When will all the Bitcoin be mined and what will happen after that?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! Bitcoin mining is the process of adding new transactions to the blockchain and releasing new bitcoins into circulation. Currently, the reward for mining a block is 6.25 bitcoins. The total supply of bitcoins is capped at 21 million. As of now, around 18.5 million bitcoins have been mined. It is estimated that all the bitcoins will be mined by the year 2140. After that, no new bitcoins will be created through mining. Miners will continue to validate transactions and secure the network, but their rewards will come from transaction fees instead of newly minted bitcoins.
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• Dec 16, 2021 · 3 years ago
  Well, let me break it down for you. Bitcoin mining is like a race to solve a complex mathematical problem. Miners use powerful computers to compete against each other. The first miner to solve the problem gets to add a new block to the blockchain and is rewarded with bitcoins. This process continues until all 21 million bitcoins have been mined. Once that happens, miners will still play a crucial role in securing the network and validating transactions. However, instead of earning bitcoins as a reward, they will rely on transaction fees. So, mining will still exist, but the dynamics will change.
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• Dec 16, 2021 · 3 years ago
  When all the Bitcoin is mined, it will mark a significant milestone in the cryptocurrency world. Bitcoin's scarcity will be fully realized, and its value may continue to increase due to limited supply. Miners will shift their focus from block rewards to transaction fees, which could potentially make mining less profitable for some. However, the demand for Bitcoin and its use as a digital store of value may offset any decrease in mining profitability. It's an exciting time for the Bitcoin community, and the future looks promising even after all the bitcoins are mined.
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