What Happens to Bitcoin After All 21 Million Are Mined?_老虎社区_美港股上老虎

What Happens to Bitcoin After All 21 Million Are Mined?

Investopedia2021-10-09

KEY TAKEAWAYS There are only 21 million bitcoins that can be mined in total. Bitcoin will never reach that cap due to the use of rounding operators in its codebase. As of Aug, 2021, 18.77 million ...

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JeremyKok
·2021-10-11
Heard that bitcoin is hackable. The price is also very volatile.
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- cutemiao:
  Sure is!!
  2021-10-11
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SKHan
·2021-10-11
Wow
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MIe
·2021-10-10
Btc limited supply, $ upside #
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- Chinleong:
  Yes
  2021-10-11
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Excelsheet
·2021-10-10
Like pls
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- JeremyKok:
  hi. please like and comment back. thank you.
  2021-10-11
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hotwheels
·2021-10-10
Good question.
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- Excelsheet:
  Ta
  2021-10-10
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FookChia
·2021-10-10
Like pls
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- JeremyKok:
  hi. please like and comment back. thank you.
  2021-10-11
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henryee18
·2021-10-10
Scarcity, and it makes them more and more expensive !
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- 滚股怪:
  More
  2021-10-10
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- Praveenh:
  Ok
  2021-10-10
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RichyRick
·2021-10-10
Good to know
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TiggerBaby
·2021-10-10
When something is too expensive, there is always a replacement.
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- Imgoh:
  Agree
  2021-10-11
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Jialatsia
·2021-10-10
Meep
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trace10
·2021-10-10
We will find out when it reaches its supply limit in ~2140 [无语]
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seojun
·2021-10-10
Very good question!!
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- Goodmeng:
  No answer
  2021-10-10
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FrederickL
·2021-10-10
There be other coins
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happymoney
·2021-10-10
Miracle
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- happymoney:
  Reality
  2021-10-10
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- seojun:
  yep
  2021-10-10
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replaygoh
·2021-10-10
boom
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HENRYCSC
·2021-10-10
Thanks
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HENRYCSC
·2021-10-10
Yp
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点赞
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SanWangtikup
·2021-10-10
New currency
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Anneater
·2021-10-09
Oh
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DenisL
·2021-10-09
Crash and disappear
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- seojun:
  oh really
  2021-10-10
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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-09 11:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral>Investopedia</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nKEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million ...\n\n<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FT_SY_XBT","symbol_name":"CBOE比特币","start_time":0,"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","article_id":"1195802602","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","pubTimestamp":1633749735,"columns":[],"sourceInfo":{"source_id":"lsy1606203311635","name":"Investopedia"},"weMediaInfo":null,"summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"translate_title":"2100万比特币被开采后会发生什么？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9},"content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":828609160,"gmtCreate":1633907377720,"gmtModify":1633907379071,"author":{"id":"3567307840510045","authorId":"3567307840510045","name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3567307840510045","authorIdStr":"3567307840510045"},"htmlText":"Heard that bitcoin is hackable. The price is also very volatile.","listText":"Heard that bitcoin is hackable. The price is also very volatile.","text":"Heard that bitcoin is hackable. The price is also very volatile.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828609160","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6156710,"gmtCreate":1633912167974,"gmtModify":1634716633195,"authorId":3574384014717887,"author":{"id":3574384014717887,"idStr":"3574384014717887","authorId":3574384014717887,"name":"cutemiao","avatar":"https://static.tigerbbs.com/bb482433c2ea26132373994768ab7de2","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828609160,"type":1,"supId":0,"prevId":0,"content":"Sure is!!","text":"Sure is!!","html":"Sure is!!"