Satoshi Nakamoto mined the genesis block on January 3, 2009, mining the first 50 bitcoins (BTC) in history and starting a multibillion-dollar industry centered around crypto mining. However, with a limit on the supply of bitcoin, the fate of miners after the final coins are issued is unclear.
Bitcoin is created through mining, a process that uses computer hardware to solve complex math problems and verify transactions on a blockchain network. For their efforts, miners are rewarded with a predetermined amount of BTC for each transaction block.
According to the Blockchain Council, more than 19 million BTC have been awarded to miners in block rewards, and only 21 million are available according to Nakamoto’s whitepaper. Once this limit is reached, miners will no longer be rewarded for verifying transactions.
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