Back in 2018 Crypto.IQ posted an article about how Burstcoin (BURST) had lots of potential since it was the most popular Proof of Capacity (PoC) cryptocurrency, where PoC is an energy efficient and highly decentralized mining algorithm that utilizes hard drive space to mine blocks and secure the blockchain.
Although Burstcoin (BTC) is quite distinct and has some competitive advantages versus other altcoins, it appears that Burstcoin (BURST) is slowly dying due to mining revenue drying up as it nears its maximum supply.
Specifically, Burstcoin (BURST) has a maximum supply of 2.159 billion coins, and it is already at a circulating supply of 2.097 billion coins, meaning only 62 million Burstcoins (BURST) will be mined in the rest of history.
Further, the end of Burstcoin (BURST) mining is still years away, and these remaining coins will be mined at a progressively slower pace.
At this time roughly 95,000 Burstcoins (BURST) are being mined per day, worth a mere $385. This means that all of the Burstcoin (BURST) miners in the world have to split up this meager $385 reward each day, so even people with massive hard drive farms probably aren’t getting much revenue.
One of Burstcoin’s (BURST) greatest strengths was that it could be easily mined by anyone with a hard drive, which led to the formation of a highly decentralized mining community. However, now that there is almost no money to make on Burstcoin (BURST) mining, miners are likely steadily abandoning Burstcoin (BURST).
Indeed, at this time network data indicates that there are just 100-200 Burstcoin (BURST) miners in the entire world.
Thus, although Burstcoin’s (BURST) unique characteristics gave it lots of potential, the steady demise of its mining community due to mining revenue drying up seems to be slowly killing Burstcoin (BURST).
On a final note, perhaps a new popular PoC crypto will pop up and fill the vacuum, since there is certainly demand for PoC mining. If a well-built PoC crypto launches about now, it would probably do quite well.