How long will it take to mine all bitcoins

Likewise, the miners that solve the math quiz are rewarded with a fixed amount of BTC, which is 6.25 BTC per block —but this will decrease with the next halving, scheduled for 2024. However, while the BTC supply is expected to sit below the max supply of 21 million due to BTC’s fractional system expressed in Satoshis, if the supply reaches that number, it’d cut miners fees, forcing miners to only earn transaction fees. How long will it take to mine all bitcoins Mining must have been a lot easier in the early days of its launch. As bitcoin and the blockchain concept were relatively new, mining was left to hobbyists on a discovery path. In fact, bitcoin’s inventor Nakamoto mined the genesis block on a basic CPU. As bitcoin continues to gain wider adoption, it has also succeeded in drawing keen interest from investors, miners, and companies harnessing cryptocurrency as a mode of payment for products and services. With this, mining has become a very competitive undertaking, and the hardware and software demands for bitcoin mining are also more sophisticated.

The smallest possible amount of time to mine 1 Bitcoin is around 10 minutes, although this would take extreme amounts of luck. In this scenario, you would actually receive 6.25 Bitcoin and not just 1 Bitcoin. Realistically, the amount of time it takes to mine 1 Bitcoin depends almost entirely on how much hashrate you have. The energy dilemma What we've since discovered however is that those same fundamental economic laws mean that too often miners win when users lose. I don't know if there is a sustainable way to turn mining into a non-sum-game, but I imagine we might again learn something from politics. Wouldn't it be nice if we took money out of democratic systems, and wouldn't it be nice miners/validators were incentivized by something other than direct monetary rewards?