What Happens When All the Bitcoins are Mined?
Bitcoin and the mining of this cryptocurrency have been around for about 12 years now, give or take. And with a finite supply that can be mined this makes things quite interesting the coming years. There is a limit of 21 million bitcoins that can be mined and more than 18 million of those have already been mined. You would think that this would mean that all bitcoins would be mined in no more than 3 more years, but you would be wrong. It's a bit more complex than that.
This is where block halving comes in. When bitcoin mining first started miners got a reward of 50 BTC for each new block mined. Over time this block rewards halves itself, having gone from 50 to 25 to 12.5, and now each new block only provides 6.25 BTC as a reward, more than $ 300K. Because of this, the amount of new BTCs in circulation slows down over time. Calculations predict that this means that the last bitcoin will possibly be mined in the year 2140.
So what will happen when there are no more of this popular coin to be mined? We can only speculate. Will the miners stop mining? Possibly. Some think they will keep on mining, because of the other way they earn rewards, transaction fees. It is believed that because of economics which I do not completely understand, transaction fees will be more profitable at that point in time. Something with supply and demand. People might abandon Bitcoin completely for the next big thing, who knows. Just like nobody knew google back in early internet days, but AOL was all the rage. Tables turned over time.
Whatever happens, we probably have a solid 50 years to prepare and adapt. For a lot of us, that's already the rest of our lives.
What do you think will happen when the supply of BTC becomes whole?
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I don't know what will happen but will be exciting to see what the future hold
It sure will be exciting!
i have no idea but i guess by then it's dominance would have broken and there'll another to replace if it goes bad
Dominance of BTC will most likely not be a thing anymore, having a future filled with a more balanced spread of marketcap. But all we can do is predict and speculate.
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ENGAGEtoday.I don’t have the link, but @edicted had a post a while back showing that miners are already increasingly relying on transaction fees.
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Good to know. A gradual shift towards relying more on transaction fees sounds a lot better than a sudden drastic change of pace.
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ENGAGEtoday.Many of the BTC holders have enough for there entire life no ine knows what will be next BTC.
we have ethereum in the line though but who knows 2041 is a long time though
*2140, so even longer. I think BTC will not be the biggest anymore by that time.
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ENGAGEtoday.Well you know what happened to gold when we mined all the gold we thought that we mined? It increased in value maybe bitcoin is going to be more valuable and less volatile due to less of something making it more valuable only makes since to me but i could be wrong it's only well over a century to 2140 but if i'm still an old manI may figure out the answer then, not now
The difference with gold is that we still haven't reached all the gold that can be mined, but banks have shifted from using gold as a backing to just simply printing money. Luckily, nobody can "print" more BTC once the limit is reached.
Someone could fork it though.
Right I don't think we ever will reach to where we can mine all the gold I think there's plenty that's humanly impossible to get to, and few amounts that hasn't been discovered yet. I used to think when i was noob at one time that they did create their own money with bitcoin and crypto like it was possible, than I seen what tether was lol
Lol, Tether is pretty much just like how banks are printing money and cause inflation. A lot of it comes from nothing instead of being backed. No matter where you go, people will keep repeating certain processes.
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ENGAGEtokens.!ENGAGE 35
ENGAGEtoday.