What Happens to Bitcoin After All 21 million Are Mined?

The cryptocurrency Bitcoin is a limited and finite supply. That means, there will only ever be 21 million bitcoins ever produced and being able to mine. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every ten minutes. 2140 is supposed to be the year, where all Bitcoin is mined.  In February 2021 18.638 million bitcoins have been mined, which is equivalent to 88.3% of the maximum supply. So, there are 2.362 million left.

  •  While there can only ever be a maximum of 21 million bitcoins, because people have lost their private keys or have died without leaving their private key instructions to anybody, the actual number of available bitcoins in circulation could actually be millions less.
  • What will miners do when all the Bitcoin has been mined you might wonder. When the circulation supply reaches its maximum, miners will not receive any more block rewards. Instead, they will receive transaction fees. That means they will still be able to interact and participate in the block discovery process, only their reward will be different.

At the moment transaction fees make up a small proportion of a miner’s revenues, since miners currently mint around 900 BTC a day, but earn between 60 and 100 BTC in transaction fees each day. That means transaction fees currently make up as little as 6.5% of a miner’s revenue, but in 2140, that will change to 100%. Which will be a big difference.

Which Countries Are Using Cryptocurrency the Most?

The world’s top 10 crypto countries:

• Nigeria 32%

• Vietnam 21%

• Philippines 20%

• Turkey 16%

• Peru 16%

• Switzerland 11%

• India 9%

• China 7%

• U.S. 6%

• Germany 5%

• Japan 4%

Those numbers and are based on the Statista data, which combines 55 different research reports from Stastita Global Consumer Survey to identify the countries where Bitcoin is most popular and used in the population.

People from countries in Africa, Asia and South America are much more likely to own, use and interact with cryptocurrency than those in Europe, North America or Australia.

We want to have a closer look on one specific country that stands out: Nigeria. 33% of Nigerians are either owning or using Bitcoin. The fact, that Nigeria suffers a lot from poverty in combination with the fact, that crypto transactions are a cheaper solution (also for sending money across borders) could be an explanation for the popularity.

Also the culture of making payments with phones which is very likely in Nigeria and finally double-digit inflation is very common and cryptocurrencies like Bitcoin, which are capped to a finite number of coins, serve as a hedge against inflation.

What Is Chia Coin?

• Chia (XCH)

• Market cap: $274.948.415

• Number float: 2.075.802

In 2017 Bram Cohen invented Chia. It is a new blockchain technology that is a cryptocurrency and the foundation for a smart transaction platform at the same time. It is the first new Nakamoto consensus algorithm since Bitcoin.

A special feature of this blockchain is the concept of “Proof-of-Space-and-Time”, that represents and replaces the energy intensive “Proof of Work”.
That means you have to prove the fitting hash rate, but no new hash will be calculated.
The result is that Chia miners need less computing power but a bigger storage capacity in comparison to other blockchain concepts.

Chia’s new programming language is Chialisp, which is known for being easy to use, powerful and secure.

Top 10 Cryptocurrencies 2021

It is hard to get an overview with all the thousands of cryptocurrencies on the market right now.

So we want to give you an overview and created a list with the Top 10 cryptocurrencies in 2021.

We hope this will help you get started entering the cryptocurrency world.

The list is based on the market capitalization or the total value.

1. Bitcoin (BTC)

Market capitalization: Over $856 billion

2. Ethereum (ETH)

Market capitalization: Over $357 billion

3. Binance Coin (BNB)

Market capitalization: Over $70 billion

4. Cardano (ADA)

Market capitalization: Over $69 billion

5. Tether (USDT)

Market capitalization: Over $64 billion

6. XRP (XRP)

Market capitalization: Over $52 billion

7. Dogecoin (DOGE)

Market capitalization: Over $40 billion

8. USD Coin (USDC)

Market capitalization: Over $23 billion

9. Polkadot (DOT)

Market capitalization: Over $25 billion

10. Solana (SOL)

Market capitalization: Over $20 billion

What is a Mining Rig?

If you are looking for a simple definition of what a mining rig is, the Bit2Me Academy created this one:

“A mining rig is an arrangement of hardware elements, either CPU, GPU, FPGA or ASIC, that have been arranged to perform cryptocurrency mining.”

Furthermore, we want to have a closer look into the different types of mining rigs:

CPU: 

They are the most simple ones to set up. It is literally multiple PCs installed together for mining specific cryptocurrency. People sometimes look for multicore processors/multi-CPU motherboards for maximizing the mining power.

GPU:

Recently the most popular mining rigs are the ones from But by the full GPU acceleration tech. A GPU mining rig is a computer which is connected to multiple graphic cards or GPUs.

FPGA:

It stands for field-programmable gate array, and those rigs are often faster and very efficient in comparison to GPUs. Another big pro (e.g. in comparison to ASIC miners) is that they can mine many kinds of cryptocurrency.

ASIC:

The most used in mining rigs are ASICs, also known as Integrated Circuits for Specific Applications. Hardware devices built for mining one specific digital currency. 

