BITCOIN’S ‘PLUNGING SUPPLY’ IS A FEATURE – NOT A BUG

The Sun posted a mildly alarmist headline this morning, pointing out that over 85% of the Bitcoin supply has already been “mined.” The article itself, however, by Henry Pettit, was more informational than you might expect from such an outlet.

Mining is the process of generating Bitcoins via a consensus and cryptographic hashing algorithm. It is a costly and competitive endeavor which potentially pays you every 10 minutes.

To the winner goes the block, along with its reward and any fees paid by those sending transactions.

Bitcoin and the vast majority of its offspring have a fixed supply schedule. Some latter-day cryptos like Monero have already planned for infinite inflation in the form of “tail” emissions – eventually, a very small of XMR will be the fixed reward, forever.

Reference: https://www.ccn.com/op-ed/truth-about-bitcoin-mining-supply/2019/08/02/

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Author: Neo Anderson

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