This newsletter is sponsored by Bitget! Bitget is the best crypto exchange for both spot and leverage, the world’s largest crypto copy trading platform, and the official partner of Juventus Football Club. They are offering my subscribers up to a $3000 bonus for signing up. You can find out more by clicking here! If you like puppies, unicorns, good beer and fun, then check them out and show your support for the Wolf Den!The 19 millionth Bitcoin was mined on Friday, a major milestone for the network. Many are concerned that there are only 2 million Bitcoin left to be mined and that they are running out of time to accumulate.Have no fear.Thanks to the halving, being 90% of the way to mining all of the Bitcoin that will ever be created is of little concern. Bitcoin is still young.About every 4 years, or 210,000 blocks, the Bitcoin reward for miners is cut in half. Every 10 minutes, miners are awarded 6.25 Bitcoins for validating a new block. In 2024, Bitcoin’s scheduled reward will drop from 6.25 to 3.125 Bitcoins per block. This means it is becoming harder and harder to reach the 21 million limit. In fact, it has taken roughly 13 years to mine 19 million, Bitcoin, but will likely take another 120 years to get through the final 2 million.Math is cool.What happens when all of the Bitcoin are mined? Are we doomed?Absolutely not.By the time Bitcoin’s supply is fully mined, miners will be profitable by simply verifying transactions. Bitcoin will be so valuable that this "small fee" will be enough to incentivize them to keep securing the network. More importantly, there's plenty of time to prepare for this critical moment - it won't happen until about 2140. Like most potential issues, it will be up to future generations to solve with technology that we cannot even fathom. So don't get your undies in a wad.There are a couple of other questions that newcomers often ask that are worth addressing briefly.First, how does the block reward maintain its near-perfectly timed 10-minute distribution? This lies in an impeccably designed feature called the difficulty update. Depending on the number of given miners, the protocol adjusts the difficulty (every two weeks) required to mine a block to ensure the hash takes about 10 minutes to solve.Second, how do miners sustain themselves if only one miner wins? The answer is with mining pools. The vast majority of miners work together in pools, offering up their computing power to a large group and sharing the rewards for their collective work. This way miners are almost always collecting income and remaining profitable.What a beautiful network.In This Issue:19 MillionBitcoin Thoughts And AnalysisAltcoin ChartsLegacy Markets - Yield CurvesWas Trezor Breached?Did Vitalik Defend Bitcoin Maximalism?My Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #470 - 19 Million
The Wolf Den #470 - 19 Million
The Wolf Den #470 - 19 Million
This newsletter is sponsored by Bitget! Bitget is the best crypto exchange for both spot and leverage, the world’s largest crypto copy trading platform, and the official partner of Juventus Football Club. They are offering my subscribers up to a $3000 bonus for signing up. You can find out more by clicking here! If you like puppies, unicorns, good beer and fun, then check them out and show your support for the Wolf Den!The 19 millionth Bitcoin was mined on Friday, a major milestone for the network. Many are concerned that there are only 2 million Bitcoin left to be mined and that they are running out of time to accumulate.Have no fear.Thanks to the halving, being 90% of the way to mining all of the Bitcoin that will ever be created is of little concern. Bitcoin is still young.About every 4 years, or 210,000 blocks, the Bitcoin reward for miners is cut in half. Every 10 minutes, miners are awarded 6.25 Bitcoins for validating a new block. In 2024, Bitcoin’s scheduled reward will drop from 6.25 to 3.125 Bitcoins per block. This means it is becoming harder and harder to reach the 21 million limit. In fact, it has taken roughly 13 years to mine 19 million, Bitcoin, but will likely take another 120 years to get through the final 2 million.Math is cool.What happens when all of the Bitcoin are mined? Are we doomed?Absolutely not.By the time Bitcoin’s supply is fully mined, miners will be profitable by simply verifying transactions. Bitcoin will be so valuable that this "small fee" will be enough to incentivize them to keep securing the network. More importantly, there's plenty of time to prepare for this critical moment - it won't happen until about 2140. Like most potential issues, it will be up to future generations to solve with technology that we cannot even fathom. So don't get your undies in a wad.There are a couple of other questions that newcomers often ask that are worth addressing briefly.First, how does the block reward maintain its near-perfectly timed 10-minute distribution? This lies in an impeccably designed feature called the difficulty update. Depending on the number of given miners, the protocol adjusts the difficulty (every two weeks) required to mine a block to ensure the hash takes about 10 minutes to solve.Second, how do miners sustain themselves if only one miner wins? The answer is with mining pools. The vast majority of miners work together in pools, offering up their computing power to a large group and sharing the rewards for their collective work. This way miners are almost always collecting income and remaining profitable.What a beautiful network.In This Issue:19 MillionBitcoin Thoughts And AnalysisAltcoin ChartsLegacy Markets - Yield CurvesWas Trezor Breached?Did Vitalik Defend Bitcoin Maximalism?My Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO