by 2140.
Fact #7 There are approximately about 1 million miners around the world struggling to add the next block to the chain.
Fact #8 About 66% of the Bitcoin mining around the world happens in China while Dalian, a city in northeast China is known as China’s bitcoin mining capital.
Fact #9 Bitcoin mining operations around the world sucks up about 121.4 terawatt-hours (tWh) of electricity annually which is enough to power Argentina for a year.
Fact #10 The creator of bitcoin is known as Satoshi Nakamoto, however who exactly Satoshi Nakamoto is hasn’t been ascertained till this day.
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