Before we start on the topic of the end of Bitcoin mining, let's talk a little bit about the Bitcoin mining process, it is known that the Bitcoin currency appeared in the third quarter of 2008 after it was only an application on a white paper at the beginning of 2008, and at the beginning of its emergence the methods and methods of work were controlled. And he mentioned that the total supply of that currency may reach 21 million bitcoins, and we cannot get that amount out and mine it all at once, but it will be for long periods, and we will know the expected date to finish mining the currency and its exit completely, so follow us.
What is Bitcoin
We must know a lot of information about Bitcoin before our beginning to know the end of Bitcoin mining, it was famous in 2008 in a decentralized and electronic currency on the Internet, and it was mentioned that it spread in a short time and very quickly, as it may be circulated in many countries of the world, and it can be bought and sold. All things but via the internet or distribute them in a lot of places you deal with.
He mentioned that many countries around the world did not recognize that currency except Germany, and some say that recognition of that currency may make it legal, or as a result of its spread and recognition, it may become subject to government and central agencies, which does not agree with the characteristics of that currency, as it is a decentralized currency, that is, it is It is not affiliated with any party.
The end of Bitcoin mining
Many people ask the question what will happen to the Bitcoin coin after the completion of its mining, the answer is that the amount of Bitcoin, which amounts to 21 million coins, may be fully mined in 2041, and this means that current people will not be able to see the end of that currency.
Also, these currencies are not mined in one go, but are divided on many times, the interval between each time may reach 4 years, and once they are fully mined, the network will continue to work as it is, but with a variation in the rewards that the miners will receive, as they will get the rewards through fees. Transactions, as they may reach at present a small percentage of the income of miners, as they constitute 475 thousand dollars out of 8.5 million dollars in the event that they mined 900 bitcoins, but in 2041 the percentage of these fees may increase and may reach 100% From miners bonus.
Effects of finished mining
It is clear that the people most affected and affected by the end of Bitcoin mining are the miners, some might mention that by 2041 miners may forfeit their rewards completely if all 21 million coins are mined.
As a result of not offering a reward at the end of the process, the miners do not work, so the network will not be supported, which may cause a huge amount of damage to Bitcoin, it is not just a process by which the code is written through the ecosystem, but rather it expresses the basic method of maintaining and supporting the network. And this is in the absence of central authority, and if miners leave their jobs, this will lead to the complete collapse of the Bitcoin currency.
After answering the question that occupied a lot, which is the end of Bitcoin mining, as well as recognizing that this currency is not allowed to be circulated and it has no end of power, some may think again about collecting and mining the currency, after the miners knew that they did not receive a reward at the end of mining.