Written when the 18 millionth BTC was mined (2019)

I am moving an old article that was blocked on Weibo in October 2019. You can read it as a story. I just found a place (Binance Square) to store it. Brother Huang Bo is not a BTC miner, but a person who has experienced several reductions in the BTC pie but did not get rich. There are miners around me who have been mining since 2010, and they are still mining BTC now. This article is not intended to be a mining theory article, but rather a popular science historical narrative of blockchain development. It also allows everyone to see some personal mistakes and help them go further in their investment career.

Let’s not go too far, let’s talk about 2016, 3 years ago. Maybe there will be many friends who have already entered the currency circle. I remember recommending BTC (big cake) to people around me in November. It started at about 4,500 yuan, and everyone around me was I feel that BTC costs thousands of yuan each, which is too expensive (the only drawback of BTC seems to be that it is too expensive). It is better to buy some altcoins, the price is only a few yuan and a few cents, and the price rises quickly. At that time, the mainstream exchanges only had two currencies: BTC, LTC (Latiao), but the spot prices had 5 times leverage and zero transaction fees.

At that time, we would be a big pie and short spicy strips. At that time, the spicy strips were more than 10--20 yuan each; now it seems that the copycats rise faster and fall faster. In the bear market, the best way to maintain value and resist falling is BTC, the bull market is also led by BTC. Nowadays, many large and small exchanges offer contract trading, and the scale of currency market funds is also slowly increasing. BTC is now a financial derivative similar to gold futures trading, but the scale is not large enough. bakkt is a window to the entrance of compliant large funds, not the door to traditional finance.

The first time the central government "protected" the currency market was at the end of 2013. As a Da9cai who has experienced several "central government protections", I would like to talk about the "protection" experience in those years:At the end of 2013, due to large market fluctuations, the price of 8,000 yuan in BTC (big pie) plummeted, causing unpredictable risks. In addition, a lot of funds flowed into the currency market, and some people were definitely not happy; then various air force gossips filled the sky Fei, he said that the bank wanted to block the bank cards bound to the exchange, but in fact he was just scaring himself.The "Notice on Preventing Bitcoin Risks" issued by the People's Bank of China in conjunction with five ministries and commissions in December 2013 defined Bitcoin as: "Bitcoin is a specific virtual commodity" and "Buying and selling Bitcoin transactions are the most common transactions on the Internet." "Ordinary people have the freedom to participate at their own risk." This is the first time that the central government has "protected" everyone, and it also qualifies the big pie. It is a specific virtual commodity that can be bought and sold freely at one's own risk and is not illegal (maybe many people have not entered the market yet).The second time was at the end of 2016. The same market surged and plummeted again. The second time it hit a new high, it fell from 8,900 yuan to around 4,500 yuan in 2 days. Huang Boge would do some temporary work in the currency circle. That was considered the second "protection" from the perspective of industry practitioners. The Yangma investigation team settled in for a week to investigate. This time it took a bit long. These seven days were spent carrying leverage orders. The people were very confused. The day the spot leek mother issued the documents, she was "scared" and left the market. I remember someone said something at the time, I don't know if the pie can reach Wanba, but we may never see the 4-character pie again. It’s not here. Unfortunately, the price never looked back (Wanba Party: In the early years, a group of people made an emoticon package. Many groups saw their presence. The slogan they kept shouting was the price of one BTC. Wanba. At that time, many people thought that BTC would not reach 10,000 yuan a piece. By 2013, 8,000 yuan was not bad. They thought those people were crazy).After a 7-day investigation, the central government rectified the exchange's content with "deleveraging" and "anti-money laundering" measures (the hardest hit area for xi money should be the U.S. dollar. Compared with the blockchain, banknotes are traded offline and cannot be traced). The transaction So after that time, transaction fees were charged, bidding farewell to the era of 0 transaction fees, spot leverage was cancelled, and the platform responded to the anti-money laundering policy and prohibited the withdrawal of BTC... The funny result is that the premium for the over-the-counter pie is higher (I have money) You have coins, over-the-counter or offline transactions cannot be prohibited), and around April, deposits and withdrawals were opened again.Then came September 4, 2017, the time when Yang Ma "protected" everyone in the legendary wine shop. Many people must have witnessed that time, and needless to say, the rectification and regulation stopped the ICO financing behavior; in 2013, the big pie was characterized as a specific virtual commodity in the Internet, and the big pie was not characterized, saying that holding and buying big Cake is illegal or something.​Looking back now, the survey week at the end of 2016 was relatively long, and it may have made the order maker more worried; therefore, holding and buying and selling the pie is still a commodity buying and selling behavior on the Internet, and you must participate at your own risk. freedom of. BTC has also moved from a small world of crypto geeks to the international technology field. Blockchain technology with characteristics such as distributed accounting, non-tampering, smart contracts, and secure decentralization is slowly being accepted and studied by the Internet world.A certain treasure or a certain letter prohibits the trading of digital currencies. I personally support it. However, you did not write a transfer note and did not have any labels. In fact, what is the difference between buying vegetables at the wet market? What's more, currency market transactions also bring them a lot of traffic. Freezing the card involves fraud of black money, or triggers bank risk control. If a similar situation occurs, it is recommended to consult a professional lawyer (UNICEF has supported BTC and ETH donations).

