Saturday, June 25

Bitcoins are running out

The miners they mined 90% of the total amount of bitcoins. To be more precise, of the 21 million coins to be issued, users already have more than 18.9 million bitcoins. It is estimated that it will take 119 years to mine the remaining 2.1 million bitcoins.

In this context, two questions arise. Will the mining process accelerate with the advent of quantum computers? What will happen to the price of the digital asset in the near future? Starting at the end, many Kryptonians have faith that a reduction in the number of coins available for mining will necessarily lead to an increase in the bitcoin value.

The only problem with this theory is that, until now, no one has paid much attention to the percentage of mined and illiquid coins. Nonetheless, Fidelity analysts suggest that bitcoin could approach the million dollar level in 2024, and the founder of Ark Invest predicts that the price of the main cryptocurrency will rise to $ 550,000.

Quantum computers are not cheap or easy to use

Only time will tell who was right. Meanwhile, the cryptocurrency market hasn’t been doing well lately. This last Tuesday the price of bitcoin fell 6%. When should we expect a setback? Given the high level of speculation, a major digital asset can go up or down at any time.

Speaking of quantum computers, on the one hand, it is true that process information about 100 billion times faster than a traditional computer. On the other hand, it is assumed that, due to the nature of the algorithm of hashing SHA-256, bitcoin mining with quantum computers will not be as efficient as with modern ASICs.

Also, you have to understand that quantum computers are not cheap. And secondly, they are difficult to use. So, to this day, we could say that quantum computers will not drastically affect to the mining process.

***Igor Kuchma is an analyst at Trading View

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