Here's What Happens When Bitcoin Runs Out in Mines
Navigasi - The price of one of the most popular cryptocurrencies, Bitcoin, is reportedly continuing to fall along with the predictions of Crypto Winter by a number of observers. What happens if bitcoins run out? And can bitcoin really run out?
|Here's What Happens When Bitcoin Runs Out in Mines|
It is currently known that the price of bitcoin continues to fall, even being at a point of only USD 28,299 or being the lowest since last December 2020.
Whereas previously, bitcoin had sunk 42%. On the other hand, the possibility of bitcoin running out is also increasingly real because the supply of this currency is increasingly limited due to its increasing use.
Bitcoin investor Satoshi Nakamoto said that since its initial launch in 2009 he only put 21 million bitcoins. In fact, until the middle of this year 18.93 million bitcoins.
Thus, only 2.07 million pieces remain to be mined. The supply of bitcoins can actually go up from the mining process.
But the number is not too significant. Thus, roughly speaking, the last bitcoin will run out in 2024 or only two years left. So what happens if bitcoin runs out?
If the bitcoins run out, the turnover of this digital money investment will only be among the already mined currencies. The absence of this new bitcoin currency makes bitcoins that are already circulating will be very expensive.
It could be, the price as an investment asset no longer makes sense. However, the fewer bitcoins available, the slower they circulate. Bitcoin miners are also threatened with no longer getting rewards or income because their mining goods have run out.
Under normal conditions every miner will get a reward when adding a new block in the blockchain network when successfully solving a cryptographic puzzle.
Verified crypto transactions will reward miners. The reward will be even greater the more difficult the cryptographic puzzle is solved. Of course, if bitcoins run out, this source of rewards will disappear.
For crypto investment trends, when bitcoins run out, miners can only rely on income from available bitcoin transaction fees, not from new bitcoins. Miners have definitely lost their income.
Then the size of the blockchain in the cryptocurrency network can no longer be enlarged. Each blockchain does have a maximum limit. When the blockchain network reaches its maximum limit, there is no longer any room for new transactions to be confirmed.