}],"langContent":"CN"},{"id":828844367,"gmtCreate":1633906233856,"gmtModify":1633906234011,"author":{"id":"3573471135601329","authorId":"3573471135601329","name":"SKHan","avatar":"https://static.tigerbbs.com/edb016a1e76d427cf4bc5ef3a5d38289","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3573471135601329","authorIdStr":"3573471135601329"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828844367","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828175514,"gmtCreate":1633876644903,"gmtModify":1633876645089,"author":{"id":"3577182936341023","authorId":"3577182936341023","name":"MIe","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3577182936341023","authorIdStr":"3577182936341023"},"htmlText":"Btc limited supply, $&nbsp;upside #","listText":"Btc limited supply, $&nbsp;upside #","text":"Btc limited supply, $ upside #","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828175514","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6154225,"gmtCreate":1633891803428,"gmtModify":1634716852421,"authorId":3559098973692807,"author":{"id":3559098973692807,"idStr":"3559098973692807","authorId":3559098973692807,"name":"Chinleong","avatar":"https://static.tigerbbs.com/6dbcd389c42e41aa06c692b423858c4c","vip":1,"currentWearingBadge":{"badgeId":"99a38ff64bfd44f891fd016771fc8f64-1","templateUuid":"99a38ff64bfd44f891fd016771fc8f64","name":"超级披露者","description":"在交易分享中开启超级披露","bigImgUrl":"https://static.tigerbbs.com/802f4014829adb4e63332fc230b97e42","smallImgUrl":"https://static.tigerbbs.com/70e97d213ed3e4f4820224f1366d402f","redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.23","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1104,"isScarce":1,"effectEnabled":0,"wearingSort":1},"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[{"categoryType":1104,"badgeId":"99a38ff64bfd44f891fd016771fc8f64-1","name":"超级披露者","description":"在交易分享中开启超级披露","smallImgUrl":"https://static.tigerbbs.com/70e97d213ed3e4f4820224f1366d402f","bigImgUrl":"https://static.tigerbbs.com/802f4014829adb4e63332fc230b97e42","isScarce":1,"plateColors":{"bgColor":{"dark":"#2f2a1f","tint":"#fcf6e5"},"fontColor":{"dark":"#dea95e","tint":"#885600"}},"effectEnabled":0,"redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"sortingWeight":0,"wearable":1}]},"repliedAuthorId":0,"objectId":828175514,"type":1,"supId":0,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"}],"langContent":"CN"},{"id":828142245,"gmtCreate":1633875003842,"gmtModify":1633875003908,"author":{"id":"3563191428086420","authorId":"3563191428086420","name":"Excelsheet","avatar":"https://static.tigerbbs.com/30a30f253a4cec57f0a4d67ec91c7847","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3563191428086420","authorIdStr":"3563191428086420"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828142245","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6155125,"gmtCreate":1633907218100,"gmtModify":1634716783505,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828142245,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."}],"langContent":"CN"},{"id":828122972,"gmtCreate":1633871417890,"gmtModify":1633871417971,"author":{"id":"3555967496683005","authorId":"3555967496683005","name":"hotwheels","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[{"categoryType":1104,"badgeId":"99a38ff64bfd44f891fd016771fc8f64-1","name":"超级披露者","description":"在交易分享中开启超级披露","smallImgUrl":"https://static.tigerbbs.com/70e97d213ed3e4f4820224f1366d402f","bigImgUrl":"https://static.tigerbbs.com/802f4014829adb4e63332fc230b97e42","isScarce":1,"plateColors":{"bgColor":{"dark":"#2f2a1f","tint":"#fcf6e5"},"fontColor":{"dark":"#dea95e","tint":"#885600"}},"effectEnabled":0,"redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"sortingWeight":0,"wearable":1}],"idStr":"3555967496683005","authorIdStr":"3555967496683005"},"htmlText":"Good question.&nbsp;","listText":"Good question.&nbsp;","text":"Good question.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828122972","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6153265,"gmtCreate":1633874998749,"gmtModify":1634716944029,"authorId":3563191428086420,"author":{"id":3563191428086420,"idStr":"3563191428086420","authorId":3563191428086420,"name":"Excelsheet","avatar":"https://static.tigerbbs.com/30a30f253a4cec57f0a4d67ec91c7847","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828122972,"type":1,"supId":0,"prevId":0,"content":"Ta","text":"Ta","html":"Ta"}],"langContent":"CN"},{"id":828133927,"gmtCreate":1633859677324,"gmtModify":1633859677419,"author":{"id":"3582011605223524","authorId":"3582011605223524","name":"FookChia","avatar":"https://static.tigerbbs.com/c8b4a1f99e8c51a51e93bfd003334327","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3582011605223524","authorIdStr":"3582011605223524"},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828133927","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6155126,"gmtCreate":1633907227223,"gmtModify":1634716783396,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828133927,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."}],"langContent":"CN"},{"id":828344132,"gmtCreate":1633853105901,"gmtModify":1633853108975,"author":{"id":"3561088065415396","authorId":"3561088065415396","name":"henryee18","avatar":"https://static.tigerbbs.com/68e1124a4989ce380d6aa143a07b2620","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3561088065415396","authorIdStr":"3561088065415396"},"htmlText":"Scarcity, and it makes them more and more expensive !","listText":"Scarcity, and it makes them more and more expensive !","text":"Scarcity, and it makes them more and more expensive !