⚠️ I don't know know who needs to hear this, but Bitcoin mining is NOT a "race".

With Bitcoin recently crossing the "20M mined" milestone, I've seen a lot of posts across different platforms claiming that now the "race" for the remaining 1M BTC has started.

This completely misses how Bitcoin mining works and reveals a fundamental lack of understanding of Bitcoin's predetermined issuance model.

Referring to it as a race implies that participants in that race can accumulate more BTC in a shorter period of time by "running faster", i.e. that Bitcoin's issuance schedule can be sped up by putting in more effort. But that's just not how it works.

🟢 Yes, miners can spend more energy to increase their share in (and hence revenue from) all global mining efforts.

🔴 No, due to Bitcoin's difficulty adjustment mechanics the last BTC will still be mined around the year 2140, no matter how much energy is being spent along the way.

Bitcoin mining is not a race, it's a slow grind. That's why we call it proof of work.

Thank you for coming to my TED talk 🤓

Let's make war unaffordable.

#bitcoinfixesthis

It's surprisingly hard to say goodbye to one of my babies - spent quite some time building and fine-tuning it.

But here we go!

Mein Beitrag zum @Einundzwanzig Community-Contest: Ein ganz persönlicher Erfahrungsbericht aus dem Infrastruktur-Kaninchenbau.

Viel Zeit, Mühe und Liebe sind in diesen Text geflossen. Ich hoffe, damit den ein oder anderen inspirieren und ermutigen zu können, sich auf eine ähnliche Reise zu begeben.

Don't trust, verify.

#EINUNDZWANZIGWrite

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