Bitcoin mining has reached its 19th million milestone.
This is a significant achievement for the Bitcoin network, which has seen increasing difficulty and hash rate since its inception.
The Bitcoin network is now more secure than ever before, and the 19th million Bitcoin mining is a key part of that security.
With every Bitcoin mined, the network becomes more decentralized and resistant to attack.
Of the 21 million Bitcoin that will ever be available to be mined, there are only two million Bitcoin outstanding that are not in circulation.
Upper Friday saw the mining of the 19th millionth Bitcoin, reaching a milestone for the cryptocurrency.
While the mining of the outstanding 2 million Bitcoin will not happen in a long while.
A newbie in the world of cryptocurrency might be wondering what is all this noise about bitcoin mining?
What Is Bitcoin Mining?
Simply put, Bitcoin mining, as a whole, refers to the process of creating new Bitcoin tokens.
It’s a procedure that involves solving cryptographic problems using specialized hardware to verify Bitcoin transactions.
The first person to solve the problem is rewarded with Bitcoins.
The mining process is what gives the cryptocurrency its security.
Bitcoin miners are rewarded with Bitcoin for verifying and committing transactions to the Bitcoin blockchain.
Essentially, they keep the Bitcoin network running by processing transactions. The more Bitcoin that is mined, the more secure the network becomes.
According to Bitcoin Takeover’s Vlad Costea, “There are still over 118 years until the final block is mined.”
The mining difficulty has increased significantly. The time it takes to mine the first 19 million Bitcoin was 13 years.
But as the reward decreased, so too did the process become more difficult and exponential.
The next halving, which will occur when the Bitcoin network reaches a specific number of blocks mined, is expected to happen in 2024.
The Impact of The19 Millionth Bitcoin On Global Crypto Adoption
Gladstein of the Human Rights Foundation posits that Bitcoin is currently in a similar position to where gold was 50 years ago.
Gold then, like Bitcoin now, was mostly unknown and unappreciated by the masses but was already beginning to be adopted by those who saw its potential.
Gladstein believes, that Bitcoin will continue to grow in popularity and value as more and more people learn about it and begin to see it as a valuable asset.
Today, Bitcoin is a legal tender only in one country; El Salvador. Some people praise El Salvador for driving the adoption of bitcoin, while others criticize it.
Other nations, such as Uruguay and Brazil, have indicated their readiness to follow suit by adopting Bitcoin as a legal currency.
Cryptocurrency has a very high potential for growth, which is becoming increasingly apparent.
More and more countries, including the United Kingdom and the United States, are implementing rules to regulate the sector, making it an easier industry to start up with well-defined legal boundaries.
However, other countries still, such as China and Egypt, have slammed a blanket ban on the industry, claiming that, the crypto space is one of strife and illicit possibilities.
The 19 millionth Bitcoin is a significant milestone for the cryptocurrency.
But it is also a reminder of how far Bitcoin has come and how much potential there is for further growth.
As adoption increases and more people become aware of Bitcoin, the value is likely to continue to rise, making it an increasingly attractive investment.
Regardless of all the arguments for and against the crypto industry, cryptocurrencies especially Bitcoin will rule the market for some time to come.
Only investors with discerning abilities will see beyond the cloud and take advantage of the opportunity therein.