The Last Bitcoin will be Mined in 2140
Although there are currently more than 19 Million out of the max supply of 21 Million Bitcoin in circulation, the last Bitcoin will be mined around the year 2140. This was determined by Bitcoins source code, which was programmed by Satoshi Nakamoto and cannot be changed. So, although 19 Million have been mined during the teen years of Bitcoins existence, the next 2 Million will be mined throughout the next 120 years. After all the Bitcoins are mined, the amount in circulation will remain fixed permanently.
Bitcoin miners are referred to as “nodes” in the network. Mining is the process of discovering new blocks, verifying and confirming transactions are consistent with other transactions and adding them to the Blockchain. For performing this task, winning miners will receive newly minted Bitcoins, which is known as a “block reward”, as well as any fees attached to the transaction.
A Bitcoin block is mined nearly every 10 minutes and the reward halves every 210,000 blocks, or roughly every 4 years. This halving is referred to as the Bitcoin Halving.
Since the Blockchain ledger is transparent, we are able to estimate when the next halving will occur. You can follow the Bitcoin clock to predict and expect when that will be.
https://www.buybitcoinworldwide.com/bitcoin-clock/
The process of giving miners newly minted Bitcoins is the exclusive method in which new coins enter circulation. The block reward system also doubles as the distribution mechanism for Bitcoin. This method incentivizes a decentralized network and to independently verify each transaction.
Why Mine Bitcoin?
Financial Reward: earning the block reward
Securing and maintaining the decentralized Bitcoin network
What happens after 2140?
Miners will still be rewarded but only through transaction fees and not through newly minted coins.
Does the Halving affect the Bitcoin price?
As we continue reaching the Bitcoin supply limit, new Bitcoin will be mined and enter circulation at a much slower rate. Coins will be more scarce as long as the demand continues to grow. However, not a certainty or a guarantee, the result of such a scenario should continue to push up the price of Bitcoin.
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