Bitcoin mining has always been the most concerning issue in the currency circle, especially the upcoming Bitcoin halving. The increase in mining difficulty has raised the discussion of Bitcoin mining to a higher level. The so-called Bitcoin halving refers to an event in which the mining rewards generated by each new block in the Bitcoin network are halved, aiming to control the total supply of Bitcoin and increase its scarcity. But the supply of Bitcoin is limited, which means that no matter how the halving is carried out, there will be a day when it is mined out. So how long does it take for Bitcoin to be mined out? According to predictions, it will take another 116 years to dig, that is, it will be completed by 2140. Simply calculate how long it will take to mine Bitcoin? This question will be discussed in detail below.
According to the design of Bitcoin, a total of 21 million Bitcoins will be mined, which is expected to end around 2140. Bitcoin’s mining rewards are halved every 210,000 blocks, which usually takes four years. This has caused the issuance of new Bitcoins to gradually slow down.
The halving mechanism is a key part of Bitcoin's design and is intended to control the rate at which new Bitcoins are issued, thereby controlling inflation. Every 210,000 blocks (approximately four years), the number of new Bitcoins generated by mining is halved. This halving mechanism has an important impact on the long-term value of Bitcoin. In theory, Bitcoin's value has the potential to rise as supply decreases and demand continues or increases.
According to the design of Bitcoin, Bitcoin mining will end around 2140, and no new Bitcoins will be generated thereafter. This is because Bitcoin’s mining rewards are halved every 210,000 blocks, causing the issuance of new Bitcoins to gradually slow down. Eventually, mining rewards will approach zero, and miners will earn revenue primarily through transaction fees.
The total supply of Bitcoin is 21 million, with the purpose of imitating the scarcity of gold, ensuring limited supply and avoiding inflation.
The mining process of Bitcoin adopts the workload proof mechanism. Miners use high-performance computing equipment to solve puzzles. Miners who successfully solve the puzzle add new blocks to the blockchain and receive Bitcoin rewards.
Mining is a competition among miners. The first one to solve mathematical problems wins the accounting rights. As competition intensifies, mining difficulty increases, requiring more computing resources.
Mining not only creates new Bitcoins, but also maintains transaction records. Miners add blocks while confirming and recording network transactions.
The above is the detailed content of How long will Bitcoin mining last? What are the limitations of Bitcoin mining?. For more information, please follow other related articles on the PHP Chinese website!