Is there a limited amount of bitcoin left to be mined?

1 answers

• Dec 28, 2021 · 3 years ago
  Yes, there is a limited amount of bitcoin left to be mined. Currently, around 18.5 million bitcoins have been mined out of the total 21 million. The mining process involves validating and adding new transactions to the blockchain, which is a public ledger that records all bitcoin transactions. Miners compete to solve complex mathematical puzzles, and the first miner to solve the puzzle is rewarded with newly minted bitcoins. However, as more bitcoins are mined, the reward for mining decreases over time. This is known as the halving event, which occurs approximately every four years. The halving reduces the rate at which new bitcoins are created, ensuring that the total supply of bitcoins is gradually released over time. Once all 21 million bitcoins are mined, no more new bitcoins will be created through mining. At that point, miners will rely solely on transaction fees for their income.
  899450