All mined up and now

When the total supply of Bitcoin (21 million) is mined, several key changes will occur:

1. No New Bitcoins Created

The Bitcoin protocol is designed to cap the total supply at 21 million. Once this limit is reached, no new Bitcoins will be produced.

2. Miners Rely on Transaction Fees

Without new Bitcoins as rewards, miners will depend on transaction fees as their primary income source.

3. Possible Increase in Transaction Fees

As miners shift their reliance on transaction fees, these fees may rise to incentivize miners to continue validating transactions.

4. Impact on Security and Decentralization

A reduction in mining rewards might decrease the number of active miners, potentially affecting the security and decentralization of the Bitcoin network.

5. Bitcoin’s Inflation Rate Drops to Zero

With no new Bitcoins being created, Bitcoin’s inflation rate will effectively become zero, making it a deflationary currency.

6. Focus on Maintenance and Security

The Bitcoin community will likely prioritize maintaining and securing the network over the creation of new Bitcoins.

The total supply of Bitcoin is expected to be mined around 2140. However, the effects of this event will likely be felt beforehand, as the mining rewards continue to decrease over time.

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All mined up and now was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.