Bitcoin Miners might be going out of BTCs very soon, especially in the aspect of mining Bitcoins.
Data retrieved from an advanced crypto tracker, Bitcoin Block Bot revealed 88.0% of all BTC has been mined. Only 2,520,000 BTC left to mine!
As of block 646,800, 88.0% of all BTC has been mined. Only 2,520,000 BTC left to mine!
— Bitcoin Block Bot (@BtcBlockBot) September 5, 2020
When all BTCs become mined, BTC miners will no longer be able to collect block rewards since there are no more Bitcoins to be created, meaning BTC miners will only earn from the transaction fees to be collected from every verified transaction.
Although, BTC Miners will continue to protect the blockchain since they will still be making cash via transactional fees.
Readers should be aware that Bitcoin Miners play a major role in the blockchain ecosystem. Since the last BTC halving done around May 2020, the reward halved from 12.5 to 6.25 bitcoin, meaning Bitcoin Miners now earned about $63,750 ($10,200 x 6.25) per block.
What you must know; Mining is the process of adding confirmed transactions to the Bitcoin blockchain. For the resources required to mine, the blockchain network rewards BTC miners via transaction fees and subsidies. Subsidies are paid per block at a current rate of 6.25 BTC. Fees are paid per transaction.
This confirming process involves solving complex mathematical problems and a lot of computing power. BTC Miners are successfully rewarded with BTC for their contribution to the ledger based on their proof-of-work.
In spite of the recent sell-offs recorded in the crypto market of late, BTC has performed fairly well, up by over 30% since the start of 2020 maintaining its position above $10k after testing this price level several times. It hasn’t dropped below $8000 since the price started climbing in late July.
Despite these gains, it has continued to struggle to surpass the new psychological barrier of $12k. However, ongoing bullish sentiment, as evidenced by on-chain data, suggests that many investors would continue to support a price above $8,000