Imagine a world where the money supply is finite and no more dollars can be printed. This may seem fanciful. However, in the realm of bitcoin, such a scenario is not only possible, but inevitable.
The #bitcoin network, designed for a finite supply of 21 million coins, recently reached an important milestone. So far, 19,688,016 bitcoins have been mined, and less than two million bitcoins will be discovered in the next 120 years. This shortage, combined with the growing demand for bitcoins, will change the future of #cryptocurrencies .
The path to #mining the last bitcoin is gradual: by 2026, 95.24% of bitcoins will be mined, and by 2039, the figure will reach 99.52%. The last bitcoin is projected to be mined around 2093.
A little further away, in 2140, the last bitcoin will be mined (more realistically, the last Satoshi, the smallest bitcoin denomination). By then, bitcoin inflation will equalize.
This milestone is especially important for bitcoin miners. When all bitcoins are mined, bitcoin miners will no longer receive new bitcoins as a block reward. Instead, their only source of income will be transaction fees. Over time, it is expected that block rewards will decrease and transaction fees will become the main source of income for miners, which could lead to higher fees in dollar terms.
To give an example, in 2011, users paid 0.01 #BTC per transaction, many of which were confirmed for free. This amount was reduced to 00005 BTC in version 0.3. 23 and continued to decrease as the reality of bitcoin evolved and its price increased.
Currently, according to Bitinfocharts, the average transaction fee is 000022 BTC (104.6 sat/vB). Translated into dollars, this equates to $15 at today's prices; in 2017, the average fee was around $1, and in 2012 it was around $BTC The cost of mining a single bitcoin block today varies widely and depends on factors such as energy costs, the efficiency of the mining equipment and the hash rate of the network.
Between January 2020 and April 2024, the price of bitcoin increased by 943% in dollar terms.
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