When will all BTC be mined and what will happen to the Bitcoin network afterwards?

3 answers

• Nov 23, 2021 · 3 years ago
  Sure! According to the Bitcoin protocol, the total supply of BTC is capped at 21 million coins. Currently, around 18.5 million BTC have been mined. It is estimated that all BTC will be mined by the year 2140. After all BTC have been mined, miners will no longer receive block rewards. Instead, they will rely on transaction fees as an incentive to continue securing the network. This transition is expected to make mining less profitable for small-scale miners, as they will have to compete for transaction fees.
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• Nov 23, 2021 · 3 years ago
  Well, let me break it down for you. Bitcoin mining is the process of adding new transactions to the blockchain and securing the network. Miners use powerful computers to solve complex mathematical problems, and in return, they are rewarded with newly minted BTC. However, the reward for mining a block is halved approximately every four years in an event called the 'halving.' This reduction in block rewards is designed to control the inflation of BTC and ensure its scarcity. Once all BTC have been mined, the network will rely solely on transaction fees to incentivize miners.
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• Nov 23, 2021 · 3 years ago
  When all BTC have been mined, the Bitcoin network will undergo a significant change. Miners will no longer receive block rewards, and the network will rely solely on transaction fees. This change is expected to increase the competition among miners for transaction fees, as they will no longer have the block rewards to rely on. It is also expected to make mining less profitable for small-scale miners, as they may struggle to compete with larger mining operations. However, the exact impact on the network and the mining industry remains to be seen.
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