Bitcoins are the first every cryptocurrency that was ever mined on this planet. Since 2008, approximately more than 4 million Bitcoins have been mined globally. During the early years of Bitcoins, it was priced somewhere around $0.81 – $2.44 in 2008-2010, but within 7 years, the prices reached all time high of $17,600 in 2017. So you can understand how crazy people have been about Bitcoins since the very beginning.
But, what will happen when everyone stops mining Bitcoins? Let us have a look at that in this article. Have you heard about Bitcoin Circuit? It is a Bitcoin exchange where you can safely invest and trade in Bitcoins easily.
What happens when Bitcoin mining is stopped?
Before you understand what will happen when the last Bitcoin is mined, you need to know that there are only 21 million Bitcoins that can be mined. In the last 10 years, almost 18 million Bitcoins have already been mined. Hence, only 3 million Bitcoins are left to be mined globally. The Bitcoin mining process is simple, and the rewards are chunks of Bitcoins when miners are able to verify a block over time. The reward was 50 BTC initially but years later around 2012, it was halved to around 25 BTC. In 2016, the reward was halved to 12.5 BTC.
In 2020, the halvening will happen again and the reward will be down to 6.25 BTC. So, this means that the reward is getting smaller with time and the amount of Bitcoins earned will be lessened even more till the time there is nothing more to reward the miners with. So, without the incentive that is provided to them, with all the costly mining process and rigorous complexities, miners will not be motivated to continue their work and support the mining network.
Even when the last of the Bitcoins have been mined, miners will still continue to participate and actively validate brand new transactions. Ultimately, when there is no Bitcoin to mine, the entire system will become like a closed economy where you can only facilitate valid transactions. With time, it will only become much more difficult and very hard for miners to produce new Bitcoins from the blocks and facilitate them.
What does this mean?
The mining system is running since 2009 and it will continue to run for atleast till 2140. But we can only expect that within this time period, a centralized and more stable form of body will be established to control the transactions and flow it Bitcoins in the market. This will be necessary in order to keep the Bitcoins running around the world. Miners, hence will not stop mining Bitcoins, at least for the time being in the near future and there is no reason to stop right now.
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