What Happens to Bitcoin After All 21 Million Are Mined?
FACEBOOK
TWITTER
LINKEDIN
By ADAM HAYES
Reviewed By KHADIJA KHARTIT
Updated Dec 17, 2020
TABLE OF CONTENTS
The Supply of Bitcoin Is Limited to 21 Million
Bitcoin Mining Rewards
Effects of Finite Bitcoin Supply
Special Considerations
Bitcoin is like digital gold in many ways. Like gold, bitcoin cannot simply be created arbitrarily; it requires work to "extract". While gold must be extracted from the physical earth, bitcoin must be "mined" via computational means.
Bitcoin also has a stipulation—set forth in its source code—that it must have a limited and finite supply. For this reason, there will only ever be 21 million bitcoins ever produced. On average, these bitcoins are introduced to the bitcoin supply at a fixed rate of one block every ten minutes. In addition, the amount of bitcoin released in each of these aforementioned blocks is reduced by 50% every four years.
KEY TAKEAWAYS
There are only 21 million bitcoins that can be mined in total.
Once bitcoin miners have unlocked all the bitcoins, the planet's supply will essentially be tapped out.
Currently, around 18.5 million bitcoin have been mined; this leaves less than three million that have yet to be introduced into circulation.
Once all Bitcoin has been mined the miners will still be incentivized to process transactions with fees.
The Supply of Bitcoin Is Limited to 21 Million
In fact, there are only 21 million bitcoins that can be mined in total.1 Once miners have unlocked this amount of bitcoins, the supply will be exhausted. However, it's possible that bitcoin's protocol will be changed to allow for a larger supply. What will happen when the global supply of bitcoin reaches its limit? This is the subject of much debate among fans of cryptocurrency.
Currently, around 18.5 million bitcoin have been mined. This leaves less than three million that have yet to be introduced into circulation.
While there can only ever be a maximum of 21 million bitcoin, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual amount of available bitcoin in circulation could actually be millions less.
Bitcoin Mining Rewards
The first 18.5 million bitcoin has been mined in the ten years since the initial launch of the bitcoin network. With only three million more coins to go, it might appear like we are in the final stages of bitcoin mining. This is true but in a limited sense. While it is true that the large majority of bitcoin has already been mined, the timeline is more complicated than that.
The bitcoin mining process rewards miners with a chunk of bitcoin upon successful verification of a block. This process adapts over time. When bitcoin first launched, the reward was 50 bitcoin. In 2012, it halved to 25 bitcoin. In 2016, it halved again to 12.5 bitcoin. On May 11, 2020, the reward halved again to 6.25 bitcoin. This effectively lowers Bitcoin's inflation rate in half every four years.
The reward will continue to halve every four years until the final bitcoin has been mined. In actuality, the final bitcoin is unlikely to be mined until around the year 2140. However, it's possible the bitcoin network protocol will be changed between now and then.
The bitcoin mining process provides bitcoin rewards to miners, but the reward size is decreased periodically to control the circulation of new tokens.
Bitcoin Halving
The rate that bitcoin are produced cuts in half about every four years. Investopedia
Impacts of Finite Bitcoin Supply on Bitcoin Miners
It may seem that the group of individuals most directly affected by the limit of the bitcoin supply will be the bitcoin miners themselves. Some detractors of the protocol claim that miners will be forced away from the block rewards they receive for their work once the bitcoin supply has reached 21 million in circulation.
But even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a transaction fee attached to it.
These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy, where transaction fees are assessed much like taxes.
Special Considerations
It's worth noting that it is projected to take more than 100 years before the bitcoin network mines its very last token. In actuality, as the year 2140 approaches, miners will likely spend years receiving rewards that are actually just tiny portions of the final bitcoin to be mined. The dramatic decrease in reward size may mean that the mining process will shift entirely well before the 2140 deadline.
It's also important to keep in mind that the bitcoin network itself is likely to change significantly between now and then. Considering how much has happened to bitcoin in just a decade, new protocols, new methods of recording and processing transactions, and any number of other factors may impact the mining process.
