At this moment, almost 17 million bitcoin tokens were mined by different miners in every corner of the world. Take note that Bitcoin only offers 21 million bitcoins for mining. In this case, you might be asking yourself what will happen if the 21 million bitcoins were mined already.
In this post, we are going to answer this question thoroughly. So, if you want to know more about it, then keep reading.
Bitcoin Offers Limited Amount of Tokens
Way back in April 2018, the ledger of Bitcoin had reached the first stage after mining a total of 17 million bitcoins. You might be asking the reason behind the uniqueness of this number. Well, it is because only four million bitcoins are left to be mined. You can visit bitcoinscircuit.com to start bitcoin trading.
As time goes by and when the miners continue to mine bitcoins, the protocol of the Bitcoin ledger will create more difficult mathematical problems. Mining bitcoin is easy. All you need is a specialized computer that will help you in solving mathematical problems. Considering its complexity, you may need the help of mining hardware with a good hash rate to solve the equations much easier and quicker. Solving problems easily and quickly means rewarding yourself with more bitcoins!
After Mining 21 Million Bitcoins, What’s Next?
These days, a lot of crypto miners are motivated to receive bitcoins as their reward for solving mathematical problems before Bitcoin reaches its limit.
When Bitcoin reaches 21 million bitcoins, miners will be no longer receiving bitcoin tokens as a reward. Then again, all the transactions will be stored in the blockchain for verification. This means that the miners will still have additional commissions for every transaction they made.
Through this, there is a creation of a new reward type, which miners can get after processing the Bitcoin transactions. Just make sure that the rate purpose is related to that particular transaction. This means that the higher the quota of the miner is, the higher the chance of generating a good amount of incentives.
The Reward for Bitcoin Miners
Another form of reward will be generated, as we mentioned earlier. This could be considered as an incentive that Bitcoin followers will receive after unlocking the bitcoin tokens.
Satoshi Nakamoto, the creator of Bitcoin, created a writing that is available in the market today, which is known as The White Bitcoin Book. This book enables one to find the theory of generating new rewards and other theories regarding other forms of cryptocurrencies. According to the creator’s authorship, “Once that a certain number of currencies have entered into circulation, the incentive can pass entirely to the transaction fees and be completely free of inflation.”
What shall we do, if this happens? Even though we need to wait more than one century to witness the last creation of bitcoin tokens, different events could be taken in place during this time. What’s good with this is that the innovations these days are still looking for possible improvements and solutions to the situations surrounding the crypto mining process.
From now, we are going to wait one century to witness the creation of the last Bitcoin token. You might be thinking that this is quite impossible to happen, but there is still a chance considering the huge range of the crypto community.
A lot of things will happen after mining the last bitcoin token. No one knows what’s the exact event when this happens. But what’s sure is that miners can still receive a new type of reward, which will be called incentives. Their incentive will depend on the value of transactions they made during bitcoin mining.