The Ultimate Paradox of Bitcoin Mining: Why Can't 21 Million Coins Ever Be Fully Mined?
1. The Misunderstood 'Total Limit'
The total supply of Bitcoin is set at 21 million coins, a concept deeply ingrained in people's minds, but few know: miners will continue to mine even after 2140. This stems from the ingenious mechanism designed by Satoshi Nakamoto.
Initial Reward: 50 BTC → Halved every 210,000 blocks (approximately 4 years)
Current Reward: 3.125 BTC (2024)
Reward in 2140: 0.00000001 BTC (1 Satoshi)
Key Paradox: When the block reward approaches 0, mining will still not stop.
2. The Essence Shift of Miner Incentives
1. Early Stage: Block Rewards Dominant (2009-2036)
Phase Reward (BTC) Proportion of Miner Income
2009-2012 50 >99%
2024-2028 3.125 68%
2032-2036 0.78 <30%
2. Later Stage: Transaction Fees Dominant (Post-2040)
Case Simulation:
Assuming in 2140 the Bitcoin network processes 30 million transactions per day, with an average fee of $0.1:
Miner Daily Income = 30 million × $0.1 = $3 million
3. The Mathematical Truth of 'Never Fully Mined'
1. Limit Model Approaching Infinity
The essence of the Bitcoin mining reward formula is a geometric series:
Total Output = 50 × (1 + 1/2 + 1/4 + ... + 1/2^n)
When n→∞, the sum = 100 (i.e., 21 million coins)
When transaction fee revenue > attack revenue, the network becomes more secure! This is the ultimate wisdom designed by Satoshi Nakamoto.
Understanding the Philosophical Essence of Bitcoin
Behind the seemingly simple rules of Bitcoin lies a deep integration of game theory, cryptography, and monetary philosophy:
The finite total supply serves as an anchor against excessive issuance of fiat currency.
Eternal mining is the engine that maintains decentralized security.
Bitcoin prices are highly volatile, with the maximum drawdown reaching -83% over the past 5 years (2021-2022).
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