Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about cryptocurrency mining and the potential issues that it might convey sooner or later.
He explains that the quantity of Bitcoin rewarded for mining is halved each 4 years which implies that it is going to be much less worthwhile.
“So as we look into the future the reward of new Bitcoins is reduced from the current 12.5 to about 6.25 new Bitcoins every ten minutes which will occur in around July 2020.”
“Eventually you get to the point where the nominal number of new Bitcoins you earn for mining Bitcoin becomes quite small. ultimately the number of new Bitcoins coming into existence through mining will be cut to zero.”
“We’ll hit the 21 million limit and the only direct financial incentive left to mine Bitcoin will be transaction fees and there’s an open question as to whether or not the transaction fees will provide a sufficient financial incentive to maintain the kind of computing power that Bitcoin enjoys today”
Watch to listen to the total interview.
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