Does it make sense to try mining Bitcoins? Isn’t it a waste of time & energy?

If you are curious about whether or not you should spend time to mine Bitcoins, you must first know the answer to “how many Bitcoins are left?” I do not want to keep you in waiting condition anymore, as it is where you can know “how many Bitcoins are left?” Who imposed the limit? Nobody else but it is the owner of the Bitcoins imposed that limit, but the interesting thing is that nobody knows who he is except his pseudonym.

Well, the truth is, Bitcoin digital currency is continuously being used & liked since its debut in 2009, so it’s been 13 years since it was worth just 1$, to tell you the truth. It would not be wrong to say that nothing stays consistent about this very virtual or digital currency except for its issuance limit which is 21 million set by its creator. That’s the only thing that stayed consistent otherwise the value of the currency is subject to ups & downs.

According to various studies, it has come out that the hard limit set by the owner is not yet over or achieved, so the question arises ‘how many Bitcoins are left to mine? Some studies answer ‘how many Bitcoins are left?’ in a way that around 2 million Bitcoins are still to be mined with some variations in calculations.

Whether or not you should spend time to mine Bitcoins

When someone, especially the creator of something, established the limit of something, they must explain the reasons for the particular upper and lower limit, but here the case is different. Bitcoin’s creator failed or did not deliberately explain the reason for setting the particular upper limit of 21 million.

If you are wondering how many Bitcoins are left to mine, you are hardly alone as the same is the question in many people’s minds. Just suppose for a while that all the Bitcoins have not yet been mined, the chances are that you can mind them by following the way you can mine the coins. It would not be wrong to say that Bitcoins have gone a long way from their beginning to date.

Could there be a particular reason for setting 21 million?

An obvious question comes to my head ‘Could there be a particular reason for setting 21 million? For instance, the Nakamoto could have simply set the limit to 20 million, but there is something special about setting it to 21 million. Even though the best answer can come from the creator, hence some assumptions and calculations made by experts can help you learn the answer to the questions above.

Another question; the limit could have been a billion as well, but it is in a few million. As far as the reduced demand is concerned, the limit may have been set to thousands rather than millions. The fact of the matter is that different people see and consider Bitcoins from their particular viewpoints. For instance, some people love Bitcoins a lot while others think that buying these currencies is building castles in the air that may go down abruptly anytime soon down the road.

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Created on Nov 16th 2022 09:46. Viewed 157 times.

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