If we talk about the world's most expensive and volatile currency, the exaggerated cryptocurrency 'Bitcoin' is at the top of the list.
Due to the high cost of bitcoin, the law of supply and demand is followed. Because the world's first cryptocurrency can only be mined to a certain extent.
How many bitcoins can be mined worldwide?
According to a white paper written on bitcoin by Satoshi Nakamoto, the alleged creator of bitcoins, only 21 million can be mined worldwide, after which their mining is impossible. One of the reasons for the increase in the price of bitcoin is this set limit.
As bitcoin mining grows around the world, so does its value. There is a principle of the economy according to which reduction in supply increases demand, and bitcoin is its practical form.
How many bitcoins have been mined worldwide?
According to a recent study by a company working on blockchain technology that drives the creation of bitcoins, by the beginning of December 2021, the supply of bitcoins worldwide has reached 90% Around 18.89 million bitcoins).
Out of 21 million, 18.89 million bitcoins are circulating in the market. The remaining 2 million bitcoins are expected to be mined by 2040, or some experts say 2140.
What happens after all the bitcoins are mined?
Blockchain technology experts say that Satoshi Nakamoto set the bitcoin mining limit to control inflation from unlimited supplies.
Bitcoin's popularity has skyrocketed worldwide in recent years, with demand and value skyrocketing in 2021.
Bitcoin miners receive a bitcoin block as a reward for participating in the mining process for successful transactions.
This reward is split every four years. In 2008 Minor received a reward of 50 bitcoin; in 2012, it was reduced to 25 bitcoin, and in 2024 Miner is expected to receive 1.56 bitcoin as a reward for confirming the transaction block. This series of rewards will continue until the last bitcoin is mined.
When will the last bitcoin be mined?
According to experts, the last bitcoin will be mined by February 2040, meaning that the supply of bitcoin will be depleted in the next 18 years, while the demand for it is increasing and seems to be increasing every year.
Experts say it is not yet possible to say what effect the supply of bitcoins will have on the crypto market. However, it is possible that after each supply is exhausted, the transaction fee will be the only source of income.
Remember that about 3.7 million of the mined bitcoins have gone out of circulation because either their owners have forgotten their privacy or passed away.