Read the success stories of crypto entrepreneurs.

Discussions are fun when we are part of a community.
Login Free Registration

Get 10 AltcoinN Points just by registering on this forums.


Miners Are Producing More Bitcoin (BTC) Than Expected Since 2019

SourceOriginal
#1
Bitcoin Exchange Guide

 
Bitcoin News
Miners Are Producing More Bitcoin (BTC) Than Expected Since 2019
By AnTy- February 17, 2020
Miners Are Producing More Bitcoin (BTC) Than Expected Since 2019
763,688 BTC have been mined instead of the predicted 739,800 BTC
This is because of “all of the hash coming on during the bull run”
Only 84 days are left for the third bitcoin reward halving, scheduled in May 2020. After this event, the mining rewards will get reduced to 6.25 bitcoins per block resulting in 900 new bitcoins mined per day.

Currently, 144 blocks are mined per day on an average in the Bitcoin network, with 12.5 bitcoin as the rewards corresponding to each block. This results in 1,800 new bitcoins to be mined per day. As such, Bitcoin blocks are mined on an average of every 10 minutes.

However, the actual figures are much higher.

Starting in 2019, more than 1,800 bitcoins are mined each month than predicted. The total BTC predicted to be mined is 739,800 BTC however, the actual figure is 3.2% higher at 763,688 BTC.



This is because of the ever-increasing hash rate. On Jan. 17, the hash rate of the network made its all-time high at 126.1 Th/s. Also since Jan. 14., hash rate hasn’t dropped below 100 Th/s.

This fast pacing of hash rate in 2019 and now 2020 has the bitcoin blocks mined much faster.


 
However, in 2018 as well, blocks were mined much faster than predicted at the beginning of the year due to “all of the hash coming on during the bull run,” noted analyst Ceteris Paribus.

Hash rate has always been on the increase but during 4Q18, it took a drop of nearly 40% and bottomed in Dec. 2018 just like the price. Ever since then, we have been back to making new highs.

During the time when price and hash rate both tanked in late 2018, blocks being mined also “slowed considerably.”



This is expected as with so much hash rates added, difficulty can’t keep up and blocks are mined much faster and producing more bitcoins and more rewards for miners.

For miners, it is an opportunity to rake in 12.5 BTC for each block mined which will be cut down to half in May 2020.

But as we reported, the upcoming halving will result in doubling the cost of mining bitcoin. Currently, the average cost of mining one BTC is $6,851, which could about double to $12,525 after the halving assuming the hash rate stays at its current level. The analysis also assumes electricity price at 6 cents, which is higher than the 2 cents it costs big crypto mining firms.


 
This estimated cost is above the current market price of $9,800 and if BTC price doesn’t rise, it will turn mining bitcoin into a loss. In that case, while some miners will still be profitable, a lot of miners will operate at a loss and will shut down their rigs.

Bitcoin (BTC) Live Price
1 BTC/USD =$9,531.28 change ~ -3.75%
Coin Market Cap

$176.17 Billion
24 Hour Volume

$10.56 Billion
24 Hour VWAP

$9.79 K
24 Hour Change

$ -371.3900
Index
Coinsbit
P2PB2B
bitasset
lmax
Coinbase
1D
1W
1M
3M
1Y
ALL
Previous Review
Bitcoin (BTC) Price Analysis (February 17)
AnTy
AnTy
AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.
   

 
Latest Crypto News
5 China-Based Entities Control 49.9% of Bitcoin (BTC) Hash Rate: TokenAnalyst Report
5 Chinese-Based Entities Control 49.9% of Bitcoin (BTC) Hash Rate: TokenAnalyst...
February 1, 2020
2nd Largest Bitcoin Mining Pool Produces A Stale Block, Leading To A $3 Double Spend
2nd Largest Bitcoin Mining Pool Produces A Stale Block, Leading To...
January 27, 2020
Bitcoin (BTC) Segregated Witness (SegWit) Transactions Hit An All-Time High At 64%
Bitcoin (BTC) Segregated Witness (SegWit) Transactions Hit An All-Time High At...
January 21, 2020
NO COMMENTS
LEAVE A REPLY
Comment:
Name:*
Email:*
Website:
Save my name, email, and website in this browser for the next time I comment.

Bitcoin Exchange Guide
ABOUT B.E.G.
Bitcoin Exchange Guide is a hyperac

tive hybrid of heavy-handed cryptocurrency content curation creators from christened community contributors who focus on delivering today's bitcoin news, cryptoasset user guides and latest blockchain updates.
Reply