Feb 5, 2019 21:27 UTC
Feb 6, 2019 at 06:55 UTC
How Many Bitcoin Miners Are There?
If you have a fair idea of How Bitcoin Mining Works, then you might even have wondered how many Bitcoin miners are actually out there.
Well, it’s not a bizarre question. A lot of people have had the same question but haven’t find an accurate answer to it. And how can they?
With the growing popularity of Bitcoins and cryptocurrency in general, it is almost impossible to figure out how many active miners are out there in the world, at any given time. The number would simply be too big for us to narrow down.
While many sites claim that the number is well within 100,000, that is slightly hard to believe for us. Every other kid who has the slightest idea regarding ASIC Mining or has an idea about How To Set Up GPU Mining, is diving head first into the cryptocurrency mining industry.
But before we try to estimate a number, let us go over how Bitcoin Mining actually works and why we need miners.
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Bitcoin Miners: Why Do We Need Them?
Bitcoin mining is the foundation of the Bitcoin organization. Miners give security and affirm Bitcoin transactions. Without Bitcoin miners, the system would be assaulted and broken.
Bitcoin mining is done by specific computers. The role of miners is to secure the system and to process each Bitcoin transaction. Miners accomplish this by tackling a computational issue which enables them to chain together blocks of transactions (henceforth Bitcoin’s popular “blockchain”).
For this, miners are compensated with recently made Bitcoins and transaction expenses. These Bitcoins are there incentive to actually continue with the process of mining.
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How Many Bitcoin Miners Are Out There?
While it is not really possible to zoom in on a number of bitcoin miners, it is safe to say that the number would easily be north of 300,000.
If we look at the massive growth in the cryptocurrency industry in the last couple of years, it is clearly understood that more people are tempted to get into the mining business in the hopes of massive profits.
With mining equipment being not overly expensive, and if someone has the capital to set up the equipment and bear the electricity costs, then who is to stop them from mining Bitcoins in the comfort of their own homes.
This makes is crystal clear that the amount of Bitcoin miners who are out there are in the thousands and the number is only expected to grow, if Bitcoin can somehow miraculously recover in the current market scenario.
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