Categories: Business

Bitcoin Mining – Interesting Facts And Figures

Bitcoin mining has already turned into one of the most profitable options of getting passive additional income. Many people are skeptical of this popular cryptocurrency. However, it does not stop them from mining. The principal aim of this article is not to beg you start mining, but give you many interesting facts you probably do not know about bitcoins. All interesting facts on bitcoin you will find out in this review are listed in random order. Just to inform you.

No more words! Let us start.

IMAGE: PEXELS

Interesting Facts On Bitcoin Mining

Satoshi Nakamoto is the pseudonym of bitcoin founder. The whole world is lost in riddles about his real personality. Satoshi released his cryptocurrency in 2008.
On January 21, 2009, the first bitcoin transaction took place. At that time, Satoshi transferred 100 BTC to another dialer and a cryptographer, Hal Finney.
A large number of attempts were made to disclose the identity of Satoshi Nakamoto, but so far it gave no results. The latest version aroused great excitement but was quickly disproved.
Almost 3,400 new bitcoins are mined daily.
The bitcoin price has increased fivefold since 2016.
Almost 79% of the world’s mining capacities are located in China. Cryptocurrency farms are mainly placed in sparsely populated outlying areas with inexpensive electricity and cold climate.
Hashflare redeem code is one of the first promotions of this type in the industry. It allows getting incredible discounts of buying hashrates. Later on, other platforms also implemented such a feature.
Iceland, Canada, Australia, Eastern Europe and Russia are the most prospective places to locate bitcoin mining farms in 2018-2019.
By 2036, the mining of bitcoins will have been ended automatically.
Presently, there are over 340 valid cryptocurrencies on the planet.
21 million is the maximum number of bitcoins that can ever be mined. Presently, about 12,6 million have already been mined. Bitcoin mining algorithm reduces the number of mined coins by two times every few years, so the process is uneven.
A resident of the United Kingdom named James Howells, inadvertently, threw out a hard disk with a key from a purse on which he had 7,500 bitcoins. That is about $ 8 million at the current exchange rate.
The largest number of active chains in the world Bitcoin network is located in the United States, which is by far ahead of its closest competitors – Canada, Europe, and China.
In November 2013, the bitcoin price exceeded the price of gold for the first time in the history.
Only 38% of all mined coins were seen in any transactions. The remaining 62% have never been used after they were officially mined.
Unlike physical money, the entire history of transferring any sums from one bitcoin account to another is everlastingly sealed inside Blockchain – a global and entirely open database containing data on all bitcoin purses on the planet.
In the current bitcoin code, there are 77 thousand lines of code. Over 72,000 of them are written in the C ++ programming language. And in the very first working version of the number 0.1.0, there were only 14 thousand lines of C ++ code. By modern standards, it is a tiny project. For example, there are over 15,5 million lines in Linux code.
Numerous attempts to create the physical equivalent of bitcoin (in the form of a coin) are monthly made. In fact, Casascius are the so-called “cold wallets” with printed holographic access key code. They are cast in the coin form factor. It is the Casascius coins that we see on all these stunning photos with bitcoin coins.
The top Bloomberg journalist who was not familiar with bitcoin’s security rules inadvertently showed the private key (in the QR code form) of his bitcoin-purse on the air. He paid for this immediately – one of the TV-show spectators instantaneously stole all his money.
When the governments of numerous states prohibited the Wiki Leaks to accept donations with the help of bank transfers, the website instantaneously started getting gifts in bitcoins.
In 2009, the citizen of Norway, Christopher Koch, bought bitcoins for twenty-seven dollars. Later, he forgot he had any bitcoins. When he remembered he had some bitcoins, their price was almost 900 thousand dollars.
The first bitcoin-ATM was installed in the center of Vancouver (Canada).
Presently, the largest number of bitcoin-ATMs is located in Switzerland.
The University of Cyprus became the first institution of higher education in the world to accept payment in bitcoin.
Thailand was the first country in the world to prohibit bitcoin officially.
In April 2013, the most significant drop in the bitcoin rate by 84% in 24 hours occurred.
After information about a sharp rise in inflation in Argentina, the popularity of bitcoin quickly increased in the country. The statistics show that any games of central banks with national currency rates contribute to the growth of the population’s need to save money using cryptocurrencies.
A year after the launch of this cryptocurrency, 1 BTC could be bought for just four cents.
The Silk Road is considered the first commercial success of bitcoin. On this officially prohibited website, which operates in the TOR network, one can buy various forbidden goods, drugs and weapons. Thanks to its anonymity, bitcoin became the only means of payment inside Silk Road.
Ross Ulbricht, the creator of the Silk Road, existed under the network assumed name Pirate Roberts. The history says that this pirate was famous for having been elusive for a long time.
Bitcoin can be earned simply by playing Counter-Strike. The largest prize fund in the history of StarCraft 2 was also gathered owing to Bitcoin.
Arresting Ulbricht and confiscating all his funds, the FBI officially became the owner of the largest BTC purse in the world.
Almost 940 people own 50% of all bitcoins.
Lamborghini became the first automotive company in the world whose dealers officially started accepting payment in bitcoin.
Skycraft Airplanes was the first company to sell airplanes for bitcoins.
Pizza, bought in 2010 for bitcoins, would cost over $5 million at today’s rate.
Mel B from “Spice Girls” became the first celebrity in the world accepting bitcoins for her shows.
More than 280 million dollars – is the amount of money used in bitcoin transactions daily. The turnover of the whole bitcoin network has recently exceeded the turnover of Western Union. By its present capitalization at $ 9 billion, bitcoin has almost reached Estonia’s annual GDP.

To Sum Up

We hope now you have obtained much interesting information on bitcoin you probably haven’t been aware of. To mine or not to mine – it is your responsible personal choice. However, statistics show that bitcoin mining is becoming a reliable financial instrument to become wealthier. Lucky mining!

If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.