As of March 9, the total number of unmined bitcoins has dwindled to just 1 million, highlighting the nearing limit of the cryptocurrency's supply. Currently, over 95% of the total 21 million BTC has already been mined, following a structured issuance schedule.
Miners typically produce 144 blocks each day, with approximately 2016 blocks formed every two weeks. The reward for miners is set to halve every 210,000 blocks, occurring roughly every four years. The upcoming halving in 2024 will reduce the reward to 3.125 BTC per block, marking the network's entry into its fifth issuance epoch. The next anticipated halving will occur around April to May 2028, at which point the reward will drop to 1.5625 BTC.
Economic Pressures on Miners
As the halving events reduce miners' income, they face increasing economic pressure. While transaction fees are expected to eventually become a larger revenue source, they currently account for a minor part of miners' earnings. For instance, a study of bitcoin miner Riot Platforms indicates that the breakeven point for mining, when only considering electricity costs, is about $74,000 per coin. When factoring in all operational costs, this figure can exceed $100,000 per BTC. Many miners are reportedly operating at a loss or with slim margins.
