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Bitcoin workers will have to double their efforts

Posted on December 2, 2012

 

Those people that are earning bitcoins will soon be forced to work twice as hard for their payment, as automatic safeguards in the software are triggered to protect the currency from devaluation.

Since launching over three years ago, the bitcoin network has become incredibly popular for all sorts of computer work, including many SEO tasks. It has become so popular in fact, that a milestone is now fast approaching.

Once reached, this 210,000 block milestone will see payments to bitcoin ‘miners’ nosedive from 50 bitcoins, to 25, upon completion of a block of work.

Talking about the reduction, journalist Vitalik Buterin from Bitcoin Magazine said:

“The main reason to do this is to control inflation.”

Buterin went on to say that the move was also to protect against technological advances now, and in the future.

When bitcoin earning first entered the market, most work was completed manually with nothing more powerful than a regular desktop computer. Over time, automatic processes have been put in place.

Today, many of these miners use highly advanced hardware processors.

This is not a surprise though, and was in fact expected to be the natural development course. The trigger to reduce the number of bitcoins entering the market was therefore developed and introduced.

Protocols are also in place for future advances, resulting in further triggers as demand dictates.

It is all intended to keep the number of blocks as a relative constant, and ensure that they are not found at a faster rate than is healthy for the currency.

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