What Will Happen After All the 21 Million Bitcoins are Mined?

Satoshi Nakamoto predicted that there would be a finite number of  Bitcoins to avoid inflation. Have you ever wondered what will happen after all 21 million BTC are mined?  In this post, we will tell you about it.

What will happen after the 21 million Bitcoins are mined? 

Before giving you an answer, you should know a little more about the  BTC mining process. In this way, the following explanation will be more understandable.

Bitcoin 

Bitcoin is a type of cryptocurrency or digital currency that functions as a medium of exchange. It is used as a store of value by its promoters. BTC  does not exist physically, nor is it controlled by any country. It is virtual money with a constantly changing price.

Bitcoin generation 

The Bitcoin network is responsible for creating and distributing a random amount of coins, approximately 6 times per hour to customers who are active in the network or who contribute through their own computing power to manage the security of the network.

In this case, generating  BTC  is known as mining  (analogous to gold mining). Thus, the likelihood of a user acquiring the Bitcoin reward depends on the computing power included in the network and on the competition with other peers or inferior networks.

Current BTC 

Due to the large number of medium operations required to successfully close a single block, this implies that large amounts of resources are required in terms of electricity and computing power, so most miners join miners’ guilds or groups to share resources among them and then divide the blocks generated based on what each one has contributed.

Mining process  

In about 10 minutes, the miners discover a new block of  BTC  and solve the pictographic puzzle that will allow them, if they manage to be the first, to create a new block on the Blockchain.

Each of these blocks contains a set of previously verified transactions on a waitlist. They are usually chosen based on the transaction cost set for the miner. When a new block is discovered, the miner receives a fixed number of  Bitcoins for his work, known as the Block Reward.

About 18.5 million Bitcoins have been mined so far, or 88.3% of maximum availability in a short time.

But what will happen when 21 million BTC is reached? 

To answer this question, the first thing to know is that Bitcoin Blockchain was designed on the principle of unlimited supply or availability.

This means that  Bitcoin has a maximum limit of 21 million BTC that can be mined or mined. It has been certified that the last Bitcoins will be created around the year 2140.

This means that when the circulation availability reaches a maximum limit, miners will no longer receive rewards for creating blocks. In this case, they will be rewarded only with the cost of the transaction.

In short:  by the year 2140,  it is predicted that there will be no more Bitcoins to be put into circulation. However, the network will continue to function the same way.

But what can miners do when all Bitcoins are mined? 

As mentioned above, once all  Bitcoin has been created, miners will be able to participate in the block creation process, with the difference that they will no longer be incentivized by the final reward. However, these miners will receive the transaction fees included with each new block.

Now that you know what could happen, let us know what you think.

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