Bitcoin Mining Has Now Halved

Bitcoin 

Began in 2007, Bitcoin is one of the oldest and the most famous crypto-currencies ever. This is a virtual currency which means it has no physical existence in form of coins or notes, it has no central bank and no institute that controls its flow. It is basically mined through the computers and is run by softwares that mine in "hashes".  Bitcoin has been a part of several controversies but has gained its prominence over the years and it now valued at about 650 US dollars as we are talking about it now.

What is Bitcoin Halving?

Bitcoin is a currency whose supply is cut in half every time it reaches a set milestone of currency mining and distribution, there will be a total 64 such events before the mining of Bitcoins discontinues. There are a total of 21 million Bitcoins in the world and 75% of those Bitcoins are now mined and distributed. 

E.g: Bitcoin mining was cut in half when half of 21 million shares were mined, and it is now being cut in half again since half of those 10.5 million Bictoins have been mined and distributed, so 75% of the Bitcoins are distributed and the rest are to be mined in 62 remaining turns. 

Halving can result in lesser supply of Bitcoins to miners that means 50% less revenue. But since the amount of supply has been cut in half, it'll trigger the demand and the Bitcoin price will skyrocket (basic Economics, we know). Something which is opposite to the real life currencies that governments keep minting that results in increased supply, which reduces the currency's value. 

How Are the Bitcoins Actually Mined?

Bitcoins were one used to be mined through the use of powerful graphic cards, something that is now rarely in practice. Bitcoins are now mined through processors, and there is hardware that has specially been created to mine bitcoins and they do the job 100x better than conventional processors. 

After the hardware is installed, Bitcoin "pools" are joined for Bitcoin mining. When a pool is joined, there are softwares that can be downloaded through which the mining is started. And in the end, the amount is transferred to Bitcoin wallets from where bitcoins can be secured and used anywhere in the world (where accepted).

Verdict

Though the 75% of Bitcoins have been mined and distributed and the prices have risen to over 650$, there are still 62 halving events that are yet to happen and it is estimated that it'll take 100 years to mine all the 21 million Bitcoins until all of them are mined and distributed. So if you are thrilled by reading the facts and figures in this articles and willing to mine Bitcoins, it's still a good time to do so!