If all Bitcoin will Mined what next ?

$0.17 tipped


First of all miners they mine new bitcoins while they are securing the network and processing transactions when you really think about the role of the Bitcoin miner they are basically securing the network and for that they get compensated a big part of their compensation is gained by mining new bitcoins but in parallel we've also spoken about the fact that there are only 21 million bitcoins which will ever be able to exist what that means is that there's a limited number of bitcoins that can be mined and at some point there will be no more bitcoins.

We will eventually reach 21 million bitcoins by the year 2140 once we reach that limit what happens then that's the point that we're gonna be covering in.

I want to take you blockexplorer.com block explore where you can really see what's going on inside the Bitcoin network it keeps track of all the latest transactions of what you're seeing here

 

Here our latest transaction is being added to the Bitcoin network and it also keeps track of the latest blocks what the Bitcoin miners do is they group these transactions and they assemble and create new blocks which get added to the Bitcoin blockchain in exchange for doing that they get compensated and they receive a reward. 

To get deeper into this I want to take you into one of these blocks and I'm just gonna choose block lets take 593700 mined by slush pool when I go inside what you will see is that there were a total of 1373 transactions and for that slush pool received a block reward of 12.5 bitcoins.

 we've spoken about the fact that currently the mining reward which is new bitcoins that are created every time a new block is added to the Bitcoin blockchain is 12.5 bitcoins we've also spoken about the fact that eventually that will simply stop because we will reach 21 million bitcoins therefore there will be no more these block rewards given to the miners but a key element that you're not seeing in this page is the fact that this is not all the compensation that slush Pool received for successfully creating this block let's look at a different viewpoint by going about BTC com and if you go to BTC comp which is also a blog Explorer and you look at this specific block block number 593700 what you will find is that a lot of the same information there were 1,373 was mine by slush pool but one key thing I want to take you to is the fact of this transaction called the coinbase transaction.

 

Transaction you see in this block the way that slush pool gets compensated for creating this block is by including a transaction called the coinbase transaction and in that transaction is where the new bitcoins these 12.5 bitcoins are created and slush pool was able to successfully reward themselves those 12.5 bitcoins however this includes also all the transaction fees that were collected from all of these transactions that slush pool was able to including this one block what that means is that every single time that you do a Bitcoin transaction and you include a transaction fee the miner that successfully adds your transaction to the block receives that transaction fee as well so slush pool as compensation is not just receiving 12.5 new bitcoins in this block but they're also receiving all of the bitcoins that are included as transaction fees for all of these transactions that total if you do the math works out to about thousands of dollars just in transaction fees for creating this block and adding it to the Bitcoin blockchain and as a number of transactions increases as more and more people use Bitcoin globally that number of transaction fees will go up and that compensation portion will increase as well and that is how Bitcoin miners will continue to get compensated for creating new blocks and adding up to the Bitcoin blockchain once we reach the 21 million limit.

 

 

THANK U ALL

 



www.publish0x.com/crytoram55
www.publish0x.com/crytoram55

I am here to earn and help others to earn as well.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.