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A gentle introduction to bitcoin mining – Bits on Blocks

Started by Bitcoin, Sep 15, 2022, 09:10 am

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A gentle introduction to bitcoin mining - Bits on Blocks

With energy costs rising, Bitcoin mining profits are dwindling. And competition grew as the cryptocurrency hit all-time highs over the past year,  bitcoin meaning ever more machine-power would be needed by miners in order to keep earning Bitcoin. All of this consumes an incredible amount of energy. Bitcoin miners use up more electricity than the countries of Kazakhstan and the Philippines, according to the Cambridge Bitcoin Electricity Consumption Index .

Even leek BTC een gooi te doen naar het $23.000, maar door de koersval van vandaag lijkt dit niveau weer ver weg. De laatste inflatiegegevens hebben roet in het eten gegooid voor alle handelaren die hadden verwacht dat de Bitcoin koers in september eindelijk zou beginnen te herstellen.

The reward for  btc validating a block on the blockchain is cut in half after every 210,000 blocks are mined. In approximately a year and a half, that reward will get cut from 6.5 Bitcoins to just over 3. Setting aside energy and competition, Bitcoin mining isn't likely to get any more lucrative. At current Bitcoin prices (trading at approximately $21,000 at publishing), that means the reward drops from $136,500 to $65,625 in 2024. This happens roughly every four years.

Bitcoin mining maintains the cryptocurrency's digital ledger, known as the blockchain, by validating transactions inside of a block and adding it to the chain. When a block is added, miners are rewarded with Bitcoins. The process to validate the transaction has often been explained as computers solving advanced mathematical equations, but it's really more like complicated guesswork.

Dit terwijl analisten hadden verwacht dat de inflatie juist met 0,1 procent zou dalen. De inflatie is in augustus namelijk weer met 0,1 procent gestegen. Hoewel de gasprijzen sterk zijn gedaald met ongeveer 10%, werd deze gecompenseerd door stijgende prijzen voor onderdak, medische zorg en voedsel.

For comparison, in the previous month, miners only sold off around 20 percent of the Bitcoin that they were able to mine, and the rest of their rewards were typically held in hopes of higher eventual profits as Bitcoin's value soared. In an unusual trend throughout May, Bitcoin miners actually sold more Bitcoin than they obtained through mining, according to the digital asset analysis firm Arcane Research.

Een hoge inflatie is een slecht teken voor risicovolle investeringen zoals crypto en aandelen. Het betekent namelijk dat de centrale bank meer inspanningen moet verrichten om de inflatie te bedwingen en de kans groot is dat ze dus weer de rente zullen verhogen. Veruit de meeste analisten verwachten echter dat de rente met 75 basispunten verhoogd zal worden. Sommige analisten verwachten nu zelfs dat de Federal Reserve de rente met een enorme 100 basispunten (1%) wil gaan verhogen.

Satoshi realised that an intrinsic source of funding, where a payment is paid by the system rather than by any external party, would be the answer. Theoretically, the more valuable the tokens become, the more money can be spent mining, leading to an increase in security and an increase in the value of the network. This is why miners are paid by the system, in tokens which have a value that is related to the size and security of the system.

Bitcoin is trouwens niet de enige cryptomunt die zwaar te lijden heeft onder de nieuwe inflatie gegevens. Ook Ethereum heeft 5,2 procent verloren en Cardano en Solana verliezen beide zo'n 5,6 procent.

Both the industrial site and the nightclub were closed for the summer holidays at the time of Singh's offenses. Investigators found Singh stole power from the Firefly nightclub in Loughborough,  bitcoin a town about 100 miles northwest of London, and  btc from an industrial site in another town roughly 12 miles from Loughborough.

A man in England was sentenced to more than a year in prison for stealing $44,000 worth of electricity, according to a report Thursday. An inspection of the 40-year-old man's premises showed he was running more than 200 devices using stolen power. The electricity was diverted from two locations that were closed for summer holidays.

He was caught bypassing electrical mains to power his machines, with the stolen energy worth up to £32,000 ($44,000), according to a report Thursday from news site Leicestershire Live. Cryptocurrency trader Sanjay Singh pleaded guilty to two counts of "abstracting" electricity from two locations.

To conclude, bitcoin mining is the theoretically decentralised process where anyone can add a block of transactions to the bitcoin blockchain, without needing permission from any authority,  btc and get paid in bitcoins for it. It is made deliberately difficult, using proof of work as a defence against Sybil attacks. The mining difficulty increases with the network hashing power, so the more processing power of the whole network there is, the the more power someone needs to assert control over the network.

The mining process requires a lot of high-powered (and expensive) computer processing power mustered in order to be the first to validate a given block of transactions. The process also gets more complex, and in turn more costly, as time goes on.image

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