There are only 21 million bitcoins in total. Bitcoin is a specific solution to a set of equations calculated by a computer. The act of using a computer to calculate bitcoins is called "mining". According to the current design, only 25 bitcoins can be produced every 10 minutes.
As the number of remaining "mines" decreases and the number of miners increases, mining will become more and more difficult and the cost of mining will increase. The current Bitcoin computing power is 3000 trillion H/S, while the maximum computing power of a home computer is 11000 H/S. In this way, a home computer running 24 hours a day will take 556 days to mine a bitcoin; how high is the cost of equipment, electricity and time? And the computing power required to mine a bitcoin will become higher and higher in the future.
Of course, in reality, it is definitely unreasonable to use a home computer for mining. Mining is done using special mining machines. The computing power of mining machines is very high. But even so, the cost of electricity and mining equipment is still very high. According to reports, only counting power consumption, the current global annual power consumption of Bitcoin mining is as high as 77.8TWh (terawatt hours), which is equivalent to the annual power consumption of Chile!
If someone says that Bitcoin will become a normal trading currency in the future,
then I would like to ask: Is there any currency with such a high manufacturing cost and such a deformity?
Besides, the total upper limit of a currency has been fixed, so as time goes by, the world economy develops, the population grows, and the currency cannot be issued, then it will inevitably form a serious deflation. At the same time, as the world changes, things are different, and people are different, there will inevitably be a large number of Bitcoin holders who lose or forget their passwords, thereby further reducing the stock of Bitcoin. (In fact, there are already reports of many people losing or forgetting Bitcoin)
How can a currency that only decreases but does not grow become a normal trading currency?
Those who advocate Bitcoin are either capitalists who cut leeks, or leeks themselves who maintain speculative fantasies.
