Bitcoins are now more difficult to mine
July 10, 2016 Kishore Ganesh
There are at least half a dozen cryptocurrencies on the market, but Bitcoin is by far the most valuable and is more popular than other currencies. Over the past few years, we have seen Bitcoin being accepted in major stores like Steam, and so its popularity is on the rise.
As more miners join the Bitcoin community, more bitcoins are being generated and so to prevent inflation, the algorithm that miners have to solve to generate Bitcoins becomes more complex every four years.
On July 9, the four-year measure kicked in, and now the Bitcoin reward has been halved. Many might think of this as a bad thing, and for many miners it is bad, but for Bitcoin as a whole, it is a useful measure.
Bitcoin seeks to revolutionize our current currency-system, and wants to replace the current fragmented ecosystem with a secure decentralized currency that cannot be tampered with.
What do you think?
https://techgeekforever.com/2016/07/10/bitcoins-are-now-more-difficult-to-mine/
July 10, 2016 Kishore Ganesh
There are at least half a dozen cryptocurrencies on the market, but Bitcoin is by far the most valuable and is more popular than other currencies. Over the past few years, we have seen Bitcoin being accepted in major stores like Steam, and so its popularity is on the rise.
As more miners join the Bitcoin community, more bitcoins are being generated and so to prevent inflation, the algorithm that miners have to solve to generate Bitcoins becomes more complex every four years.
On July 9, the four-year measure kicked in, and now the Bitcoin reward has been halved. Many might think of this as a bad thing, and for many miners it is bad, but for Bitcoin as a whole, it is a useful measure.
Bitcoin seeks to revolutionize our current currency-system, and wants to replace the current fragmented ecosystem with a secure decentralized currency that cannot be tampered with.
What do you think?
https://techgeekforever.com/2016/07/10/bitcoins-are-now-more-difficult-to-mine/
