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.
bitcoin traffic habrahabr bitcoin stats ethereum bitcoin транзакции
monero криптовалюта
взлом bitcoin bitcoin qt monero miner bitcoin mac bitcoin кредит bitcoin компания exchange ethereum bitcoin рубль покер bitcoin cryptocurrency logo panda bitcoin 2016 bitcoin форум bitcoin 100 bitcoin bitcoin block bitcoin форумы bitcoin бесплатно
bitcoin withdrawal antminer ethereum bitcoin word инвестирование bitcoin difficulty monero TWITTERethereum обмен It’s impossible to mess with the Ethereum ledger. With that said, the Ethereum blockchain has had hacking scandals in the past because of vulnerabilities in smart contracts.bitcoin обналичить bitcoin scripting bitcoin new ethereum siacoin galaxy bitcoin bitcoin motherboard
продам ethereum кредиты bitcoin hosting bitcoin bitcoin drip bitcoin uk stock bitcoin
bitcoin goldmine primedice bitcoin bitcoin 2048 баланс bitcoin This is a lot more complicated than Bitcoin. In summary, the number of ETH in existence are:They perceive money as an arbitrary token, but this is a mistake, and this is where the grand misunderstanding of Bitcoin begins, because if money is an arbitrary token, and we already have a great arbitrary token backed by the full faith and credit of the United States Government, why should we get distracted by some other arbitrary token?ethereum shares 2. It is easy to startJust as equity investors trade stocks over indexes like the NYSE, Nasdaq, and the FTSE, cryptocurrency investors trade cryptocurrencies over Coinbase, GDAX, and other exchanges. Similar to traditional currency exchanges, these platforms let investors trade cryptocurrency/currency pairs (e.g. BTC/USD or bitcoin/U.S. dollar).bitcoin scanner Stock-to-Flow Modelbitcoin миллионеры bitcoin knots statistics bitcoin wallets cryptocurrency wisdom bitcoin monero fee bitcoin окупаемость monero proxy кошелька bitcoin кликер bitcoin txid bitcoin эфир bitcoin
delphi bitcoin pirates bitcoin credit bitcoin bitcoin продам bitcoin clouding 100 bitcoin автомат bitcoin monero minergate zcash bitcoin
miningpoolhub monero bitcoin фото cfd bitcoin ethereum rig
currency bitcoin monero биржи сколько bitcoin bitcoin is количество bitcoin bitcoin greenaddress отзывы ethereum cran bitcoin bestexchange bitcoin
bitcoin кошельки расчет bitcoin cryptocurrency это buy tether продать monero bitcoin добыть testnet ethereum tether bootstrap bitcoin хардфорк ethereum заработок перспективы bitcoin
bitcoin reddit get bitcoin bear bitcoin bitcoin exchange goldmine bitcoin bitcoin мерчант
bitcoin pdf all cryptocurrency clame bitcoin bitcoin валюты super bitcoin bitcoin wmx ethereum хешрейт эфир ethereum ethereum контракты vps bitcoin bitcoin мерчант capitalization cryptocurrency bitcoin lucky geth ethereum
bitcoin tor tether limited flypool ethereum ethereum dag ethereum график ethereum пул ethereum ethash abc bitcoin bitcoin linux bitcoin get bitcoin online games bitcoin настройка monero bitcoin картинки bitcoin валюты bitcoin кошелек bitcoin matrix paypal bitcoin криптовалюту bitcoin alpari bitcoin настройка bitcoin индекс bitcoin сбор bitcoin bitcoin курс programming bitcoin bitcoin tools ethereum stratum е bitcoin ethereum stats hosting bitcoin получить bitcoin ethereum miners bitcoin darkcoin bitcoin loan bitcoin сайты
planet bitcoin flash bitcoin доходность ethereum ethereum краны ethereum web3 microsoft ethereum bitcoin crane autobot bitcoin суть bitcoin opencart bitcoin
Storage: a permanent component to store data.взлом bitcoin bitcoin ethereum терминал bitcoin ethereum видеокарты litecoin bitcoin bitcoin fake bitcoin основатель ethereum torrent bitcoin сложность bitcoin is etoro bitcoin bitcoin ваучер bitcoin бесплатные проекта ethereum вики bitcoin bitcoin alliance
bitcoin 2020
bitcoin login cryptocurrency mining bitcoin forbes
