What Will Happen when all Bitcoins are Mined?

By September 26, 2020September 28th, 2020No Comments
What Will Happen when all Bitcoins are Mined?

Yes bitcoins have a limited supply of 21 million.

The last bitcoin will be mined in the year 2140. After that, no new BTC will be produced. Satoshi Nakamoto designed the Bitcoin blockchain to operate with a controlled BTC supply.

This means that only a fixed number of bitcoins can be mined every year.

But What Will Happen After Bitcoin Supply Tops 21 Million?

Bitcoin miners will be eligible to earn block rewards until the pre-programmed 21 million BTC supply runs out. But that will take another 120 years. Currently, 18.5 million bitcoins are in circulation.

But the journey to 21 million is not going to be an easy one. Increasing mining difficulty will make it difficult for miners to stay in business.

After all 21 million Bitcoins are mined, miners won’t be required to compete with each other to receive block rewards.

Transaction fees for verifying and processing transactions will be the primary source of income and lifeblood for bitcoin miners once there is no more BTC to be unlocked. 

As of date, 10 percent of all transaction fees come from holders transferring to BTC to exchanges. This could increase considerably after 2140.

Currently, miners mint around 900 BTC (~$9.5 million) a day, but only earn between 30 to 50 BTC ($320,000 to $530,000) in transaction fees each day. The higher the transaction fees, the higher the miners earn.

This is also how they prioritize a transaction in the Bitcoin network. If a person pays more, his/her transaction is processed faster.

But whether or not these transaction fees will sustain miners, that is doubtful. Because the Bitcoin network may become much more costly to maintain.

Miners will have to sell off a large portion of their BTC holdings to cover maintenance and operations costs.

At present, the sell-off activity is not that high but when block rewards start coming in, transactions fees will not cut the deal for bitcoin miners.

And The Effect On Bitcoin’s Market Price?

With only about 2.5 million BTC left to be mined bitcoin’s supply will become scarce. When all the coins will be mined, it would lead to an exponential increment in price. Because there would be no more supply and demand will be at its peak.

This makes bitcoin a never to miss investment opportunity for investors. Now is a great time for new investors to enter the market, or for existing ones to buy more BTC.

How to Buy Bitcoins (BTC) With INR?

With WazirX you can avail the best BTC to INR exchange rates in India. Also what you get is unmatched crypto transacting experience.

To buy bitcoin through WazirX, you need to register on the platform first, then finish a super quick KYC process and finally deposit funds for the purchase. Here’s how it goes:

Step 1: Account Creation

  • Download the WazirX app or visit the website. Then hit the Sign Up button
  • Fill in your email address (one that you use frequently), and your desired password
  • Click on the Terms of Service checkbox, but go through it once before checking
Signup to WazirX
  • Then press the Sign Up button
  • You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here. On successful verification, you should see this message:
WazirX Signup Process

Securing Your Account

For security purposes, we highly recommend enabling 2-factor authentication (2FA). You can do so by downloading the Google Authenticator app and connecting it to your account.

WazirX Signup Process - Security

KYC Verification

The last stage in the account set up process is KYC verificationSelect your country from the list:

WazirX Signup Process - Country Select

Then verify your KYC and finish the process. After that, you are all set to buy BTC with INR from WazirX!

Step 2: Depositing Funds

Depositing INR

You can deposit INR funds from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS.

Just submit details like bank name, account number, IFSC code, etc of the bank account with which you wish to transact, and then you are good to go.

In case the INR deposit is rejected, check out the WazirX support page for such issues.

Depositing Cryptocurrency

Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees charged on any deposit!

Start by obtaining your deposit address from your WazirX wallet. Then, share this address on the ‘Send Address’ section of your other wallet for transferring your cryptocurrencies.

For more details, check out the WazirX Support page on depositing cryptocurrencies.

Step 3: Buy Bitcoin with Indian Rupees

With all the necessary steps covered, you are now ready to buy bitcoin with your deposited funds. Here’s the process:

Log on to the WazirX app or website to view the latest BTC/INR prices.

On the app, press the BTC/INR price ticker. After that, scroll down a bit, and you will find the BUY/SELL  button amongst the ‘Charts’, ‘Orders’, ‘Trades’, and ‘My Orders’ options at the bottom.

Enter the INR amount with which you want to buy bitcoin. Note that this amount should be less than or equal to the INR funds deposited in your WazirX account.

Hit BUY, and wait for the order to execute.

Once the transaction is executed, you should find the bitcoin bought added to your WazirX wallet.

Also you can download the app and Start Trading Now!

Android App – Bitcoin Exchange

iOS App – ‎WazirX

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