in 2016, we saw Bitcoins price almost double in response, which makes sense. Once all of these are produced and mined there wont ever be another Bitcoin produced. The mining reward halving occurs every 210,000 blocks. 2Already 80 of all, bitcoins have been mined (as of January 15, 2018) so lets see how many Bitcoins are left. The Bitcoin blockchain was designed to only ever produce 21 million Bitcoins.
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This is a vital function, and without miners the entire Bitcoin network would come to a standstill. Once there are no Bitcoins left for mining rewards, the transaction fees should be high enough of an incentive for miners to continue running the network. If not, read on for a quick explanation of how Bitcoin mining works. National, or fiat, currencies have an ever expanding supply. What determines how many Bitcoins are left? Total Bitcoins in circulation: 17,641,163. Human invention and innovation has solved many far more complex problems throughout history, and as long as Bitcoin remains valuable there will be a way for mining to remain profitable. This is known as controlled supply and is in direct contrast with the way national currencies are handled by central banks. The code for Bitcoin calls for this reward to halve every 210,000 blocks though, so it soon dropped to 25 Bitcoin (in 2012) and then.5 Bitcoin (in 2016). Its also possible that energy costs will drop so low that even small fees will remain profitable. When talking about fiat currencies, nearly every single one on the planet has an unlimited and ever growing supply.
Bitcoin was created to avoid this devaluation, and is known as a deflationary currency. With only 21 million. The reward for mining each block started at 50 Bitcoins and has since halved twice. The big question is whether or not these will be large enough to keep miners interested in mining Bitcoin.