Experts say the last bitcoin will be mined in 2140

Bitcoin was created to have a fixed supply offer of 21 million units available, which has a deflationary spiral that will become increasingly difficult to extract as it close the maximum coded limit. At first, a long life was not predicted due to the limited availability of sophisticated equipment for extraction and the inexperience that existed at that time.

However, bitcoin mining has advanced so much and has currently set a precedent in the cryptoactive industry. By October 18, 2019, the 600,000 block within the bitcoin ecosystem was mined with the extraction of the 18,000,000 units, figures that describe the adoption and interest that the plaintiff population has had regarding this issue, achieving the increase in mining of the main crypto asset.

Is it the end of bitcoin? 

Due to the multiple farms available with state-of-the-art equipment for cryptoactives mining and the growing interest in the adoption of cryptocurrencies, the estimated date for its completion seems to move further than expected. It was said that in 2033 the offer of bitcoin will finish; however, with the current scenario its permanence in the market can be up to 107 years.

According to Lolli CEO Alex Adelman, the completion of the remaining 3 million bitcoin will be slower for mining and will take 120 years to complete the process considering the existing scenario and the flow of events, indicating the year 2140 as the deadline for its extraction. However, some experts consider that this date is approximate and that it will depend on some facts as simple as keeping the fixed supply of the cryptocurrency.

Angela Walch, a researcher at the London University Center for Blockchain Technologies, says: “We need to recognize that the 21 million limit is aspirational. If people decide to change that supply limit for specific reasons and there is consensus on it, then the system will adopt it and that limit will not be the reality.”

K.Villarroel

Source: infocoin