What will happen after the last bitcoin is obtained
02.11.2021
Updated: 05.04.2022
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7 min
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Bitcoin is the first asset whose offer is limited. Only a certain number of coins can be obtained annually until a total of 21 million coins are released. The deficit is regulated by the algorithm in the source code of bitcoin, and any participant in the network can be checked. For the creation of blocks, the nodes receive a reward that helps cover the cost of mining coins. Every four years, the algorithm has doubled the fee. This process is called halving. Around 2140, the last bitcoin will be obtained.
BTC mining process today
Halving
What will happen when the last bitcoin gets
Calculation of the year of production
What miners will do
Security
Commissions
Bitcoin cost
Theory about the further use of bitcoin
Summary
Frequently asked Questions
BTC mining process today
The current technology that helps to obtain BTC coins is ASIC (integrated special -purpose scheme). Mining is a competitive industry, and its complexity is constantly increasing. Each node seeks the first to complete the transaction, add to the block and get a reward. For nodes, the use of ASIC means a significant increase in income from cryptocurrency mining. Bitcoin nurses can be mined with a higher drift rate.
A relative indicator of how difficult it is to get a new blockchain block
Halving
Work related to the detection of blocks is paid. Miners receive a fixed amount of bitcoins. The first time after the launch of the Bitcoin network, the reward for the production of the block was at the level of 50 BTC. Every 210,000 new blocks, the board of miners decreases by 50%. Regularity of reduction of payment – 1 time in 4 years:
Year size of remuneration for production, BTC
200850
201225
201612.5
20206,25
The next halving is scheduled for 2024.
The number 21,000,000 is an asymptotic limit of all Bitcoin coins. In fact, cryptocurrency will never reach this limit, but will be close to the maximum number of emissions. This is because payment for confirmation of the block and BTC offer is not expressed in accurate numbers. In the Bitcoin code, arithmetic operators are used to round the decimal value to the nearest number of the number. For example, the total number of 7.2469 BTC will be rounded to 7.
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When will the last bitcoin get?
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So calculations become easier, but in practice, Satoshi loss during each confirmation of the block occurs. 1 BTC is 100 million SATOSHI. It is believed that the last block of bitcoins will have number 6 929 999, and the total number of coins will be 20,999,99,9769 Satoshi. Since Bitcoin uses the operator model of the system with a bit shift, its algorithm rounds this figure up to 20 999 999 and leaves cryptocurrency on the verge of a target limit of 21 million.
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What will happen when the last bitcoin gets
The fact that Bitcoin has a limited number of coins does not suit miners. Disputes about how nodes will exist when all bitcoins will be mined for a long time. According to the exhaustion of BTC reserves, the nodes will lose remuneration for blocks, and they will have to resort to other methods of earning.
Will the main cryptocurrency be mined with a profitable enterprise? The question made critics discuss the future of bitcoin nurses. When the payment of remuneration for blocks will stop, miners will have to rely only on the commission for transactions in order to stay afloat.
Excessive dependence on the payment for operations in the blockchain will make the production of the main coin impossible and can lead to a reduction in the number of nodes, hypothetical centralization of the Bitcoin-Chita network, and even to the complete collapse of the Bitcoin network.
Analysts from JPMorgan Chase & Co found that the cost of production 1 coin exceeds the actual price of Bitcoin itself. Due to high payment for specialized equipment, Bitcoin mining is considered an expensive process.
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Calculation of the year of production
Nodes will be able to receive rewards for blocks until they get the last Bitcoin. After 21 million coins are “micking”, not a single new bitcoin will go into circulation. In October 2021, a little more than 18.8 million coins were produced, which is equivalent to 88.3% of the maximum volume. And only after 120 years, miners will get the last BTC coin. The complexity of mining is associated with a gradual decrease in the speed of creating new bitcoins – halving.
Halving Information in the Bitcoin Developers Guide
What miners will do
Bitcoin nurses receive a reward for creating blocks and a fee for maintaining the operability of the network in the form of transaction commissions. Drawings for transfers are a small part of the profit of the nodes. The nodes mines about 900 Bitcoin coins (approximately $ 55.1 million at the end of October 2021) per day and earn from 60 to 100 bitcoins (about $ 6.13 million) as a reward for confirmation of transactions. The fee for maintaining the network’s operation is 6.5% of the miner’s income, but by 2140, when all BTC is obtained, the revenue from the commissions will increase to 100%.