баланс bitcoin эмиссия bitcoin 2016 bitcoin ethereum miners bitcoin accelerator Over the years, the concept of a virtual, decentralized currency has gained acceptance among regulators and government bodies. Although it isn’t a formally recognized medium of payment or store of value, cryptocurrency has managed to carve out a niche for itself and continues to coexist with the financial system despite being regularly scrutinized and debated.bitcoin mining bitcoin easy bitcoin capitalization таблица bitcoin
ethereum ротаторы
эпоха ethereum обменники ethereum xpub bitcoin обновление ethereum tether верификация инвестирование bitcoin app bitcoin разработчик bitcoin ethereum com monero logo rise cryptocurrency avatrade bitcoin
хешрейт ethereum Once verified by the other miners, the winner securely adds the new block to the existing chain.Bitcoin is just like all other digital currencies; nothing newcasinos bitcoin vip bitcoin 4000 bitcoin bitcoin бесплатные bitcoin биткоин captcha bitcoin bitcoin кэш Monero mining: a Monero coin on a *****U.bitcoin ваучер unconfirmed bitcoin bitcoin машина стоимость ethereum bitcoin новости bitcoin loto bitcoin x bitcoin matrix доходность bitcoin адрес bitcoin fox bitcoin bitcoin motherboard bitcoin apk direct bitcoin bitcoin фермы testnet bitcoin
код bitcoin ethereum википедия bitcoin iso hash bitcoin цена ethereum
bitcoin reklama datadir bitcoin bitcoin monkey bitcoin source keystore ethereum bitcoin q ads bitcoin armory bitcoin цена ethereum bitcoin отследить bitcoin спекуляция 50 bitcoin carding bitcoin cryptocurrency chart gift bitcoin bitcoin блокчейн service bitcoin платформу ethereum platinum bitcoin bitcoin security отзывы ethereum bitcoin майнить пожертвование bitcoin заработок ethereum bitcoin валюты
okpay bitcoin surf bitcoin
buy ethereum simplewallet monero geth ethereum All transactions, including the coinbase transaction, are encoded into blocks in binary raw transaction format.скрипт bitcoin баланс bitcoin bitcoin регистрации some simplification (not markets for converting 'old' %trump2% harder-to-mine bitcoins to 'new' %trump2% easier-to-mine bitcoins, but a changing network-wide consensus on how hard bitcoins must be to mine)Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions among nations, organizations, communities, and individuals. They guide managerial and social action.bitcoin timer bitcoin картинки bitcoin download plasma ethereum bitcoin programming cryptocurrency price
bitcoin ecdsa cryptocurrency trading bitcoin рынок ethereum frontier кран bitcoin bitcoin instant бесплатный bitcoin cryptocurrency wallet bitcoin открыть bitcoin faucet bitcoin майнить bitcoin вывод bazar bitcoin nicehash bitcoin
bitcoin иконка bitcoin protocol ethereum прогнозы bitcoin passphrase coffee bitcoin компиляция bitcoin bitcoin future bitcoin заработок bitcoin nyse
казино ethereum bitcoin пожертвование bitcoin global bitcoin count bitcoin up bitcoin japan monero blockchain my ethereum transactions bitcoin dwarfpool monero bitcoin script bitcoin skrill widget bitcoin ethereum claymore ethereum coins
bitcoin onecoin bitcoin security iso bitcoin
форки ethereum tether coinmarketcap ethereum курсы robot bitcoin ethereum blockchain
monero price usa bitcoin bitcoin рубль bitcoin project c bitcoin 10000 bitcoin byzantium ethereum cryptocurrency
вложить bitcoin bitcoin adress 1 monero pools bitcoin
полевые bitcoin microsoft bitcoin difficulty monero google bitcoin ethereum rig cryptocurrency nem bitcoin картинки
обменник ethereum bitcoin nachrichten ethereum faucet bitcoin dice bitcoin antminer bitcoin компьютер microsoft bitcoin ethereum капитализация
email bitcoin bitcoin коллектор bitcoin prominer ethereum доходность сервисы bitcoin ethereum прогнозы bitcoin satoshi bitcoin foundation яндекс bitcoin bitcoin future c bitcoin миксер bitcoin bitcoin poloniex monero calc cryptocurrency calendar bitcoin подтверждение я bitcoin Today the most popular mining pools are:bitcoin 20 bitcoin satoshi bitcoin school bitcoin keywords
заработок ethereum вложить bitcoin
новый bitcoin bitcoin eu
fields bitcoin tether usd bitcoin japan ethereum рост bitcoin trader bitcoin приложения decred cryptocurrency space bitcoin ethereum скачать стоимость bitcoin bitcoin исходники and most recently, by large cap companies such as Google, Qualcomm, Newтрейдинг bitcoin bitcoin магазины plus500 bitcoin ethereum видеокарты blocks bitcoin rotator bitcoin ethereum метрополис bitcoin carding ethereum регистрация майнинга bitcoin
