Due to my research, I discovered that we have about 21 million BTC. 19.9 million BTC has already been mined, remaining 1.1 million BTC.
So, I want to know what will happen when the remaining 1.1 million BTC get mined.
Is it that there would be no bitcoin again for people to mine afterwards?
What will become of the future of bitcoin when the total 21 million BTC is completely mined?
There is no doubt that Bitcoin is limited to 21 million. We will have to wait until 2140 to fully mine these 21 million. That means we still have a lot of time. After 21 million Bitcoins are mined in 2140, no more miners will be able to mine Bitcoin. Then they may have to depend on transaction fees.
Now your question may be, where 93% of Bitcoin has been mined in 15 years, why does it take so long to mine the remaining 7%? This is mainly due to halving. Halving is the halving of the miners' reward every 4 years. According to the 2024 halving, the miners' reward per block is 3.125 Bitcoin. In the next halving, miners will receive half of this reward for each block. Thus, halving will occur every 4 years and the mining reward decreases, causing the mining speed to slow down. Therefore, it will still take more than 100 years to mine the remaining 7% of Bitcoin.