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828344132","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6151951,"gmtCreate":1633862139710,"gmtModify":1634717044693,"authorId":4091089381144950,"author":{"id":4091089381144950,"idStr":"4091089381144950","authorId":4091089381144950,"name":"滚股怪","avatar":"https://static.tigerbbs.com/b67621b4133ca0db91bff9766152a448","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828344132,"type":1,"supId":0,"prevId":0,"content":"More","text":"More","html":"More"},{"id":6151995,"gmtCreate":1633862447717,"gmtModify":1634717040542,"authorId":3582899687128084,"author":{"id":3582899687128084,"idStr":"3582899687128084","authorId":3582899687128084,"name":"Praveenh","avatar":"https://static.tigerbbs.com/3372285351bae9dd1fd1686629b78cb9","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828344132,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"CN"},{"id":828328577,"gmtCreate":1633848360445,"gmtModify":1633848360554,"author":{"id":"3574713327400822","authorId":"3574713327400822","name":"RichyRick","avatar":"https://static.tigerbbs.com/b86ee481aaeabbd2348ddf829e3a56fe","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574713327400822","authorIdStr":"3574713327400822"},"htmlText":"Good to know","listText":"Good to know","text":"Good to know","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828328577","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828366702,"gmtCreate":1633846574997,"gmtModify":1633847258644,"author":{"id":"4095117092393450","authorId":"4095117092393450","name":"TiggerBaby","avatar":"https://static.tigerbbs.com/92afc92c743cbc82bdc0ccd1a404f3e0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4095117092393450","authorIdStr":"4095117092393450"},"htmlText":"When something is too expensive, there is always a replacement.&nbsp;","listText":"When something is too expensive, there is always a replacement.&nbsp;","text":"When something is too expensive, there is always a replacement.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828366702","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6155150,"gmtCreate":1633907362994,"gmtModify":1634716781117,"authorId":3581825520109338,"author":{"id":3581825520109338,"idStr":"3581825520109338","authorId":3581825520109338,"name":"Imgoh","avatar":"https://static.tigerbbs.com/37ecbebf2e324891c637f8afc0232f89","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828366702,"type":1,"supId":0,"prevId":0,"content":"Agree","text":"Agree","html":"Agree"}],"langContent":"CN"},{"id":828910906,"gmtCreate":1633831516237,"gmtModify":1633831516317,"author":{"id":"4087959350378170","authorId":"4087959350378170","name":"Jialatsia","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[{"categoryType":1104,"badgeId":"99a38ff64bfd44f891fd016771fc8f64-1","name":"超级披露者","description":"在交易分享中开启超级披露","smallImgUrl":"https://static.tigerbbs.com/70e97d213ed3e4f4820224f1366d402f","bigImgUrl":"https://static.tigerbbs.com/802f4014829adb4e63332fc230b97e42","isScarce":1,"plateColors":{"bgColor":{"dark":"#2f2a1f","tint":"#fcf6e5"},"fontColor":{"dark":"#dea95e","tint":"#885600"}},"effectEnabled":0,"redirectLinkEnabled":1,"redirectLinkType":1,"redirectLink":"https://www.itigerup.com/activity/forapp/star-investor","redirectLinkValidityFrom":1776816000000,"redirectLinkValidityTo":2156198400000,"sortingWeight":0,"wearable":1}],"idStr":"4087959350378170","authorIdStr":"4087959350378170"},"htmlText":"Meep","listText":"Meep","text":"Meep","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828910906","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828938569,"gmtCreate":1633831329714,"gmtModify":1633831329783,"author":{"id":"4092352968542350","authorId":"4092352968542350","name":"trace10","avatar":"https://static.tigerbbs.com/54e8beb357f92a42884600a8355e3fdf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4092352968542350","authorIdStr":"4092352968542350"},"htmlText":"&nbsp;We will find out when&nbsp;it reaches its supply limit in ~2140&nbsp;[无语]&nbsp;","listText":"&nbsp;We will find out when&nbsp;it reaches its supply limit in ~2140&nbsp;[无语]&nbsp;","text":"We will find out when it reaches its supply limit in ~2140 [无语]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828938569","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828078067,"gmtCreate":1633828400006,"gmtModify":1633828400211,"author":{"id":"4087771643270940","authorId":"4087771643270940","name":"seojun","avatar":"https://static.tigerbbs.com/3bd9ce06b0a58d0a81582641f6566970","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4087771643270940","authorIdStr":"4087771643270940"},"htmlText":"Very good question!!","listText":"Very good question!!","text":"Very good question!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828078067","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6147530,"gmtCreate":1633830413187,"gmtModify":1634717424657,"authorId":3575588910593021,"author":{"id":3575588910593021,"idStr":"3575588910593021","authorId":3575588910593021,"name":"Goodmeng","avatar":"https://static.tigerbbs.com/96dc060537e6112d51026eaa7dd4db92","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828078067,"type":1,"supId":0,"prevId":0,"content":"No answer","text":"No answer","html":"No answer"}],"langContent":"CN"},{"id":828029283,"gmtCreate":1633825298064,"gmtModify":1633825298283,"author":{"id":"3582151718585472","authorId":"3582151718585472","name":"FrederickL","avatar":"https://static.tigerbbs.com/21ae0da315b7fd514ea9d30bfa0d125a","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3582151718585472","authorIdStr":"3582151718585472"},"htmlText":"There be other coins&nbsp;","listText":"There be other coins&nbsp;","text":"There be other