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Supply
Bitcoin has a limited supply of 21 million that creates a "built-in scarcity". Moreover, this scarcity enables Bitcoin to hold the cryptocurrency for long term because it is limited. As demand increases, the price of bitcoin will increase as well. Therefore, unlike Dogecoin, investors choose to hold bitcoin over a longer duration.
Binance has capped the BNB supply at 200 million tokens/coins. During the initial coin offering (ICO), 100 million Binance tokens were released to the public, while 20 million were allocated to angel investors and 80 million to the founding team- the current total supply is lower. Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," the Binance coins held in its treasury. This act has frequently been performed every quarter, and it will continue to do so until it buys back and destroys 100 million Binance coins, 50% of the total supply.
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Year Founded
Founder
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Mining Process
There are four main types to mine for Bitcoin:
1. Cloud mining: Cloud mining is a mechanism to mine any cryptocurrency by using rented cloud computing power and not having to install it. One can directly run the hardware and the related software. The Cloud mining firms enable people to open their account and remotely participate in the process of cryptocurrency mining for a basic cost. This makes mining accessible to a broader number of people around the globe. Since this form of mining is done via cloud, it reduces issues of maintenance of the equipment or direct energy costs.
2. CPU mining: CPU means central processing unit, and it's believed to be the brain of a computer because it controls all the operations for all parts. CPUs perform all sorts of data processing operations, and without CPUs, a computer will not work properly. In the initial days of Bitcoin, one could mine it on its CPU. Later on, as mining became more competitive, this method wasn’t feasible. However, there are other blockchains, which can be mined using the CPU today.
3. GPU mining: GPU mining includes the use of a gaming computer's graphics processing unit to resolve intricate math problems to verify electronic transactions on a blockchain. Usually, to mine a cryptocurrency such as Bitcoin and Dogecoin, the digital coins has to be built on a blockchain architecture that supports proof-of-work (PoW) mining.
4. ASIC mining: The ASIC, an application-specific integrated circuit, is a chip that is used only for one purpose. In the beginning, it was possible to mine Bitcoin using a CPU/GPU, but as it got more competitive this method changed. Today, ASIC chips are used to mine Bitcoin. In fact, the majority of the large-scale blockchain mines run on ASIC machines because these machines are purpose-built. They prove to be more reliable and effective at mining.
To mine Binance Coin using the Binance Pool, you have to log in to the official Binance Pool website and change to ETH in the upper right corner. On the Dashboard and Miner Management page, one can check its earnings and miner status. One can also use the Binance Pool App. Although it is possible to mine Binance Coin on a computer, it's advised to use an ASIC mining setup.
