What is Bitcoin Mining (Bitcoin Mining Costs in 2021)
What is Bitcoin mining? Bitcoin is a peer-to-peer electronic cash system that se
What is Bitcoin mining? Bitcoin is a peer-to-peer electronic cash system that sends currency into the network through a distributed accounting method. Its decentralized, tamper-proof, traceable, and anonymous characteristics make it a secure, efficient, transparent, and open network.
In the era of traditional Internet, Bitcoin mining was a form of cryptocurrency used as a medium of exchange. Although Bitcoin makes it easier for people to use blockchain technology to verify value, record data, and facilitate asset exchange, it is not truly a digital currency. It is an information exchange means or a financial instrument used for calculating and storing goods and services. Therefore, Bitcoin is generated from these pieces of information. However, there are currently many different Bitcoin producers in the market, and some companies specialize in Bitcoin development. The main purpose of Bitcoin mining is to improve efficiency, reduce costs, and ensure security. (Cointelegraph)
Bitcoin Mining Costs in 2021
According to reports, the cost of Bitcoin mining is expected to increase significantly compared to the past two years. Based on data compiled by TheBlock, the average cost per kilowatt-hour was around $16,300 in 2019, and the average cost in 2020 was approximately $138,000 — meaning each miner now needs to spend over $34 million (equivalent to $45,000 to $56,000). If the block rewards and difficulty adjustment of Bitcoin mining remain unchanged by the end of 2021, it is estimated that nearly 20,000 new blocks will be produced each year.
Therefore, if the entire cryptocurrency market is in a bull market state in 2021 and there are no major changes, the total income of Bitcoin miners should not exceed $100 million by 2021. (decrypt)
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