Bitcoin is the most popular cryptocurrency (crypto money). But Bitcoin is said to have almost run out due to the ongoing mining process.
The number of Bitcoins is not available as many as 21 million coins worldwide. This number continues to run low, because currently only about two million Bitcoins are available.
Investopedia writes that when Bitcoin has been mined and its function as a store of value, it still allows miners to make a profit. Even when transaction volume is low and block rewards are missing.
At that time miners could charge high transaction fees for processing transactions of high value or large amounts.
Quoting India Today, Monday (14/2/2022), after all mining is complete, Bitcoin will become an even rarer asset.
Miners also rely on transaction fees instead of block rewards.
Currently, miners are given a block of Bitcoin for carrying out a series of successful transactions that are part of mining. The prize will be halved every four years.
For example, in 2008 miners got 50 Bitcoins. Whereas in 2012 the number was halved to 25 Bitcoins and to 12.
Two years from now, miners will only get 1.56 Bitcoins for verifying on a single block of transactions. This process will continue until all Bitcoins have been mined.
Miners also rely on transaction fees instead of block rewards.
Currently, miners are given a block of Bitcoin for carrying out a series of successful transactions that are part of mining. The prize will be halved every four years.
For example, in 2008 miners got 50 Bitcoins. Whereas in 2012 the number was halved to 25 Bitcoins and to 12.
Two years from now, miners will only get 1.56 Bitcoins for verifying on a single block of transactions. This process will continue until all Bitcoins have been mined.