Bitcoin Mining Surpasses 19 Million Milestone: The DONG-A ILBO

Cumulative mining of Bitcoin, which has a mint limit of 21 million, hit the 19 million mark on Friday, Cointelegraph reported on Sunday (local time). According to Cointelegraph, the 19th millionth Bitcoin has been mined by SBI Crypto, reducing the number of Bitcoin remaining to less than two million.

Bitcoin is a digital asset based on blockchain technology that was created by a man with an alias “Nakamoto Satoshi” in 2008. Bitcoin users update the record of all his transactions across the world every 10 minutes at name of central banks, the entity that generally mints and manages the national currency. Whoever solves a complex computer puzzle and first verifies the integrity of the ledger is rewarded with a virtual asset, called “mining”. Records of transactions renewed every 10 minutes are linked together like chains thanks to blockchain technology.

Bitcoin mining started in 2009. The difficulty of math puzzles is designed to scale with the number of miners to maintain the amount of Bitcoin supply. Miners, usually armed with hundreds of computers to solve the puzzle, enjoy mining rewards and transaction fees. According to CNBC, the cycle for such an adjustment comes every two weeks.

Crypto experts predict Bitcoin mining will be complete sometime in the year 2140. But their opinions vary as to how Bitcoin will fare after that. Some argue that Bitcoin’s ecosystem would collapse as there would be no more incentives to keep the ledger, and others are of the view that Bitcoin’s growing scarcity will cause prices to spike, offering fees sufficient for the miners to survive.

Seong-Mo Kim mo@donga.com

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