Only 21 Million Bitcoin will ever be Mined(Produced). So, What happens to Bitcoin Miners and the Entire Bitcoin Ecosystem when this happens?
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.
Currently, around 18.5 million bitcoin have been mined. This leaves less than three million that have yet to be introduced into circulation.
What year will Bitcoin Mining Reach 21 Million
Year – 2140 (more than 100 years from now). Definitely, a lot would have happened between Now and Then.
What will happen to Bitcoin when all the 21 Million is Produced
There are two separate ways those responsible for Validation of Bitcoin Transactions, Block Solvers called Miners get rewarded for their Activities namely:
- Mining (production of new bitcoin as rewards)
- Transaction fees
So whenever the 21 million maximum supply of bitcoin is reached, the miners will still continue to earn bitcoin through transaction fees. Also, a lot will continue to happen around Bitcoin and the entire Cryptocurrency industry as time passes.
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.