The end of Bitcoin mining is far away, despite the fact that more than 90% of the supply has already been mined. When will be the last year that BTC will be issued.
Bitcoin, only 7% of the total remains to be mined: what does it mean?
This Wednesday, 93% of Bitcoin issuance was reached through mining. However, this does not mean that we are near the end of this activity. So far, more than 19,530,300 bitcoin (BTC) have been mined, 1.74% more than this time last year.
The last BTC, however, will be issued in the year 2140. Therefore, it will take much longer to mine the remaining 7% supply.
Bitcoin mining is the process by which participants, known as “miners”, use powerful computers to solve complex mathematical problems. and verify transactions on the Bitcoin network. These miners compete to add transaction blocks to the Bitcoin blockchain, and as a reward for their work and computing power, they receive newly created bitcoins. This system requires high processing power and consumes a large amount of energy, and the ultimate goal is to ensure the security and decentralization of the Bitcoin network.
Halving is a scheduled event on the Bitcoin network that halves the reward miners receive for adding new blocks to the cryptocurrency’s blockchain. This adjustment occurs every 210,000 blocks mined, approximately every four years, which decreases the number of bitcoins generated and limits the total supply of the cryptocurrency, impacting inflation and the supply and demand of the Bitcoin market.
The maximum limit of bitcoins that will be issued in total is 21 million. This cap is a fundamental feature of the Bitcoin protocol, designed to limit the supply of the cryptocurrency, thus ensuring that no more than 21 million bitcoins can be created. As the mining process takes place, the total number of bitcoins in circulation gradually approaches this limit, and the last bitcoin is expected to be mined around the year 2140, at which point the maximum number will have been reached. of 21 million bitcoins.
Source: Ambito
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