The total amount of Bitcoin is constant at 21 million. What should I do after mining is completed?

Many newbies are asking what to do after Bitcoin is halved every four years. Where do miner rewards come from, and what coins are rewarded? What should I do if the total amount is constant and there is not enough? Today we will talk about the total amount of Bitcoin and miner rewards.

01. What is the total amount of Bitcoin? How did you find out?

In 2009, Satoshi Nakamoto dug out the genesis block of Bitcoin and generated 50 Bitcoins. According to the Bitcoin mechanism: Every approximately 10 The next block will appear in minutes, and the block reward will be halved every approximately 210,000 blocks.

In other words, the reward for the first 210,000 blocks is 50 Bitcoins; from block 210001 to block 420000, the reward for each block is 25 Bitcoins. Based on the calculation that the production time of each block is about 10 minutes, the production time of every 210,000 blocks is about 4 years, which is the often mentioned 4-year halving.

Changes every four years, and approximately 210,000 blocks will be generated in each four-year period. Each block in the first four years is 50 Bitcoins; in the second four years, each block is 25 Bitcoins; in the third four years, each block is 12.5 Bitcoins, and so on. Until they are all dug out.

That is (50 25 12.5 6.25 3.125 1.5625 …… 0.00000001)×2100≈210000, until all are dug out around 2140.

02. In addition to Bitcoin, can other tokens be mined?

In addition to Bitcoin, other Tokens can also be mined. However, different Tokens that can be mined are different. If the algorithm mechanism of the two Tokens is the same, you can use one mining machine to mine different coins.

Otherwise, there is no way to use one mining machine to mine different types of Tokens at the same time, or the mining efficiency is very low, because the mining machines are customized according to specific algorithms.

In addition, miners will be rewarded with Bitcoin when mining Bitcoin, and Litecoins will be rewarded when mining Litecoin, so the Token rewarded depends on what you are mining.

03. What should I do if there is not enough money after digging?

The unrestricted issuance of currency by various countries has caused money to become less and less valuable. The emergence of Bitcoin has brought a solution to the problem of inflation.

As it becomes more and more known to the public, the total number of Bitcoins is constant at 21 million, which can avoid inflation. If it succeeds in the future, it will be used in large quantities. Even if they are all mined around 2140, it will not be enough. What should we do? Will it lead to deflation?

As mentioned before, the smallest unit of Bitcoin is satoshi, which is only one billionth of a Bitcoin. The value of Bitcoin can be subdivided into very small values, so there is no need to worry about it in the short term.

In addition, if it really comes to 2140 and we are faced with the situation of running out of mining, Bitcoin is just a form of digital currency that has been developed so far. In addition, there are also Ethereum and others that can be used. But if it can be issued without limit, it will be the same as legal currency and lose its value.

In addition, regarding the issue of miner rewards after Bitcoin is mined, Satoshi Nakamoto once mentioned that as long as a given amount of electronic currency has entered circulation, the incentive mechanism can gradually be converted to rely entirely on transaction fees.

Therefore, even if all Tokens are mined, miners can continue to maintain the entire network system through handling fees.

What do you think of the idea that a constant total supply of Bitcoin will lead to deflation? Welcome to share your views in the message area.

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