How many years have Bitcoin dug?

The motivation for miners to continue protecting the Bitcoin network is multifaceted. Primarily, miners seek profits through the collection of mining rewards and transaction fees. However, they also support the decentralization of the network, which is a core principle of Bitcoin.

In addition to financial incentives, many miners view mining as a long-term investment. They believe that the value of Bitcoin will continue to increase over time, and by participating in the mining process, they can secure a portion of this value for themselves.

By the year 2140, the total supply of Bitcoin will reach 21 million. This limited supply is a key factor in enhancing the scarcity and value of the Bitcoin network. As the number of Bitcoins in circulation approaches this cap, their rarity will increase, potentially driving up their price.

The Bitcoin mining process involves the creation of new blocks, each containing a set number of Bitcoins as a reward for miners. However, this reward is not static. Every 210,000 blocks mined, the number of Bitcoins rewarded to miners is reduced. This process is known as halving and is designed to control the inflation rate of Bitcoin.

As the Bitcoin reward continues to decrease, miners will eventually rely solely on trading fees to sustain their operations. These fees are collected from users who send and receive Bitcoin transactions, and they represent a significant source of income for miners.