Experts indicate that the last Bitcoin will be mined in the year 2140
Yesterday Friday, October 18, 2019 went down in history as the day on which the 600,000 block was mined within the Bitcoin ecosystem with the extraction of unit number 18,000,000. Now faced with the growth of adoption and interest in mining of the main crypto asset, the obligatory question of when the supply of the leading cryptocurrency for mining will no longer be available is rolling through the main bright minds of the ecosystem.
Bitcoin was created to have a fixed supply offer of 21 million units available, which has a deflationary curve that will become increasingly difficult to extract as the maximum coded limit approaches. At the time of its creation, with the limited availability of sophisticated equipment for its extraction and how unpopular it was for that time the cryptocurrency, it was anticipated that in 2033 the Bitcoin offer would culminate.
Now before the growing interest in the adoption of cryptocurrencies and the great competition for hash power due to the multiple farms available with state-of-the-art equipment for cryptoactive mining, the date for the last available bitcoin seems to move further from its projection initial in about 107 years.
According to Lolli CEO Alex Adelman, the completion of the remaining 3 million Bitcoin will be slower for mining and will take 120 years to complete the process considering the existing scenario and the flow of events, indicating the year 2140 as the deadline for its extraction.
The creator of the Bitcoin rewards platform stated in this regard: “It is good for people to see the progress of Bitcoin, look back on everything that has been done and will be done over the next 3 million … you should pay attention to the next 3 million. “
For Adelman, the offer is shrinking and it is not for less. The next three million available will be progressively slower to undermine as a result of the halved reductions that occur every 210,000 blocks, an event that occurs approximately every four years and reduces the new supply of bitcoin by 50 percent. With these numbers, some perfectly match through a simple math that the last Bitcoin will be extracted in the year 2140.
However, some consider that this date is approximate and that it depends on some facts as simple as keeping intact Nakamoto’s philosophy regarding the fixed supply of the cryptocurrency.
“We need to recognize that the 21 million limit is aspirational. If people decide to change that supply limit for specific reasons and there is consensus on it, then the system will adopt it and that limit will not be the reality,” said Angela Walch, researcher at the London University Center for Blockchain Technologies.
Despite this possibility, the community faithful to the philosophy of its creator that partly governs its consensus does not foresee any change for now and thus has been evidenced in past disputes such as the fork of 2017 that became proposals such as Bitcoin Cash .
In that sense, Andreas Antonopoulos, a loyal Bitcoin advocate indicated the governance drama surrounding the bitcoin supply limit is nothing to lose sleep, because the transition to a rewards model based on transaction fees will take 120 years .
Whether or not the Bitcoin limited supply is modified, for now mining revenues are based on the rewards they receive in BTC units for each mined block, a current reward located at 12.5 BTC that will pass in May next year to 6.25 BTC , with which the offer will be progressively limited according to the protocol and that motivates, for some historically supported, a rise in the post-halving price of the main reference of the cryptocurrency market.
Miners rely on the rewards earned and transaction fees to pay their bills, but largely for the bitcoins received for extracting a block, which under current conditions exceed USD 99,000 in contrast to USD 8,000 on average for any fee of additional transaction.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.