A total of 18 million BTC were mined at 8 a.m., and the block reward this time was 12.5 + 0.03764047 BTC. Many people may not have seen the previous halvings of the pie. Fortunately, we can witness this time. The BTC block reward halving is expected to be on May 14, 2020. By then, the block reward will be reduced from the current 12.5 to 6.25, and there are currently about 208 days until the reward is halved.

In 2009, Satoshi Nakamoto dug out the first genesis block and started counting. Every miner who dug out a block would receive 50 BTC as a mining reward (someone mined BTC using their own computers in the early years). The BTC mechanism designed by Satoshi Nakamoto stipulates that every 210,000 blocks, the reward will be halved. Therefore, from the 1st block to the 210000th block, the reward of each block is 50 BTC. From the 2100001st block to the 420000th block, the reward of each block is 25 BTC. BTC is It is estimated that a block will be produced in 10 minutes, and it will be halved once every 3.99 years. It has experienced several halvings, and now the reward for each block is 12.5 BTC.

There are 4 million BTC private keys that were mined in the early stage and were improperly stored and abandoned in a corner. Therefore, there may not be 21 million BTC in circulation after the total amount of BTC. The smallest BTC unit is 1 Satoshi, which is 0.00000001 BTC, which is one BTC = 100 million Satoshi. There are less than 3 million left, and based on the block production rate, they will be mined in 2140. Judging from the rich list of currency holding addresses, the current number one is 160,000 plus, which is 8,000 dollars each. Do the math yourself! Of course, this may be affected by the concentration of currency holders in exchanges, and may become more dispersed. According to the survey results of many media and institutions, as long as you hold 1 BTC, you can steadily exceed 96% of currency holders. Maybe you look down on the value of a BTC. How much is it? It’s too expensive to buy one. In 2013 or 2017, many people probably had similar thoughts. What was the result?

Countdown to the next halving of the pie. These 200 days may be difficult, but they are also days that we are looking forward to. When the pie is dug out in 2140, we may not live that long. I still want to say that everyone should exercise more. Let yourself live a healthy life and hoard coins. Health comes first, and you will invest your spare money. Is it profitable to invest in mining now? I recently consulted an old miner who has been involved in mining for 13 years. He said that how to invest depends on your own capital allocation. Now personally It is suitable for buying BTC at a low price with spare money, but it is not necessarily suitable for individuals to invest money to buy mining machines for mining. In any industry, insiders make money from outsiders. In 2017, there was someone there who invested money in mining during the bull market and ended up losing more than 600,000.

The pie has been halved several times. Fortunately, the previous person was the one who experienced it and was eliminated. Back then, I failed to hold on to the pie that cost several thousand yuan. It was because of health problems. I didn’t lose money by speculating in coins, but I lost money. To the hospital. Everyone suggests becoming a currency hoarding party. If the Internet era has realized the era of information exchange, then the blockchain era should have realized the era of value exchange.

Finally, I would like to end with a short story. I once watched a plot with He Shen in the TV series Ji Xiaolan. He Shen spent 20,000 taels of silver to buy a pair of three-legged Ru kiln brush washers, and then he deliberately dropped one, saying that since ancient times, He Shen That is, things are rare and valuable. If one is broken, the other one will become extremely precious. Since ancient times, nothing is perfect and has some shortcomings. Antique collections, especially those orphans, will make people cherish them more. Let’s look forward to the pie being halved again. I’ll be waiting for you in May 2020 (when the pie is halved).#内容挖矿

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