usb bitcoin us bitcoin bitcoin gambling bitcoin сервисы
bitcoin добыть ethereum coins bitcoin school эмиссия bitcoin ethereum биткоин tether 2 bitcoin приложения форекс bitcoin капитализация bitcoin bitcoin кошельки free ethereum генератор bitcoin withdraw bitcoin mindgate bitcoin claim bitcoin electrum ethereum bitcoin investment список bitcoin korbit bitcoin
bitcoin click ethereum обозначение bitcoin 2018 bitcoin blue q bitcoin email bitcoin
captcha bitcoin bitcoin аккаунт supernova ethereum bitcoin магазин
bitcoin chains ethereum com bitcoin instant bitcoin конвертер 2 bitcoin agario bitcoin bitcoin vk bitcoin cran bitcoin 4000 терминал bitcoin bitcoin crush сша bitcoin
wild bitcoin transactions bitcoin bitcoin future кран monero bitcoin security партнерка bitcoin
wikipedia ethereum bitcoin flapper code bitcoin bitcoin swiss анонимность bitcoin iobit bitcoin
ethereum telegram bitcoin статистика
dash cryptocurrency мастернода ethereum bitcoin список ethereum контракт autobot bitcoin ethereum токен Because of the decentralized nature of cryptocurrency technology, there are no customer service contacts that can reverse transactions sent to an incorrect address or grant access to a wallet if the owner is locked out. You're solely responsible for your cryptocoins.bitcoin ebay ethereum core подарю bitcoin bitcoin отследить котировки bitcoin service bitcoin
monero address jaxx bitcoin bitcoin cryptocurrency scrypt bitcoin bitcoin китай котировки ethereum bitcoin реклама bitcoin icons roboforex bitcoin monero hardware bitcoin funding 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.bitcoin media ethereum algorithm bitcoin 2000 смысл bitcoin loan bitcoin график monero cryptocurrency
cryptocurrency bitcoin проекта ethereum san bitcoin ethereum платформа биткоин bitcoin сложность monero bitcoin перевод
monero algorithm bitcoin сборщик ethereum swarm технология bitcoin gif bitcoin лото bitcoin bitcoin darkcoin dollar bitcoin
bitcoin fake bitcoin значок основатель bitcoin To run hundreds of computer chips will take a whole lot of electricity. The best possible way how to mine Bitcoin now is with the help of the DragonMint T1 miner. This runs at 1,600W. Multiply this by 100, for example, and you’re looking at a giant power bill every month!прогнозы ethereum шифрование bitcoin ethereum asic bitcoin stealer china bitcoin ropsten ethereum протокол bitcoin coindesk bitcoin ethereum info bitcoin moneybox ethereum покупка bitcoin adress обмен ethereum bitcoin вложения ethereum пул monero сложность bitcoin checker
bitcoin haqida биржа bitcoin bitcoin биткоин bitcoin poker bitcoin отслеживание
ethereum pool сборщик bitcoin обменять ethereum bear bitcoin connect bitcoin
bitcoin деньги обменник bitcoin bitcoin alert
ethereum rig 3. Mining Hardwaresuper bitcoin bitcoin gif bitcoin security Dapp:ethereum продам After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.tor bitcoin monero proxy mikrotik bitcoin
рост ethereum bitcoin timer Limitations of mixing servicesbitcoin mining icons bitcoin bitcoin gambling alliance bitcoin bitcoin пулы tether обмен bitcoin froggy loan bitcoin bitcoin timer тинькофф bitcoin
технология bitcoin tether верификация майнить monero crococoin bitcoin bitcoin программа Musicобменник bitcoin bitcoin продам bitcoin расчет grayscale bitcoin bitcoin easy курс tether decred ethereum exchange ethereum bitcoin bitrix grayscale bitcoin field bitcoin cold bitcoin bitcoin расшифровка monero benchmark bitcoin github курс tether monero github ethereum news
bitcoin количество
lurkmore bitcoin iphone tether зарегистрироваться bitcoin карта bitcoin bitcoin приложение картинка bitcoin bitcoin generator reddit bitcoin sberbank bitcoin баланс bitcoin биржи bitcoin bitcoin server bitcoin 50 habrahabr bitcoin ethereum microsoft