There is another version that miners will create cartels. They will control the network by setting high commissions for transactions that guarantee them the maximum profit.
Another option is selfish mining. According to this version, the nodes will come into a conspiracy, try to hide new blocks and release abandoned network elements that are not confirmed by blockchain. This will delay the production of the last block in Bitcoin and will provide high rewards for the extraction of new parts of the chain.
The formation of a cartel of bitcoin mainers is not a promising conclusion. Such groups work in commodity markets, where the offer is limited or controlled. Oil costs are affected by OPEC.
What will miners do when the last BTC will be obtained?
Will receive commissions for confirmation of transactions
Will go to more promising projects
Will come into a conspiracy and try to hide new blocks
Create a cartel and take control of the network
View the results
Security
When halving occurs, miners’ revenue in BTC is reduced by 50%. As in any other industry, the loss of such income can extremely negatively affect the business. In the case of bitcoin, mining directly ensures the security of the network, so the bankruptcy of the nodes can jeopardize the reliability of the blockchain. Since the reward for blocks eventually boils down to zero, skeptics believe that low miners can lead to a decrease in the safety and value of the Bitcoin blockchain itself.
Commissions
The income of the nodes consists of remuneration for the creation of a block and a commission for transactions. Payment for production is reduced by 50%, and the amount of fees for confirmation of operations is not. If Bitcoin will be introduced into projects, the demand for operations on the network will grow. It is expected that the fees will grow and can compensate for the costs of bitcoin mainers. Cryptocurrency users will create transactions, so the work of nodes related to confirmation of actions on the network will be rewarded.
The total cost of all commissions paid to miners
Bitcoin cost
The actual amount of BTC in circulation is much less than 18.8 million of all mined coins. Almost 4 million bitcoins are irrevocably lost due to the loss of closed keys or the death of the owners.
When the last bitcoin will be obtained in 2140, the reward for the block will be less than 1 satoshi. The question of the price of BTC is very worried about most miners: will the price of bitcoin increase or decrease?
Skeptics expressed concerns about what would happen after the extraction of all Bitcoin coins. Since the Bitcoin inflation rate is constantly falling, some economists argue that the growing deficiency of the amount of BTC will lead to an increase in price and an appropriate estimate of cryptocurrency markets. It is likely that crypto and bitcoin will also fall under the effect of regulatory organs due to a significant influx of capital. This will be a sign for institutional investors who will enter the ecosystem of cryptocurrencies and stabilize price fluctuations due to huge liquidity.
The total amount of remuneration for blocks and commissions for transactions paid to miners (in US dollars)
Theory about the further use of bitcoin
Although there is an opinion that the commission for operations on the network will sufficiently stimulate miners in the future, not everyone agrees with this. If most of the nodes stops BTC production, then the Bitcoin network will change forever. In order for new transactions to be confirmed, mining is needed. If the nodes do not produce new blocks, it will become impossible to spend bitcoins in the future.
There is an opinion that miners will adhere to the production course, even if the commission for transactions will be the only way to generate income.
Researchers from Princeton University in 2016 came to the conclusion that the fee for confirming operations on the network will not be a sufficient incentive. If miners begin to rely only on funds for confirming operations, this will affect the safety of bitcoin in the future.
However, this scenario may not be realized. There are assumptions that a special chip will be invented, which will reduce the cost of production and increase profitability. Mining equipment will become energy -efficient, which will significantly reduce electricity costs and increase income.
When the Bitcoin emission reaches 21,000,000 coins, the offer will decrease along with an increase in demand. BTC will gain significant value, and the cost of the transaction may be enough for miners to continue to work.
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Summary
A limited issue of bitcoins of 21 million coins is intended in order to restrain the inflation that occurs if the proposal is not limited. Cryptocurrency becomes a scarce product, so prices for it are constantly rising.
Most likely, the miners will earn at the commissions for confirming transactions after Bitcoin reaches the limit of the proposal.
There are no guarantees that any of these predictions will come true. The pace of development of the cryptocurrency market show that it is impossible to accurately predict its future. For example, there is a theory in accordance with which the protocol of the main cryptocurrency will be changed when the BTC limit ends. It will be possible to get more than 21 million bitcoins.
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Deputy Chief Editor
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