Digital coins have revolutionized the way we perceive money and our entire financial system, as cryptocurrencies are definitely the money of the future. Now, among thousands of cryptos currently available on the market, one stands out as the dominant one, and yes, we are talking about BTC. Of course, many things have changed since this crypto first emerged, which is why many people have trouble understanding why it’s so hard to mine it today than it was just a few years ago.
Increased number of miners
When Bitcoin first appeared in 2009, people were skeptical and not too interested in mining it because they could not physically see it and understand its value. All of them were used to the physical money they could see in their hands, and investing in something that was impossible to see did not seem like a good idea. Cryptocurrencies were something new, many people did not understand how they work, and only some people were willing to try mining, which is the reason why it was much easier then. Its popularity increased over time, its value became much higher, and more people tried to get their tokens, which made it much more difficult. The technology behind the cryptocurrencies became much more understandable to people, and they recognized cryptos as the currencies of the future, so many of them decided to start using them, and mining was the best way to get their tokens.
The number of Bitcoin tokens is limited, which means that at every moment, we can check how many of them are left to be mined, and since there are many miners over the world, not many of them have left. The fact that Bitcoin’s price increased a lot from its appearance attracted many people, and they wanted to get as many tokens as possible, and since it is still increasing, there is no doubt that new users will appear every day. Because of that, the mining process became much more challenging, and getting tokens requires much more effort now than a few years ago. The reason for that is simple – the higher the demand for something, the harder it becomes to get it, and the fact that about 90% of it has already been used makes the remaining 10% much more difficult to get.
Its value increased
The logic behind this one is simple, the more people use some coin, the higher the price of that coin will be. Now, since BTC is the first coin that became globally popular, it’s nothing unusual that the value of one BTC skyrocketed. On the other hand, there are just a bit more than 21 million coins to be mined, which brings us to today’s topic, as this fact is of vast importance in why mining Bitcoin is far from an easy job today.
Namely, there are two important factors why BTC is so hard to mine now. The first one is that many people are mining it, and the second one is that the reward for deciphering codes protected with cryptography and earning coins this way is much lower today than it was just a few years ago. Yes, mining some coin when not that many people are doing so will make you mine that crypto faster and easier, but in order for its price to reach new highs, the number of miners and crypto owners need to get higher.
That’s what happened with BTC and why it’s so hard to mine it today, but since its value is so high, even getting a small reward will be more profitable. Of course, one can always opt and go with some other crypto to mine, but even though there are thousands of coins currently on the market, the same thing will happen with most cryptos once they become globally popular and as soon as a high percentage of that crypto gets mined. Keep in mind that more than nineteen million BTC have already been mined. It means that there are only 1.8 million left, and that, combined with predictions on when the last BTC will be mined in around 2140, says a lot about how difficult mining this crypto is and will get in the future.
It requires powerful machines
We are all witnesses of how modern technology rapidly changes and how improved it is now, compared to the one we used 15 years ago. Because of that, back in 2009, it was enough to own a computer, have a stable internet connection, and you were able to start mining and get your Bitcoin token. The situation is now much different, and that process has become much more demanding, which means that a regular computer is not strong enough to perform it, and using more powerful machines is a must. Unfortunately, these machines are not a cheap investment, and people who are not intending to mine Bitcoin seriously should avoid buying them, or they will lose a lot of money without a refund. Besides stronger computers, the other important thing is a powerful and stable connection with a high-speed internet flow.
Trading can be a great solution to all your problems
Okay, now that we know more about how tough it is to mine BTC and the reasons why that is the case, let’s focus on alternatives and how you can make huge profits in the crypto world. Namely, trading is and always will be the best way to enhance your profits, as it is the best possible solution, and above all, everything depends on your action and how much you are willing to invest. Of course, learning more about the crypto market and understanding how trading works is a must in order to avoid losing everything, but you can use the fact that these coins are highly volatile to your advantage, and with some precalculated risky moves, you can really earn a fortune.
On the other hand, even doing all this is not a must if you know how to pick the right software that will do all the work, as there are some renowned ones out there. Understandably, one needs to be careful here, as what you want is a proven and trustworthy trading software created by those who understand the crypto market. So, even though this can be a great thing for you, make sure to do a bit of research before making any move and deciding on which software to go with, as what you want is the best trading software like mmediateedgepro.com.