More than 92% of the total amount of Bitcoin (BTC) has been mined as of today. But ChatGPT is predicting what will happen when the halving cycles end and supply is eventually exhausted.
One of the ways to incentivize Bitcoin miners is in the form of block rewards. After successfully mining a block, miners are rewarded 6.25 BTC currently. But with every halving cycle, the block reward decreases by 50%.
For example, after the halving in 2024, miners will get roughly 3.125 BTC for successfully mining a block.
The End of Bitcoin Halving Cycles
According to ChatGPT, the end of Bitcoin mining is predicted around the year 2140. No more rewards will be distributed to Bitcoin miners after all BTC tokens are mined.
Miners will then only be remunerated through the transaction fees of the Bitcoin network.
Read more on the Bitcoin halving here.
Along with reliance on transaction fees, miners would need to evolve their equipment due to increasing competition.
Among various possibilities, ChatGPT believes that miners might also explore alternative cryptocurrency options to seek profitable mining opportunities.
The chatbot anticipates the rise of Layer 2 solutions such as Lightning Network to tackle the congestion and improve the scalability of the Bitcoin network.
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Author: Harsh Notariya
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