coins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828029283","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":828031046,"gmtCreate":1633820115852,"gmtModify":1633820115994,"author":{"id":"3569807126010989","authorId":"3569807126010989","name":"happymoney","avatar":"https://static.tigerbbs.com/c7b835f693b89bd9b980cc013a40c669","vip":1,"crmLevel":13,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3569807126010989","authorIdStr":"3569807126010989"},"htmlText":"Miracle&nbsp;","listText":"Miracle&nbsp;","text":"Miracle","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/828031046","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6145680,"gmtCreate":1633820125880,"gmtModify":1634717589574,"authorId":3569807126010989,"author":{"id":3569807126010989,"idStr":"3569807126010989","authorId":3569807126010989,"name":"happymoney","avatar":"https://static.tigerbbs.com/c7b835f693b89bd9b980cc013a40c669","vip":1,"crmLevel":13,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828031046,"type":1,"supId":0,"prevId":0,"content":"Reality","text":"Reality","html":"Reality"},{"id":6147002,"gmtCreate":1633828406908,"gmtModify":1634717472383,"authorId":4087771643270940,"author":{"id":4087771643270940,"idStr":"4087771643270940","authorId":4087771643270940,"name":"seojun","avatar":"https://static.tigerbbs.com/3bd9ce06b0a58d0a81582641f6566970","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":828031046,"type":1,"supId":6145680,"prevId":0,"content":"yep","text":"yep","html":"yep"}],"langContent":"CN"},{"id":828004198,"gmtCreate":1633816418376,"gmtModify":1633816418655,"author":{"id":"3582963095283492","authorId":"3582963095283492","name":"replaygoh","avatar":"https://static.tigerbbs.com/d47b21291424a3d55039334a8de5cdb9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3582963095283492","authorIdStr":"3582963095283492"},"htmlText":"boom","listText":"boom","text":"boom","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828004198","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821747719,"gmtCreate":1633802735795,"gmtModify":1633802736040,"author":{"id":"3575091428590185","authorId":"3575091428590185","name":"HENRYCSC","avatar":"https://static.tigerbbs.com/6d47a6dec25b21dc547a5b982674c499","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575091428590185","authorIdStr":"3575091428590185"},"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821747719","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821747484,"gmtCreate":1633802726764,"gmtModify":1633835724322,"author":{"id":"3575091428590185","authorId":"3575091428590185","name":"HENRYCSC","avatar":"https://static.tigerbbs.com/6d47a6dec25b21dc547a5b982674c499","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3575091428590185","authorIdStr":"3575091428590185"},"htmlText":"Yp","listText":"Yp","text":"Yp","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821747484","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821748258,"gmtCreate":1633799651177,"gmtModify":1633799651358,"author":{"id":"4087452914358580","authorId":"4087452914358580","name":"SanWangtikup","avatar":"https://static.tigerbbs.com/c7f061d50a9f915d0ce8e8c879871960","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4087452914358580","authorIdStr":"4087452914358580"},"htmlText":"New currency&nbsp;","listText":"New currency&nbsp;","text":"New currency","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821748258","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821720366,"gmtCreate":1633793446453,"gmtModify":1633793446540,"author":{"id":"3581571807225162","authorId":"3581571807225162","name":"Anneater","avatar":"https://static.tigerbbs.com/dd99ef969b35027be1194d21c5482e54","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3581571807225162","authorIdStr":"3581571807225162"},"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821720366","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821459709,"gmtCreate":1633777741369,"gmtModify":1633777741571,"author":{"id":"4088158505984320","authorId":"4088158505984320","name":"DenisL","avatar":"https://static.tigerbbs.com/0d13e043c2c38e5d7bfd53d016d5c6bf","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"4088158505984320","authorIdStr":"4088158505984320"},"htmlText":"Crash and disappear&nbsp;","listText":"Crash and disappear&nbsp;","text":"Crash and disappear","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821459709","repostId":1195802602,"repostType":4,"repost":{"id":"1195802602","kind":"news","pubTimestamp":1633749735,"share":"https://www.laohunote.com/m/news/1195802602?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:22","market":"us","language":"en","title":"What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195802602","media":"Investopedia","summary":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never rea","content":"KEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Bitcoin After All 21 Million Are Mined?<blockquote>2100万被全部开采后，比特币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nInvestopedia2021-10-09 11:22\n\n</h4>\n</header>\n<article>\nKEY TAKEAWAYS<blockquote>主要要点</blockquote> <ul> <li>There are only 21 million bitcoins that can be mined in total.</li> <li>Bitcoin will never reach that cap due to the use of rounding operators in its codebase.</li> <li>As of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.</li> <li>When Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.</li> <li>Bitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.</li> <li>Bitcoin the cryptocurrency will have a defined identity in the financial ecosystem.</li> </ul> One of the chief characteristics of Bitcoin&nbsp;is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.<blockquote><ul><li>总共只有2100万个比特币可以开采。</li><li>由于在其代码库中使用了舍入运算符，比特币永远不会达到这个上限。</li><li>截至2021年8月，已经开采了1877万枚比特币，剩下大约230万枚尚未投入流通。</li><li>当比特币达到供应上限时，区块奖励将消失，矿工将依靠加密货币网络上发生的交易费用来获得收入。</li><li>比特币的网络可能会从目前未完成的状态演变为成为货币交易和交易的桥梁。</li><li>比特币加密货币将在金融生态系统中拥有明确的身份。</li></ul>比特币的主要特点之一是供应有限。其他形式的货币，包括法定货币，可以由中央银行随意印刷——也就是说，它们有无限的供应。</blockquote> Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be&nbsp;mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the&nbsp;cryptocurrency.<blockquote>比特币发明家中本聪将比特币的数量上限设定为 2100 万个，这意味着比特币的数量将只有 2100 万个。平均而言，这些比特币以每10分钟一个区块的固定速率被引入比特币供应。此外，上述每个区块中释放的比特币数量每四年减少50%。截至 2021 年 8 月，已有 1870 万枚比特币可用，剩下大约 230 万枚有待开采。供应限制使比特币稀缺，并控制了加密货币无限供应可能导致的通货膨胀。