Supply of Bitcoin is Running Out! Within a short span of time, the popularity of bitcoin has grown rapidly around the world. In the last 12 months of the year, there has been a record-breaking jump in cryptocurrencies. But the way bitcoin has grown in popularity has come with many challenges. Experts had analyzed that bitcoin would accelerate but it was much more than what they had predicted. I have come to a report that now only 21 million bitcoins are left to be mined.
Why is bitcoin going to run out of supply?
The creators of bitcoin imposed restrictions on the unlimited supply to make the cryptocurrency scarce. His concept was very clear that if the supply of bitcoin is limited, then its importance will remain in the market. Its value will increase due to more demand and less supply. But now a big challenge has come to the fore that at the beginning of the first month of this new year, bitcoin has reached 90 percent of its maximum supply.
Satoshi Nakamoto created bitcoin and wrote the bitcoin white paper and also created the first blockchain database. But it is still a secret who is Satoshi Nakamoto because this name is not the original name. This is a pseudonym.
How much bitcoin is left to be mined?
Blockchain.com has recently conducted recent research on bitcoin and their report reveals that 18.89 million bitcoins have been mined so far. And they are roaming the market. Bitcoin has only 21 million coins to be mined and 19 million coins have reached the market so far. However, it took almost 12 years to sell 19 million coins. It is clear that now only 2 million bitcoins can be mined. And the condition of the market is that the demand for bitcoin is increasing every day.
Bitcoin mining is the process by which new bitcoins come into the market. In this, new transactions are confirmed by the network. “Mining” is done using sophisticated hardware.
- Satoshi published his famous bitcoin whitepaper in 2008 in which he detailed the technical merits and motivations of the cryptocurrency.
- Bitcoin was launched in 2009 and the very next year the project started marketing by handing over the project to the general community.
- Satoshi explained in the whitepaper how bitcoin provides a strong economy by inventing a new online payment system.
What will happen when bitcoin runs out of supply?
Bitcoins will become more scarce as the remaining bitcoins are mined. It will emerge as the world’s most valuable asset. Miners will rely on transaction fees rather than block rewards. Bitcoin miners are awarded a block of bitcoins for successful transactions. But as its value continues to grow, the reward is halved every four years. In 2008, miners who received 50 bitcoins received only 25 bitcoins in 2012, then to 12 in 2018 and by the end of 2024, it is expected that miners will earn only 1.56 bitcoins for verifying a block of transactions Will be able to.