crypto bitcoin краны ethereum
casino bitcoin эфир ethereum shot bitcoin bitcoin куплю bitcoin видеокарты se*****256k1 ethereum bitcoin уязвимости bitcoin wmx ethereum биржа Fundamental investing, on the other hand, uses a bottom-up approach to find the inherent value of something. This is possible with anything that produces cash flows, like companies or bonds, by using discounted cash flow analysis or similar valuation methods.short bitcoin создатель ethereum раздача bitcoin bitcoin майнеры bitcoin таблица monero algorithm bitcoin cudaminer bitcoin компьютер monero вывод prune bitcoin бутерин ethereum bitcoin etf
монета ethereum
shot bitcoin bitcoin demo bitcoin fake casinos bitcoin bitcoin блок монета ethereum ethereum обмен bitcoin подтверждение bitcoin de sberbank bitcoin tether coinmarketcap видео bitcoin хардфорк monero проект bitcoin bitcoin стратегия flash bitcoin bitcoin loto bitcoin работа лотереи bitcoin bitcoin uk перевод ethereum bitcoin auto уязвимости bitcoin transaction bitcoin bitcoin direct bitcoin покупка
surf bitcoin
dwarfpool monero
bitcoin atm bitcoin автокран email bitcoin bitcoin wiki bitcoin carding home bitcoin
Bitcoin is illegal because it's not legal tenderbitrix bitcoin wikipedia ethereum bitcoin игры fun bitcoin goldmine bitcoin alien bitcoin exchange ethereum bitcoin лого кости bitcoin monero 1070 валюта tether polkadot stingray bitcoin calculator купить bitcoin количество bitcoin iso bitcoin bitcoin community bitcoin javascript bitcoin parser logo ethereum keepkey bitcoin bitcoin робот ethereum dark bitcoin golden download bitcoin bitcoin uk nem cryptocurrency bitcoin капитализация робот bitcoin bitcoin valet bitcoin миллионеры bitcoin nyse tp tether monero blockchain bitcoin pools ethereum сайт bitcoin iq
надежность bitcoin 1000 bitcoin взлом bitcoin обсуждение bitcoin lealana bitcoin цены bitcoin bitcoin валюта bitcoin atm cryptocurrency forum bitcoin шахты транзакция bitcoin programming bitcoin bitcoin торги bitcoin автомат
master bitcoin collector bitcoin
bitcointalk monero 1080 ethereum bitcoin golden mac bitcoin ethereum кошелек bitcoin jp pps bitcoin bitcoin eth ico monero обменник ethereum майнить bitcoin ethereum platform js bitcoin bitcoin аккаунт check bitcoin 1 ethereum bitcoin получить bitcoin начало ethereum инвестинг bitcoin миллионеры mini bitcoin keystore ethereum The transaction history of each bitcoin is recorded on the blockchain. It allows identifying bitcoin units that may be linked to certain events, like fraud, gambling, or theft, which paves the way for blocking, suspending, or closing accounts that hold such units. Imagine receiving a few bitcoins today that were previously used for gambling, and they are banned in the future, leading to a loss.bitcoin зебра
ethereum faucet bitcoin торговля
кошелька ethereum matrix bitcoin bitcoin pps bitcoin withdrawal подарю bitcoin monero cryptonote
bitcoin play вход bitcoin captcha bitcoin bus bitcoin master bitcoin bitcoin blog bitcoin compromised mining ethereum bitcoin token casper ethereum gek monero exchange bitcoin bitcoin box js bitcoin приват24 bitcoin 16 bitcoin bitcoin расшифровка sgminer monero bitcoin валюта bitcoin nedir p2p bitcoin майнить ethereum криптовалюту bitcoin bitcoin мошенники Backups of deterministic wallet keystores are relatively simple. Each wallet uses a seed as a reproducible starting point for generating addresses and private keys. The seed is often represented as a series of words, but QR code representations are also used. A representation of the seed is transferred to an offline medium and kept in a safe place.ethereum пулы
The blockchain potentially cuts out the middleman for these types of transactions. Personal computing became accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a 'desktop'. Similarly, the most common GUI devised for the blockchain are the so-called 'wallet' applications, which people use to buy things with Bitcoin, and store it along with other cryptocurrencies.пулы bitcoin monero ann
space bitcoin
daily bitcoin bitcoin кошелька bitcoin gambling курс bitcoin
bitcoin options Stealth addresses add additional privacy, as these randomly generated addresses for one-time use are created for each transaction on behalf of the recipient. The use of these stealth addresses enables concealing the actual destination address of a transaction, and it hides the identity of the receiving participant.4bitcoin комментарии
How to Value Bitcoin and Other Cryptocurrenciesбанкомат bitcoin 