When Will The Mining Of Bitcoin End?
Photo by André François McKenzie on Unsplash

Recently, the cryptocurrency Bitcoin reached 90 percent of its maximum offer. A study conducted by blockchain.com revealed that of the total distribution of 21 million Bitcoins, 18.89 million have already been mined and distributed to the market. The milestone comes almost 12 years after the first block, which consisted of 50 Bitcoins, was dug on January 9, 2009.

Bitcoin founder Satoshi Nakamoto has set the value of Bitcoin at 21 million, making cryptocurrency scarce for controlling inflation that may result from the unlimited supply. Bitcoin is “mined” by miners who solve math problems to verify and validate the transaction block that takes place on its network. It is a process of adding new Bitcoins to the stream. After making a successful transaction set, the miner is rewarded with a Bitcoins block.

It should be noted that every four years the value of Bitcoin mining is being halved. So, when Nakamoto created Bitcoin, the reward for securing a block of transactions was 50 Bitcoins. In 2012- 25 Bitcoins and dropped to 12.5 in 2016 and by the end of 2024 miners are expected to earn only 1.56 Bitcoins. This process is called splitting and will continue until the last Bitcoin is mined.

It may seem that the world’s most popular cryptocurrency is on the verge of collapse, but from the halving schedules, it is predicted that the remaining 10 percent of bitcoins will continue until February 2140, according to blockchain.com.

After reaching 21 million, Bitcoin will be very scarce and miners will rely on transaction funds, instead of block earnings. Miners will start to earn more from the transactions that take place on these blockchains than the mines themselves.

It is noteworthy that Bitcoin is not just a cryptocurrency, but a blockchain network that processes transactions in a distributed platform. Therefore, has a lot more to use than just a crypto asset.
['Harsh Sheth']
['Web3', 'Crytocurrency', 'Technology', 'Bi̇tcoi̇n', 'Bitcoin Mining']