.1. What is Bitcoin Mining?
.2. How it was strated?
.3. When it will end?
.4. How much does it cost?
What Is Bitcoin Mining?
Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards.
How it was started?
Bitcoin mining started way too early after the 2008 reccession in the year 2009. I don’t know the exact date but if you want to know more and I depth, visit blockchain.com. After Satoshi Nakamoto created Bitcoin Blockchain System, the computers started to mine Bitcoin.
When it will end?
The current analysis states that, the last Bitcoin will be mined in the year 2022! So, that means , we have now the opportunity to mine bitcoin for almost 4 years. After the completion of mining process of last bitcoin, the supply of BTC in the market will be 21,000,000 i.e 21 Million Coins!!
How much does it cost?
At average US electricity cost, a BTC network (13mil TH/s network hash rate) consisting of one million S9 Antminners would cost ~ 3,7 mil USD to operate per day. Cost to produce 1 BTC would be 2067 USD.
The cost varies from country-to-country.
Below is the image which shows you the cost of mining 1 btc in different countries:-
The costliest country is NIEU, which is $17,000+!!!!! And the cheapest country is Venezuela, which is $531!!!! So pack your bags and take your mining equipments with you to Venezuela.
So, guys thankyou for coming up till here. If you have any suggestions,doubts,questions, feel free to comment down.
@chavacrypto