</blockquote> As Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on&nbsp;block rewards&nbsp;and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.<blockquote>随着比特币达到供应上限，其经济将会发生变化。其生态系统中各个成员（如矿工和贸易商）的激励措施将会发生变化。例如，矿工可能较少依赖区块奖励，而更多地依赖交易费用来赚取运营收入和利润。加密货币的网络也将发生变化，其参与者将不同于当前生态系统中的散户交易者。</blockquote> However, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.<blockquote>然而，鉴于加密货币相对不发达的生态系统，很难确定地预测比特币达到其供应上限的影响。</blockquote> Will Bitcoin Ever Reach the 21 Million Cap?<blockquote>比特币会达到2100万的上限吗？</blockquote> Before delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.<blockquote>在深入探讨比特币 2100 万上限的含义之前，考虑它是否会达到这个数字的问题可能会很有趣。根据加密货币目前的代码库和挖掘过程，一些观察人士表示，比特币可能会接近 2100 万的数字。</blockquote> To recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.<blockquote>简而言之，比特币是由矿工“挖掘”的，他们解决密码难题，以验证和验证其网络中发生的一组交易。区块奖励由固定数量的比特币组成，分配给成功确认交易区块的矿工。奖励每四年减半。</blockquote> <img src=\"https://static.tigerbbs.com/2d1d9aa1b5581477bf14edfde0292f21\" tg-width=\"660\" tg-height=\"513\" referrerpolicy=\"no-referrer\">The rate that bitcoin are produced cuts in half about every four years. Investopedia<blockquote>比特币的生产速度大约每四年减半。投资百科</blockquote> When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.<blockquote>当加密货币推出时，确认一个交易块的奖励是50个比特币。2012年减半至25个比特币，2016年降至12.5个。2020 年 5 月，每个新区块矿工将获得 6.25 比特币。比特币矿工的区块奖励将继续每四年减半，直到最后一个比特币开采完毕。目前对最终比特币开采的估计将日期定在2140年2月。</blockquote> Important:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens. According to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.<blockquote>重要的：比特币挖矿过程为矿工提供比特币奖励，但奖励大小会定期减少，以控制新代币的流通。根据一本关于比特币工作原理的书的作者Andreas M. Antonopoulos的说法，2100万这个数字是现有比特币数量的“渐近上限”。简而言之，这意味着，虽然它可能会非常接近数字，但加密货币永远不会达到这个极限。这是因为区块奖励和比特币供应从来没有用精确的术语来表达。比特币的代码使用位移运算符——在某些编程语言中，算术运算符使用四舍五入的小数点到最接近的最小整数。因此，6.2589个比特币的总供应量将四舍五入到最接近的最小整数，在本例中为6。</blockquote> While it makes calculations easier, the practice leads to losses in&nbsp;satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.<blockquote>虽然这种做法使计算更容易，但在每次区块确认过程中，这种做法会导致比特币的组成单位聪的损失。一个比特币等于一亿聪。根据一些人的说法，最终的比特币区块将被编号为6,929,999，届时的总供应量将是20,999,999.9769聪。由于比特币使用位移运算符系统，3它的算法将把这个数字四舍五入到20,999,999，使加密货币接近其2100万的目标上限。</blockquote> What Happens When All 21 Million Bitcoin Are Mined?<blockquote>当2100万比特币全部被开采时会发生什么？</blockquote> A consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a&nbsp;closed economy, in which transaction fees are assessed much like taxes are.<blockquote>比特币没有达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。不会发行比特币，但会确认交易区块，费用将成为主要收入来源。最终，比特币的网络可能会像一个封闭的经济体一样运作，其中交易费用的评估方式与税收非常相似。</blockquote> Can the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.<blockquote>奖励可以是聪而不是实际的比特币吗？这种做法不太可能发生，需要改变加密货币的协议才能生效。</blockquote> That said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.<blockquote>也就是说，很难预测比特币的影响几乎达到中本聪承诺的总体供应量。这部分是因为比特币的生态系统仍然不发达。加密货币最初被认为是一种交换媒介，但它作为一种价值储存手段——一种投资资产——越来越受欢迎。从现在到2140年，比特币的生态系统和运作方式可能会发生转变，类似于其身份发生的转变。</blockquote> Important:Although 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 amount of available bitcoins in circulation could actually be millions less.<blockquote>重要的：尽管最多只能有2100万个比特币，但因为人们丢失了私钥或去世时没有给任何人留下私钥指令，流通中可用比特币的实际数量实际上可能会少数百万。</blockquote> For example, there could be a protocol change in the cryptocurrency's&nbsp;blockchain&nbsp;to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create&nbsp;hard&nbsp;or&nbsp;soft forks&nbsp;that create new cryptocurrencies or alter its functioning. Some examples of the former are&nbsp;bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.<blockquote>例如，加密货币区块链中的协议可能会发生变化，允许超过 2100 万个比特币存在。请记住，比特币是一种开源加密货币，可以更改以创建硬分叉或软分叉，从而创建新的加密货币或改变其功能。前者的一些例子有比特币现金（BCHUSD）、莱特币（LTCUSD）和狗狗币（DOGEUSD），它们对比特币的源代码进行了细微的修改，并创造了新的硬币，这些硬币的市场估值已经达到了数十亿美元。</blockquote> Effect on Bitcoin Miners<blockquote>对比特币矿工的影响</blockquote> Block rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.<blockquote>区块奖励和交易费是矿工最重要的收入来源——在当前设置中，前者比后者更重要。比特币的高价格使矿工能够支付运营成本并维持业务利润，因为他们可以在加密货币市场上出售他们的奖励。</blockquote> When Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.<blockquote>当比特币接近极限时，奖励金额可能不足以支付矿商的运营成本，更不用说产生利润了。如果达到供应限制，比特币奖励应该会消失。</blockquote> In both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value.&nbsp;The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.<blockquote>在这两种情况下，交易费预计都会弥补这一不足。这些费用的数额和机制取决于比特币网络在那个时间点的状态，即它是被用作交换媒介还是价值储存。前者可能会产生合理的费用，以使比特币能够在日常交易中使用，而后一种情况将使矿工进行更少和更昂贵的交易。</blockquote> Another possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining&nbsp;is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.<blockquote>提出的另一种可能性是矿工之间形成卡特尔。他们可能会控制供应以设定高额交易费或保证最低利润的费用金额。自私采矿是另一种可能性。在这种挖掘形式中，矿工相互勾结，隐藏新区块，并释放未经比特币网络确认的孤儿区块。这种做法将延迟比特币网络中最后一个区块的生产，并确保新区块最终被释放到网络中时获得高回报。</blockquote> The formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by&nbsp;OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.<blockquote>比特币矿工卡特尔的形成并不是一个影响深远的结论。这种分组已经存在于供应受到限制或控制的其他商品中。例如，石油价格在很大程度上受到欧佩克产量的影响。据报道，钻石行业的价格也是由矿业巨头DeBeers领导的卡特尔制定的。</blockquote> Effect on Bitcoin's Network<blockquote>对比特币网络的影响</blockquote> The most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology&nbsp;is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.<blockquote>比特币最有价值和最有用的方面是它的网络。分布式账本技术是当今大多数金融交易的耗时簿记和会计的技术解决方案。</blockquote> If Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.<blockquote>如果未来比特币作为一种交易媒介变得流行，其交易数量将激增。过去的先例表明，网络很有可能会变慢。这是因为比特币的架构依赖于分布式数据库来保存海量账本的副本，为了准确性和完整性而牺牲了速度。</blockquote> In such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.<blockquote>在这种情况下，第二层技术（如闪电网络）很可能会负责确认其网络上的大部分交易。因此，加密货币的实际网络本身将仅用于结算大批量交易。</blockquote> A second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a&nbsp;reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.<blockquote>第二种可能性是比特币网络上的交易数量下降。当比特币成为储备资产时，这种情况是可能的。涉及加密货币的交易将会很少。主导当前交易生态系统的零售贸易商和小型贸易公司将被淘汰，取而代之的是大型机构参与者和老牌贸易公司。他们将进行更少、更昂贵的交易，这将使矿商产生高昂的交易费用。