Bitcoin Cash is a cryptocurrency that was created through a hard fork of the original Bitcoin blockchain in August 2017. It was designed to increase the block size to 8MB, allowing for more transactions to be processed per block, in contrast to the original Bitcoin blockchain that only allows for 1MB blocks.
Since its inception, Bitcoin Cash has gained a significant following and has become one of the top cryptocurrencies in terms of market capitalization. As with any cryptocurrency, Bitcoin Cash is created through a process known as mining. In this article, we will explore how much Bitcoin Cash has been mined so far.
Mining Bitcoin Cash
Mining Bitcoin Cash involves using computer hardware to solve complex mathematical equations that are used to verify transactions on the blockchain. When a miner successfully solves a block, they are rewarded with newly created Bitcoin Cash as well as any transaction fees that were included in the block.
Bitcoin Cash uses a proof-of-work consensus algorithm that is similar to the one used by Bitcoin. This means that the more computing power a miner has, the higher their chances of successfully mining a block and earning the rewards.
How much Bitcoin Cash has been mined?
As of August 2021, the total supply of Bitcoin Cash is 21 million coins. However, not all of these coins have been mined yet. According to data from CoinMarketCap, as of August 2021, approximately 18.8 million Bitcoin Cash coins have been mined. This means that there are still around 2.2 million coins left to be mined.
The mining process for Bitcoin Cash is designed to become more difficult over time. This is because the difficulty of the mathematical equations that need to be solved increases as more miners join the network. As a result, the rate at which new Bitcoin Cash coins are created is designed to decrease over time.
The rate at which new Bitcoin Cash coins are created is also governed by a halving event that occurs every 210,000 blocks. During this event, the block reward that miners receive is cut in half. The first halving event for Bitcoin Cash occurred in April 2020, when the block reward was reduced from 12.5 BCH to 6.25 BCH.
What does this mean for investors?
The fact that there are still Bitcoin Cash coins left to be mined means that there is still potential for investors to profit from mining the cryptocurrency. However, it is worth noting that the difficulty of mining Bitcoin Cash is likely to continue increasing, which means that it may become less profitable over time.
In addition, the price of Bitcoin Cash is subject to volatility and can be influenced by a range of factors including market sentiment, regulatory developments, and technological advancements. As with any investment, it is important to conduct thorough research and seek professional advice before investing in Bitcoin Cash.
Conclusion
Bitcoin Cash has gained a significant following since its creation in 2017, and its total supply is capped at 21 million coins. As of August 2021, approximately 18.8 million Bitcoin Cash coins have been mined, leaving around 2.2 million coins left to be mined. The mining process is designed to become more difficult over time, and the rate at which new coins are created is governed by a halving event that occurs every 210,000 blocks. Investors should conduct thorough research and seek professional advice before investing in Bitcoin Cash.