Bitcoin fans!

Despite its rise and fall in value over the last few years, Bitcoin is still one of the most in-demand cryptocurrencies in the market. With the increasing number of multitude diving into Bitcoin, more and more BTCs are being mined every single day, which poses the question: Will Bitcoin ever run out? If youre interested in more about whats in store for the future of Bitcoin, then read on.

What is Bitcoin mining and how long will it take?

Currently, there are approximately 18,000,000 BTC tokens in presence. When the limit is reached, there will be no more tokens created. According to Decrypt.com, the last Bitcoin will be mined in 2140.

Frequently referred to as digital gold, Bitcoin is obtained through a process called mining where miners can produce Bitcoin tokens by solving a complex mathematical problem in the blockchain. Bitcoin has a hard cap of 21 million. This means, there is a finite number of Bitcoin tokens that can be mined.

What happens when the last Bitcoin is mined?

A Bitcoin token is produced every 10 minutes when a miner adds a new block to the chain. Each time a miner successfully processes a transaction, they are rewarded in BTC.

Once the last Bitcoin transaction is made, all the miners in the chain will still be a part of the network, but they will no longer receive BTCs as incentives for maintaining the blockchain.

As the price of Bitcoin continues to rise, it inspires a lot of people to become miners. Through the use of high-end devices, miners can participate and add more blocks to the chain. However, if this process goes unchecked, the supply can run out immediately.

18.5 million Bitcoin tokens have already been mined. With roughly 3 million tokens left, its easy to imagine that Bitcoins mining stage could be coming to an end soon.

To slow down the production of tokens, Bitcoin halving happens when the 210,000 blocks are added to the blockchain. During this event, the miners rewards are halved to ensure that the significance of Bitcoin becomes scarce, which in turn pushes up its price in the market.

When the first Bitcoin was mined, miners would receive a reward of 50 BTC. It was cut by 50% in 2012, which decreased their incentives by half. Then in 2016, miners received 12.5 BTC, and then it was again cut in half so it became 6.25 BTC in 2020. When the 740,001st block is added to the chain, the reward will be 3.125 BTC. This halving process will continue every four years until all the tokens are mined. In the Bitcoin timeline, BTC tokens wont run out for the next hundred years.

The importance of Bitcoins finite supply and Bitcoin halving

The idea of an unceasing production of Bitcoin is enticing, but just like everything else in the economy, it must follow the law of supply and demand. If new Bitcoins are steadily added to the blockchain, it would result in overproduction. When this happens, the value of Bitcoin will decrease.

Contrary to the traditional banking system, minted Bitcoin tokens cannot be reprinted by the government. Because of its hard-capped supply, the 21 million will stay fixed and keep its circulation in the market in check.

Is it time to mine or buy Bitcoin?

Theres no better time than now to join the crypto fray. As cryptocurrency gains traction by the day, people can see the undeniable rewards of investing and mining. If youre a tech-savvy person, mining is an option.

On the other hand, if youre keener to trade or just simply keep your tokens, then buying Bitcoins is better for you. Just look for a Bitcoin Exchange that features trading, buying, and selling, as well as a reliable crypto wallet.

Bitcoins supply will not run out in the next hundred years or so and it still has time to change the financial sector as we know it. With its significant growth in the past few months, Bitcoin is on its way to ushering in the extremist promise of blockchain technology and decentralization.

Which is better for you, to mine Bitcoin or buy Bitcoin?

Thanks for reading and waiting for your thoughts.
Cheers,
Susano waiting for your thoughts on this subject