</blockquote> Effect on Bitcoin the Cryptocurrency<blockquote>加密货币对比特币的影响</blockquote> Bitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem&nbsp;as a Wild West.<blockquote>比特币的发明者中本聪设计了这种加密货币，作为日常交易的交换媒介。但其网络交易费用高，处理时间慢。与此同时，它的稀缺性和价格上涨已成为吸引投机投资者的磁石。他们对加密货币轮盘赌的押注导致该资产类别的价格波动剧烈，阻止了认真的投资者远离它。监管机构批评其生态系统是狂野的西部。</blockquote> By the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the&nbsp;Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have&nbsp;made the cryptocurrency legal tender.<blockquote>当最后一个比特币被开采（或接近被开采）时，比特币可能会有一个比现在更明确的身份。侧通道，如闪电网络，可能提高了其网络的交易处理速度，并使其能够用作交换媒介。萨尔瓦多等一些国家正在押注这种可能性，并将加密货币定为法定货币。</blockquote> FAST&nbsp;FACT El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency. In the United States, the latest significant events are the&nbsp;Office of the Comptroller of the Currency&nbsp;(OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.<blockquote>快速事实萨尔瓦多于2021年6月9日将比特币列为法定货币。这是第一个这样做的国家。加密货币可用于企业可以接受的任何交易。美元仍然是萨尔瓦多的主要货币。在美国，最新的重大事件是货币监理署 (OCC) 于 2021 年 1 月致函授权使用加密货币作为支付方式，PayPal控股公司 (PYPL) 推出比特币，以及特斯拉公司 (TSLA) 接受比特币购买特斯拉汽车和太阳能屋顶。特斯拉于 2021 年 5 月改变了接受比特币的方针，理由是比特币采矿所需资源存在环境问题。</blockquote> The increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.<blockquote>其数量的日益稀缺也将推高比特币的价格和加密货币市场的相应估值。当越来越多的资本流入某一资产类别时，监管机构往往会迅速采取行动，加密货币市场和比特币很可能也会受到监管保护。这将是机构投资者进入加密货币生态系统并以巨大流动性稳定其价格波动的一个信号。</blockquote> The Bottom Line<blockquote>底线</blockquote> Bitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.<blockquote>比特币 2100 万的供应上限旨在控制通货膨胀，否则，无限供应可能会导致通货膨胀。但它使加密货币成为稀缺商品，从而抬高了加密货币的价格。</blockquote> When Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.<blockquote>当比特币达到供应上限时，矿商很可能会从区块奖励转向交易费作为其主要收入来源。侧渠道的发展，如闪电网络，可能会导致比特币的区块链将自己限制在确认大批量交易或涉及大量比特币从其区块链上的一个地址移动到另一个地址的交易。比特币的身份——作为价值储存和交换媒介——也将比现在更明确地定义。</blockquote> But none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.<blockquote>但这些预测都不是一成不变的。比特币生态系统发展的动态速度意味着很难准确预测其未来。例如，加密货币的协议可能会被改变，以适应超过2100万个比特币的生产。或者，它可能会接近 2100 万。</blockquote> Frequently Asked Questions<blockquote>常见问题</blockquote> <ul> <li>What is Bitcoin's total supply?</li> </ul> The total supply of bitcoins is capped at 21 million.<blockquote><ul><li>比特币的总供应量是多少？</li></ul>比特币的总供应量上限为2100万枚。</blockquote> <ul> <li>What will happen to miner fees when Bitcoin's supply limit is reached?</li> </ul> When Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.<blockquote><ul><li>当比特币的供应极限达到时，矿工费用会发生什么变化？</li></ul>当比特币供应量达到 2100 万时，矿商将依靠交易费而不是区块奖励来获得收入，区块奖励到那时已经消失了。</blockquote> <ul> <li>What will happen to Bitcoin's network when it reaches the supply limit?</li> </ul> When Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.<blockquote><ul><li>当比特币达到供应极限时，它的网络会发生什么？</li></ul>当比特币达到2100万的供应限制时，很可能像闪电网络这样的侧面渠道将承担确认其交易的大部分繁重工作。加密货币的区块链只负责确认非常大批次的交易，或者涉及大量比特币从一个地址移动到另一个地址的交易。</blockquote> <ul> <li>What happens if Bitcoin supply fails to reach the 21 million cap?</li> </ul> One consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.<blockquote><ul><li>如果比特币供应量未能达到 2100 万的上限会发生什么？</li></ul>比特币未能达到计划上限的一个后果是，它留下了加密货币网络在2140年后长期保持功能的可能性。与比特币的经济学保持一致，确认这些区块的回报将是最小的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195802602","content_text":"KEY TAKEAWAYS\n\nThere are only 21 million bitcoins that can be mined in total.\nBitcoin will never reach that cap due to the use of rounding operators in its codebase.\nAs of Aug, 2021, 18.77 million bitcoins have been mined, which leaves roughly 2.3 million yet to be introduced into circulation.\nWhen Bitcoin reaches its supply cap, block rewards will vanish, and miners will depend on fees from transactions occurring on the cryptocurrency's network for revenue.\nBitcoin's network may evolve from its current unfinished state to becoming a bridge for monetary transactions and trading.\nBitcoin the cryptocurrency will have a defined identity in the financial ecosystem.\n\nOne of the chief characteristics of Bitcoin is its limited supply. Other forms of money, including fiat currencies, can be printed at will by central banks—i.e., they have unlimited supply.\nBitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes. In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every four years. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined.The supply limitation makes Bitcoin scarce and controls inflation that might arise from an unlimited supply of the cryptocurrency.\nAs Bitcoin reaches its capped supply, its economics will alter. The incentives for various members in its ecosystem, such as miners and traders, will change. For example, miners may rely less on block rewards and more on transaction fees to earn revenue and profits for their operations. The cryptocurrency's network will also transform, and its participants will be different from the retail traders that populate its current ecosystem.\nHowever, given the cryptocurrency's relatively undeveloped ecosystem, it is difficult to predict with certainty the effect of Bitcoin reaching its capped supply.\nWill Bitcoin Ever Reach the 21 Million Cap?\nBefore delving into the implications of Bitcoin's 21 million cap, it might be interesting to consider the question of whether it will ever reach that figure. Based on the cryptocurrency's current codebase and mining process, some observers say that Bitcoin may fall just shy of the 21 million figure.\nTo recap, Bitcoin is \"mined\" by miners who solve cryptographic puzzles to verify and validate a block of transactions occurring in its network. Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years.\nThe rate that bitcoin are produced cuts in half about every four years. Investopedia\nWhen the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins. In 2012, it was halved to 25 bitcoins, and it went down to 12.5 in 2016. In May 2020, miners stood to earn 6.25 bitcoin for every new block. Block rewards for Bitcoin miners will continue to be halved every four years until the final bitcoin is mined. Current estimates for mining of the final bitcoin put that date somewhere in February 2140.