February 6, 2023

18 million BTC has already been mined, how difficult will it be to get the remaining 3 million?

18 million BTC has already been mined, how difficult will it be to get the remaining 3 million?

18 million BTC have already been mined; Now the world's first cryptocurrency is one step closer to the completion of the issue in 21 million coins.

It's good to watch BTC progress ... But pay attention to the next 3 million, said Alex Adelman, CEO of the Lolli reward platform.

Note that their extraction will take as much as 120 years.

The next 3 million BTC production will begradually decrease due to halving, which occurs every 210,000 blocks (or approximately four years), and reduces the reward for new BTC by 50%. The latest Bitcoin is expected to be mined in 2140.

In the end, once the BTC mining is complete,miners will rely solely on commissions for transferring coins to the blockchain. According to skeptics, this could undermine the structure that prompts miners to write verified transactions to the registry.

Currently, miners receive a reward of 12.5 BTC for each block mined, plus any additional transaction fees that usually do not exceed 1 BTC.

In turn, Paul Brody, the world leader inInnovation at Ernst & Young (EY), an audit firm, said that BTC's limited supply could limit the usefulness of cryptocurrencies as a global reserve currency. Brody said:

If Bitcoin became part of the global currencysystems, then we would have to solve the problem of [limited supply], because many economists agree that deflationary systems are not always effective.

What's next?

Both Walch and Brody suggested that the BTC limit of 21 million could one day change. But what if that happens?

We must admit that the limit of 21 millionis desirable, ”said Volch,“ but if people decide to change this restriction for certain reasons, and the decision is made by the majority, the system will change. ” This is aspiration, not reality.

Although technically feasible, changing the limitoffers will almost certainly not be supported by users who value the gold-like properties of BTC. Indeed, the Bitcoin code has long been managed by a community that tends to preserve the original characteristics of the coin created by its pseudonymous founder, Satoshi Nakamoto.

But sometimes the Bitcoin community still had toFacing management disputes, such as the infamous scaling debate in 2017, which focused on the potential increase in the size of the Bitcoin block. The philosophical split ultimately led to the creation of Bitcoin Cash in August 2017.

Thus, a hard fork that will change the Bitcoin limit is theoretically possible.