The mining industry is probably the oldest activity related to cryptocurrency. It all began in 2009, when Satoshi Nakamoto generated[1] the first block on the Bitcoin network.
Today, mining is an entire industry which spans 114 countries[2] around the world, and restlessly ensures the functioning of the global network of cryptocurrencies. According to Blockchain.info[3] analytics, the total profitability of the market over the past year comprised $4.1 billion. This figure doesn't include the income earned from the sale of mining equipment, which is estimated to reach some $3-4 billion[4], as is the case of industry giant Bitmain.
Bitcoin network
Along with the popularity of mining, the complexity of the Bitcoin network also grows. Despite the fact that 80 percent of Bitcoin[5] has already been mined, according to experts, the entire supply will be exhausted only by 2140. The situation is explained[6] by the fact that the calculations necessary for the production of cryptocurrency are constantly becoming more complex, and the mining process takes more time and energy.
At the same time, between 30 and 60 percent[7] of the profit gained from mining is spent on energy costs. Figures show that to maintain the entire computer infrastructure working with Bitcoin, it would take 30 nuclear reactors[8] running at full capacity.
Despite the reduction in the reward for generating blocks, a halving in the mining reward size[9] from 25 Bitcoin to 12.5 Bitcoin and the increasing complexity of mining, miners can still receive up to $20 million per day[10] in transaction confirmations. This staggering number attracts new players to join the ‘digital fever’ — and the equipment manufacturers to invent
