Bitcoin Mining Take Us To The Moon

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Bitcoin hasn’t even gotten to its teenage years yet. When Satoshi published his white paper in October 2008 detailing the creation of a new monetary system, no one knew that in less than 13 years bitcoin would rise to a market cap of $850 billion. It would also lead to thousands of other cryptocurrencies, foster an entire financial services industry and become a new asset class that is revolutionizing money as we know it.

But bitcoin doesn’t just appear out of thin air. You have to mine it. And with all eyes on the minute-by-minute price of bitcoin, its expanding adoption and who’s going to tweet what to make the price change, there isn’t much attention being paid to bitcoin mining: what it is, what it does and the impact it’s making worldwide.

We’ve been mining bitcoin for seven years and have helped the industry evolve and adapt. Here’s the story of bitcoin mining that most people don’t know and the trends that have shaped the industry.

Bitcoin Mining Is Born

Bitcoin is a system of decentralized currency that acts like gold: it’s a store of value and a finite commodity. This means that it’s limited in supply — only 21 million bitcoin can ever exist — making it inflation-proof. Those who want to use bitcoin don’t need to be subject to governmental oversight that could change the value of it or determine who can use it.



Source link Bitcoin Magazine

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