In a matter of hours, the 18 millionth bitcoin will have been mined and the world’s first cryptocurrency will draw one step closer to its hard-coded cap of 21 million coins.
“The pie is shrinking. This [milestone] gives people some simple math to raise awareness about where we’re at in the
“It’s good for people to see the progress of bitcoin, to look back on everything that has been done and will be done for the next 3 million. … You should pay attention to the next 3 million.”
But don’t worry, you’ll have 120 years to do so.
The next 3 million bitcoins will be progressively slower to mine as a result of block reward halvings which occur every 210,000 blocks (or roughly four years) and reduce new bitcoin supply by 50 percent. The final bitcoin is expected to be mined in 2140.
Or is it?
It seems blasphemous even to go there, given bitcoin’s value proposition as digital gold. But outsiders foresee a day when the 21 million cap might, gasp, come up for debate.
Eventually, once there are no more bitcoins left to mint, miners will rely solely on transaction…
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Author: Christine Kim