What will happen to bitcoin miners once there is no more mining?
The views on bitcoin as a digital currency have been diversifying. A certain section of the population has reprimanded its supply in the digital market space. On contrary, another group of people has wide accepted and welcomed bitcoin in the domain of transaction and payment. The best, or rather, the most economical way of acquiring Bitcoins is by mining them. But, the question is how many bitcoins are left for miners?
A prevalent declaration states that the maximum number of Bitcoins that can be in circulation is 21 million. But, what happens when all the bitcoins are mined? When will the last Bitcoin be mined? According to the Bitcoin blockchain, the last Bitcoin is scheduled to be mined in 2140. This declaration is valid till the protocol is amended, thereby, permitting to enhance the supply. Arbitrary manipulation is not feasible to be conducted in the supply of bitcoins.
Furthermore, it removes the requirement for paper substitutes. Elimination of the need is achieved by the characteristic of bitcoins. The supporting characteristics include its weightless and costless nature.
How many Bitcoins are left for miners?
The question in every crypto enthusiast’s mind is ‘how many Bitcoins are left for miners?’ As of now, more than 80% of the Bitcoins have already been mined! Hence, only about 4.2 million Bitcoins can be mined until the end of 2140. Once the bitcoin mining target is achieved by the miners, the only channel of income for them would be through the transaction fees. The only concern at this stage would be the continuous flow of transaction fees to sustain the miners. In the course of time, it may be possible that mining chips become extremely small and affordable to facilitate its installation in all devices.
Also with advancement of technology, efficient energy usage is possible by the mining hardware. This situation may lead to no dearth in the transaction fees for the sustenance of the miners. The probability for the transaction fees to reach a level to suffice the mining procedure is also high.
As soon as the threshold of the total number of mined bitcoins is achieved, the feasible outcome would be the acceptance of bitcoin as digital currency. It would further be used as the primary medium of transaction. The consequent increase in transactional demand would pave the way to upsurge the transaction fees.
However, the protocol is strict enough not to permit increase in the supply of bitcoins, despite its rise in demand. The fixed supply of bitcoins have dual implication. Firstly, the miners have to sacrifice their block rewards. Secondly, an opportunity is created to maintain transaction fees among the miners. The latter can be assured by following and accepting easy monetary theory.