Thursday, April 26, 2018

Bitcoin Milestone: 17th million Bitcoin could be mined as early as today which also means production costs will continue to grow exponentially

It is ironic that as more and more Bitcoin miners came online last year than ever before, the amount of cryptocurrency mined has actually declined year over year.  And as the next milestone for Bitcoin comes upon the markets, perhaps even as early as today, the result will mean that extracting the cryptocurrency will exponentially get harder, and much more expensive.

17th Million Bitcoin watch:

Barring an unforeseen event, the 17 millionth bitcoin is likely to be mined in the coming day, data from Blockchain.info shows, a development that would mark yet another milestone for the world's first cryptocurrency. That's because as per bitcoin's current rules, only 21 million bitcoin can ever be created. 
Stepping back, the milestone, the first million-bitcoin marker to be crossed since mid-2016, is perhaps noteworthy as yet another reminder of the technology's core computer science achievement - digital scarcity created and enabled by shared software. – Coin Desk
However as noted above, an article we published just a few days ago shows that Bitcoin miners now need a minimum of $8600 per coin just to break even.  And with each subsequent coin being harder and harder to mine, this break even cost will only get higher.

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