source bitcoin bitcoin motherboard bitcoin лохотрон bitcoin чат bitcoin bear трейдинг bitcoin перевести bitcoin адрес bitcoin reddit cryptocurrency bitcoin prune tether bootstrap minergate ethereum monero обменник bitcoin shops ethereum os
майнинга bitcoin tx bitcoin
china cryptocurrency ninjatrader bitcoin bloomberg bitcoin At the end of 2017, Mexico’s national legislature approved a bill that would bring local bitcoin exchanges under the oversight of the central bank.Multisignature addresses enable a bank-like organization to offer financial services in which funds may only be moved in collaboration with the user. A three-signature address requiring two signatures might secure the user’s funds. One key would be held by the service. Two keys would be held by the user, with one of them stored securely offline. Routine fund transfers would require one key each from the user and from the service. Theft would require the compromise of systems maintained by both the service and the user.лото bitcoin locate bitcoin bitcoin bitrix bitcoin bestchange инструкция bitcoin ethereum eth bitcoin украина monero форум bitcoin blog технология bitcoin bitcoin capitalization мастернода bitcoin bitcoin scripting шахта bitcoin робот bitcoin bitcoin луна collector bitcoin jaxx bitcoin monero minergate planet bitcoin bitcoin network bitcoin rpc bitcointalk monero monero новости zcash bitcoin bitcoin алгоритм ethereum рост credit bitcoin
продам bitcoin blue bitcoin bitcoin деньги bitcoin экспресс новый bitcoin bitcoin node ethereum chaindata
bitcoin q github ethereum мастернода ethereum ethereum info cfd bitcoin exchange ethereum bitcoin crypto bitcoin official 2048 bitcoin bitcoin bazar bitcoin инструкция tether перевод tabtrader bitcoin bitcoin fun bitcoin forbes bitcoin nodes bitcoin token monero форк кран ethereum bitcoin порт bitcoin гарант bitcoin зарегистрироваться bitcoin com bitcoin algorithm bitcoin blog ninjatrader bitcoin
bitcoin scan sha256 bitcoin bitcoin best bitcoin delphi bitcoin софт bitcoin life новые bitcoin терминалы bitcoin flash bitcoin обмена bitcoin client bitcoin daemon monero bitcoin poloniex продам ethereum generator bitcoin config bitcoin fpga ethereum bitcoin котировки bitcoin slots bitcoin 2x fpga ethereum рост ethereum bitcoin keywords
bitcoin hardfork bitcoin мерчант fox bitcoin arbitrage bitcoin
monero benchmark exchange bitcoin bitcoin count api bitcoin bitcoin халява bitcoin халява ethereum ios bitcoin faucet all cryptocurrency ethereum dark bitcoin картинка bitcoin investing
ethereum перспективы miner monero bitcoin россия bitcoin ммвб bonus bitcoin bitcoin paw bitcoin блок токены ethereum bitcoin loan bitcoin сигналы project ethereum monero blockchain bitcoin комментарии bitcoin compromised byzantium ethereum bitcoin machine скачать bitcoin bitcoin описание rx580 monero команды bitcoin difficulty bitcoin bitcoin reklama графики bitcoin Smart contracts make it possible to encode the conditions under which money can move within the money itself, negating the need to trust an intermediary. They are a part of any cryptocurrency. Bitcoin, for instance, enables payments directly between Alice and Bob without a third party, such as a bank, facilitating and watching the transaction. Before cryptocurrency, that was not possible in online commerce. Bitcoin’s future in questionBecause your cryptocurrency holdings aren’t tied to a financial institution or government, they are available to you no matter where you are in the world or what happens to any of the global finance system’s major intermediaries.сеть bitcoin проекты bitcoin Image for postкупить tether пузырь bitcoin куплю ethereum lamborghini bitcoin
зарабатывать bitcoin bitcoin airbit отдам bitcoin apple bitcoin bitcoin компания эфир bitcoin
ico ethereum bitcoin windows продам ethereum p2pool bitcoin cryptocurrency logo bitcoin rus ethereum developer пул ethereum algorithm bitcoin carding bitcoin bitcoin withdrawal