\n\nImportant:The Bitcoin mining process provides bitcoin rewards to miners, but the reward size decreases periodically to control the circulation of new tokens.\n\nAccording to Andreas M. Antonopoulos, author of a book about Bitcoin's workings, the 21 million figure is an \"asymptotic cap\" on the number of bitcoin in existence.In simple words, this means that, while it may reach very close to figure, the cryptocurrency will never reach that limit. This is because block rewards and Bitcoin supply are never expressed in exact terms. Bitcoin's code uses bit-shift operators—arithmetic operators used that round decimal points to the closest smallest integer in certain programming languages. Therefore, a total supply of 6.2589 bitcoins will be rounded out to the closest smallest integer, in this case 6.\nWhile it makes calculations easier, the practice leads to losses in satoshis, Bitcoin's constituent units, during each block confirmation. One bitcoin is equal to 100 million satoshis. According to some, the final bitcoin block will be numbered 6,929,999, and the total supply at that time will be 20,999,999.9769 satoshis. Since bitcoin uses a bit-shift operator system,3its algorithm will round off that figure to 20,999,999 and leave the cryptocurrency just shy of its 21 million targeted cap.\nWhat Happens When All 21 Million Bitcoin Are Mined?\nA consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. No bitcoins will be issued, but transaction blocks will be confirmed, and fees will become the primary source of revenue. Ultimately, Bitcoin's network may function as a closed economy, in which transaction fees are assessed much like taxes are.\nCan the rewards be in satoshis instead of actual bitcoin? Such a practice is unlikely and would require a change in the cryptocurrency's protocol to take effect.\nThat said, it is difficult to predict the effects of Bitcoin almost reaching the overall supply promised by Satoshi Nakamoto. This is partly because Bitcoin's ecosystem is still undeveloped. The cryptocurrency was originally conceptualized as a medium of exchange but it has found more popularity as a store of value—an investing asset—instead. It is possible that Bitcoin's ecosystem and workings might undergo a transformation, similar to the one that has occured in its identity, between now and 2140.\nImportant:Although 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 amount of available bitcoins in circulation could actually be millions less.\nFor example, there could be a protocol change in the cryptocurrency's blockchain to allow for more than 21 million bitcoin in existence. Remember, Bitcoin is an open source cryptocurrency and can be changed to create hard or soft forks that create new cryptocurrencies or alter its functioning. Some examples of the former are bitcoin cash(BCHUSD),litecoin(LTCUSD), anddogecoin(DOGEUSD), which have made minor modifications to Bitcoin's source code and created new coins that have racked up billions of dollars in market valuations.\nEffect on Bitcoin Miners\nBlock rewards and transaction fees are the most important sources of revenue for miners—the former more so than the latter in the current setup. High prices for bitcoin enable miners to cover operational costs and sustain business profits because they can sell their rewards stash in cryptocurrency markets.\nWhen Bitcoin is close to reaching its limit, the reward amounts may not be enough to cover operational costs at miners, let alone generate profits. If and when the supply limit is reached, Bitcoin rewards are supposed to vanish.\nIn both instances, transaction fees are expected to pick up the slack. The amount of and mechanism for these fees depends on the state of Bitcoin's network at that point in time—i.e., whether it is being used as a medium of exchange or as a store of value. The former may incur reasonable fees to enable Bitcoin's use in daily transactions, while the latter scenario will have miners conducting fewer and more expensive transactions.\nAnother possibility being put forward is that of miners forming cartels amongst themselves. They might control supply to set high transaction fees or a fee amount that guarantees them a minimum in profits.Selfish mining is another possibility. In this form of mining, miners collude amongst themselves to hide new blocks and release orphan blocks that are not confirmed by Bitcoin's network. This practice will delay production of the final block in Bitcoin's network and ensure high rewards for the new blocks when they are finally released into the network.\nThe formation of a Bitcoin miners' cartel is not a far-reaching conclusion. Such groupings already exist in other commodities whose supply is constrained or controlled. For example, oil prices are influenced to a large degree by OPEC's production output. Prices in the diamond industry are also reportedly set by a cartel led by mining giant DeBeers.\nEffect on Bitcoin's Network\nThe most valuable and useful aspect of Bitcoin is its network.Distributed ledger technology is a technological solution to the time-consuming bookkeeping and accounting that characterizes most financial transactions today.\nIf Bitcoin becomes popular as a medium of exchange in the future, its transaction numbers will surge. Past precedent has shown that there is a significant chance that the network will slow down. This is because Bitcoin's architecture, which relies on a distributed database to hold copies of massive ledgers, sacrifices speed for accuracy and integrity.