Topic: The future of Bitcoin mining - page 2. (Read 265 times)

I'm struggling between understanding whether you're encouraging mining or buying of Bitcoin and again if you're giving us an effect of halving in this your post OP it's clumsy so many things said.

I don't actually have the capital to start up a mining farm considering the cost of mining machines, electricity bills and other  equipments, I wish I had. But that doesn't mean I should not encourage other who are financially capable of setting up a mining farm to do so.


I have done that, thanks for the reminder

Please enlighten because I honestly understand this statement of yours. How is the buying and selling of Bitcoin affects the mining of Bitcoin? 21 million can be mined since that’s the total supply designed by Satoshi but not all of them will be in active circulating because of the Bitcoin from lost wallet.

The fact that bitcoin is already capped at 21 million is already a scarcity, the scarcity doesn't start when all the bitcoin has been mined. I don't think it's the time, mining equipments are getting more expensive and with the halving ever nearing, it's going to get much harder for individuals to earn bitcoin through mining, you have to also consider that rigs get hot and you will need an air conditioning or cooling for your rigs and that's an addition to your cost for maintaining a small mining operation.

Op you have to put the sources of your information because your thread is talking about the historical analysis of bitcoin so we will need to read the sources to tally the information provided. Mostly your pictures. And I don't think the 21 million bitcoin will be all mined because every day people sell and people buy so bitcoin is always in circulation in the market. So I don't know why these threads are coming these days.

Since you have made this conclusion, it's mean you know mining is profitable.

Now I want to see the picture of your mining farm, how much your expenditure and how much the profit you made until now. It's not make sense if you suggest us to mine Bitcoin when you're not know how profitable is mining Bitcoin right now.

I will wait your next reply, just upload your image in third party hosting image e.g. talkimg share the link here.

The total amount of Bitcoin to ever exit equals 21million and and after this bitcoins have been mined there will be no generation of new coins into the system, and this will causes scarcity (limited supply) thereby increasing its price. According to the law of supply and demand in economics which state that as supply decrease, while demand remain unchanged the price increases. This theory can be used to predict that Bitcoin would be able to ascertain of height of price worth millions of dollar, having this knowledge I recommend that buyers should go into long term holding of Bitcoin as each halving comes with reduction of coin supply.

Total circulated coins from 2009-2023


there are 19,452,931.25 total circulation of Bitcoin in the world, remaining 1,547,068.8 to be mined for the next 116 years to come, and after these coins have been mined there would be no more block rewards for miners who successfully guesses the block number, the only payment they'll get at that time would be the transaction fee for every transaction in the block which they validates, and these transaction fee can only profit the miner if the fee surpasses the expenses of the mining farm, and this can be possible when the  acceptance of Bitcoin by nations, companies, businesses, etc increase to a reasonable amount whereas also increasing its transaction rate, though miners are now beginning to use renewable energy source for mining so as to increase profit but this will not guarantee their satisfaction.

BTC circulation till the end of the halving


The current block reward for mining is 6.25 Bitcoin for an average of 10minutes which is regulated by the mining difficulty so that coins are not mined too fast or too slow, the mining difficulty increases if it takes less than a week to mine 2016 blocks while it decreases if it takes two weeks to mine 2016 blocks,
This difficulty will eventually frustrate some miners to quite especially when mining reward gets to 1satoshi per block, even it Ai are used in future mining to increase efficiency and speed they can not exceed the mining difficulty.

Conclusion
Now is the time to go into mining and buying of Bitcoin as each halving reduces the block reward by 2 which causes scarcity that has the potential of increasing price.

Source
https://www.statista.com/statistics/247280/number-of-bitcoins-in-circulation/

https://www.google.com/search?q=total+circulated+bitcoin&oq=total+circulated+bitcoin&aqs=chrome..69i57j0i13i512j0i390i650l3.17669j0j4&sourceid=chrome-mobile&ie=UTF-8

https://www.coinbeast.com/post/bitcoin-halving-dates-clock-countdown-chart

https://stormgain.com/blog/how-long-does-it-take-mine-bitcoin?amp