How Long Until The Last Bitcoin Is Mined

You either win the block reward and receive 625 Bitcoin or you get nothing. At the current rate it is estimated that the last bitcoin will be mined about 120 years from now.

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At the current rate it is estimated that the last bitcoin will be mined about 120 years from now.

How long until the last bitcoin is mined. Every four years or for every 210000 blocks added to the Bitcoin ledger the reward for adding a new block to the blockchain is halved. If the mining power had remained constant since the first Bitcoin was mined the last coin would have been mined somewhere near October 8th 2140. The reward will continue to halve every four years until the final bitcoin has been mined.

Today after three Bitcoin halving events the reward is 625 BTC. Currently there are about 2250 million coins left to be mined. In actuality the final bitcoin is unlikely to be mined until around the year 2140.

The most recent halving happened in 2020 which reduced the number of bitcoins received per mined block to 625The reward will continue. Most cryptocurrencies have a capped total supply. Bitcoin mining in 2020 and beyond.

This is part of what gives the currency value but it has a secondary consequence for mining hardware. There will never be more than 21 million bitcoins and currencies like Ethereum become harder to mine over time. Because even gigantic mining operations with over 2000 rigs would take almost a week to discover a single block miners with just a few machines would likely go years without discovering a block making the practice extremely risky in most cases.

Then it dropped 25 bitcoins and then to 125 bitcoins. It will drop to 625 bitcoins in 2020. Likely sometime in 2140 when the last Bitcoin halving is expected to occur.

So theres not a way to mine just 1 Bitcoin. The Bitcoin blockchain was designed around the principle of controlled supply which means only a fixed number of newly minted Bitcoin can be mined each year until a total of 21 million coins have been minted. This is due to halving events that will occur every four years reducing the supply of BTC going into circulation every four years.

Under the simplifying assumption that the halvings will occur about every four years the final block that creates new bitcoins would occur approximately in 2140. At this rate it is estimated that the last BTC will be mined about 120 years from now and this is due to the halving events that will happen every four years reducing the supply of BTC going into the circulation every four years. While these fees represent only a tiny portion of most miners revenues right now that will change dramatically around the year 2140 when all remaining Bitcoin is mined up.

This parameter changes every 2016 blocks according to the current total amount of mining power on the Bitcoin network. It used to be 125 BTC until May 2020 when there was the halving and the block reward was cut in half. The short answer is.

Essentially when bitcoin mining started in 2009 the reward for mining a new block was 50 bitcoins. Once theyre all mined which should occur in around 2140 no new Bitcoins will enter circulation. Due to the mining power having increased overall over time as of block 367500 assuming mining power remained constant from that block forward the last BTC will be mined on May 7th 2140.

Based on this inflation rate of releasing new bitcoins every 10 minutes into the circulating supply we can calculate that the last bitcoin will be mined in 2140. When Bitcoin first started the block reward was 50 Bitcoins. New blocks are added approximately every 10 minutes.

Thus it can be said that if there a halving event every 4 years the last Bitcoin should be mined sometime in the year 2140. Of course this would require Bitcoin miners to be around 122 years from now which is far from a certainty. At block intervals of 10 minutes 210000 blocks translate to about 399 years although blocks have been a found faster in average in the past.

Consequently every Bitcoin halving event. The next halving will occur in 2024 then every 4 years until 2140. It is hard to know for sure though.

This is due to halving events that will occur every four years reducing the supply of BTC going into circulation every four years. Originally 50 bitcoins were earned as a reward for mining a block. In fact getting nothing is.

Look at the difficulty increase in mining an Ethereum block over the last couple. The last Bitcoin is estimated to be mined in 2140 when the block reward would drop below 1 satoshi the smallest denomination of BTC. But after every 210000 blocks are mined which happens approximately every four.

You May Also Read. To see this exact calculation click here.

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