\nIn such a scenario, it is likely that Layer 2 technologies, like the Lightning Network, will become responsible for confirming a majority of transactions on its network. Therefore, the cryptocurrency's actual network itself will be used only to settle large batches of transactions.\nA second possibility is that the number of transactions on Bitcoin's network falls. Such a situation is possible when Bitcoin becomes a reserve asset. Trades involving the cryptocurrency will be few. Retail traders and small trading firms, who dominate its current trading ecosystem, will be eliminated and replaced by large institutional players and established trading firms. They will conduct fewer and more expensive trades that will incur high transaction fees from miners.\nEffect on Bitcoin the Cryptocurrency\nBitcoin's inventor Satoshi Nakamoto designed the cryptocurrency to function as a medium of exchange for daily transactions. But its network has high transaction fees and slow processing times. Meanwhile, its scarcity and rising prices have become a magnet for speculative investors. Their bets on the cryptocurrency roulette have led to volatile price swings in the asset class deterring serious investors away from it. Regulators have criticized its ecosystem as a Wild West.\nBy the time that the last bitcoin is mined (or close to being mined), Bitcoin may have a more defined identity that it does currently. Side channels, like the Lightning Network, may have increased its network's transaction processing speed and enabled its use as a medium of exchange. Some countries like El Salvador are betting on such an eventuality and have made the cryptocurrency legal tender.\n\nFAST FACT\n\n\n El Salvador made Bitcoin legal tender on June 9, 2021.It is the first country to do so. The cryptocurrency can be used for any transaction where the business can accept it. The U.S. dollar continues to be El Salvador's primary currency.\n\nIn the United States, the latest significant events are the Office of the Comptroller of the Currency (OCC) letter in January 2021 authorizing the use of crypto as a method of payment, PayPal Holdings, Inc.'s (PYPL) introduction of Bitcoin, and Tesla, Inc.'s (TSLA) acceptance of Bitcoin to purchase Tesla cars and solar roofs. Tesla reversed course on accepting Bitcoin in May 2021, citing environmental concerns around the resources required for Bitcoin mining.\nThe increasing scarcity in its numbers will also have driven up bitcoin's price and the corresponding valuation of cryptocurrency markets. Regulators tend to move quickly when increasing amounts of capital flows into an asset class, and it is likely that crypto markets and Bitcoin will also have come under the regulatory umbrella. That will be a sign for institutional investors to move into the cryptocurrency's ecosystem and stabilize its price swings with massive liquidity.\nThe Bottom Line\nBitcoin's 21 million supply cap is meant to control inflation that might, otherwise, result from an unlimited supply. But it has inflated the cryptocurrency's prices by making it a scarce commodity.\nWhen Bitcoin reaches the supply cap, it is likely that miners will shift from block rewards to transaction fees as their main source of revenue. Development of side channels, like the Lightning Network, may result in Bitcoin's blockchain restricting itself to confirmation of large batches of transactions or ones that involve movement of significant numbers of bitcoins from one address on its blockchain to another. Bitcoin's identity—as a store of value and a medium of exchange—will also be more clearly defined than it is currently.\nBut none of these predictions are set in stone. The kinetic pace of developments in Bitcoin's ecosystem means that it is difficult to accurately predict its future. For example, the cryptocurrency's protocol may be changed to accommodate the production of more than 21 million bitcoins. Or, it may fall just shy of reaching 21 million.\nFrequently Asked Questions\n\nWhat is Bitcoin's total supply?\n\nThe total supply of bitcoins is capped at 21 million.\n\nWhat will happen to miner fees when Bitcoin's supply limit is reached?\n\nWhen Bitcoin supply reaches 21 million, miners will rely on transaction fees rather than block rewards, which will have vanished by then, for revenue.\n\nWhat will happen to Bitcoin's network when it reaches the supply limit?\n\nWhen Bitcoin reaches the 21 million supply limit, it is likely that side channels, like the Lightning Network, will do most of the heavy lifting in confirming its transactions. The cryptocurrency's blockchain be responsible for confirming only very large batches of transactions or ones that involve movement of large sums of bitcoin from one address to another.\n\nWhat happens if Bitcoin supply fails to reach the 21 million cap?\n\nOne consequence of Bitcoin not reaching its planned cap is that it leaves open the possibility that the cryptocurrency's network will remain functional for a long time after 2140. In keeping with Bitcoin's economics, rewards for confirming these blocks will be minimal.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9,"MBTmain":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6147006,"gmtCreate":1633828417731,"gmtModify":1634717472057,"authorId":4087771643270940,"author":{"id":4087771643270940,"idStr":"4087771643270940","authorId":4087771643270940,"name":"seojun","avatar":"https://static.tigerbbs.com/3bd9ce06b0a58d0a81582641f6566970","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":821459709,"type":1,"supId":0,"prevId":0,"content":"oh really","text":"oh really","html":"oh really"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":539,"commentSize":56,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}