One mining rig that is available at cryptosupply.de is the Chia Mining Rig 256 TB. The CPU: Intel i5 9400 and the mineable coins: chia.

Ethereum Usage

After Bitcoin, Ethereum is the second-largest cryptocurrency based on value. The estimated market cap is at $500 billion. It is an open-source blockchain-based platform that creates and shares business, financial services and entertainment applications.

Ethereum distinguishes itself from Bitcoin as a programmable network that works as a marketplace for different services, apps and games.

Things you can use Ethereum for:

1. Ethereum is a decentralized public ledger for verifying and recording transactions

2. Users can create, publish, monetize and use applications on the platform

3. use Ether cryptocurrency as payment

4. the platform creates and shares business, financial services and entertainment applications.

Which country invests most in Cryptocurrency?

Ongoing research is showing that most developing and well-established countries are on the top of being interested in investing into cryptocurrency and blockchain technology, and the digital market is progressively attaining momentum with growing trends worldwide. Here is the most investment happening. US investors gained most while India for example ranked pretty low.

At the moment, countries like Japan and the United States are topping the rankings for accepting and implementing cryptocurrencies.

The rise in 2020 of Bitcoin has minted scores of crypto millionaires, and the study shows that US investors have benefited the most, followed by Chinese traders who gained $1.1 billion.

The report also noted that the number of countries, appeared to be punching above their weight in Bitcoin investment as compared to their rankings in traditional economic metrics.

India, which has the fifth-largest economy with a GDP of $2.9 trillion, ranked only 18th in Bitcoin investment gains at $241 million, according to Chainalysis. Reason for that might be, that the Indian government was planning a blanket ban on cryptocurrency.

What Cryptocurrency has the most potential?

If you are thinking about buying, investing and trading cryptocurrency soon you have over five thousand options to choose from at the moment. In the following we want to help you making a decision that you will not regret.

Your first steps should be organizing a source to buy whatever cryptocurrency you chose to buy and get a wallet for storage.

When you did all the preparation you should start doing your own research about the different cryptocurrencies. Try focussing on the historical performance, liquidity, market cap and technology.

Our top three of cryptocurrency that has the most potential:

1. Bitcoin

– original and well known globally

– highest liquidity value

– about to become fully decentralized

– accepted as payment from many companies

– actual price: ~ 47.000 USD

2. Litecoin

– good market capital and liquidity value

– faster than most cryptocurrencies

– growing popularity

– actual price: ~ 180 USD

3. Ethereum

– allows developers to create desktop and mobile decentralized applications powered by blockchain technology

– very stable

– actual price: ~ 3.500 USD

Other cryptocurrency worth having a deeper look at: Cardano, Binance Coin, Ripple, Dogecoin, TRON, Bitcoin Cash, Zcash, Tezos and MakerDAO

What Are Private And Public Keys?

We usually run into the terms private and public keys when we talk or learn about cryptocurrency. Cryptocurrency wallets – you can protect investments and transfer funds through blockchain transactions or simply store tokens and coins in them – especially are combinations of public and private keys. Public and private keys design the foundation for public key cryptography (asymmetric cryptography). In public key cryptography, every public key matches to only one private key. Together, they are used to encrypt and decrypt messages. If you encode a message using a person’s public key, they can only decode it using their matching private key.

The public key, an alphanumeric identifier, specifies a location to which coins can be sent to the blockchain. So coins are usually just transferred from one address to another and never leave the blockchain.

While public keys are free to the public, the private key should never be revealed and kept secret. The private key can be used for any wallet to access cryptocurrency. This long hexadecimal code is used to decrypt and encrypt the data and is shared between the sender and receiver of encrypted data. As mentioned earlier, to be able to spend your money, the private key must match with the public one because each public key comes paired with a unique private key.

So all in all, the combination of private and public keys ensure the security of exchanged data, especially when it comes to transferring cryptocurrency.

How to Keep Bitcoin Mining Safe?

If you decide to start bitcoin mining, you should be aware that it can come with several security risks. To be successful with mining cryptocurrency, you really need a lot of computing power because the numeric puzzles became so difficult to solve. This can be a risk. It became a thing to compromise public Wi-Fi networks to access other user’s devices. But not just public Wi-Fi networks can be a security risk. Also, millions of websites were compromised in the past. This is called cryptocurrency mining encounter or cryptojacking. Around 50 out of every 100,000 devices were a victim of that. If your device is affected by cryptojacking, it will be way slower than usual, your utility costs will increase heavily, and the chances are high that your device can overheat and literally just be destroyed through that.

So, what can you do to keep your device safe? The best thing to protect your data and device is to avoid public Wi-Fi networks in general. In addition, use a VPN-software (virtual private network), which gives you a secure connection to the internet and keeps third parties away from your data. You should also think about getting an additional comprehensive security software and a managed spam filter service to protect your device and be safe from spam-e-mails that link you to dangerous websites. Those phishing techniques used by the attackers can make you click links that load cryptocurrency mining codes on your computer. Try to learn about illegal crypto mining and develop a general security awareness. This is the foundation for a well-functional prevention.