Vitalik Buterin has proposed adding “partially stateless nodes” to Ethereum’s scaling roadmap to make running a personal node easier, boosting privacy and censorship resistance.

The S&P 500 fell 0.2%, ending a six-day rally amid deficit concerns and global tensions, as the Fed signaled a continued pause on rate hikes. Gold jumped 1.5% to $3,289 after Moody’s downgraded the US credit rating, boosting safe-haven demand. Despite high yields, global rate cuts support a rally toward $3,300. The Coindesk Indices, which tracks the broader crypto market, rose 0.07%, with Bitcoin up 1.41% and Ether down 0.32%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is COW, up 7.4% after CoW Protocol adopted Fair Combinatorial Auctions to improve trade execution and strengthen MEV resistance.

CoW DAO (COW), launched in 2021, is a decentralized platform offering secure, efficient crypto trading through CoW Protocol, an MEV blocker, and a protection-focused AMM. It spun off from GnosisDAO in 2022 to help DeFi users avoid exploits like MEV and LVR. 

 is replacing its single batch auctions with Fair Combinatorial Auctions (FCA), enabling solvers to submit multiple bids—both individual and bundled. This upgrade improves trade execution, fairness, and MEV resistance while increasing filled orders, lowering slippage, and boosting solver rewards by ~25%.

Check out the latest prices, charts, and data of 

 adding “partially stateless nodes” to Ethereum’s scaling roadmap to make running a personal node easier, boosting privacy and censorship resistance. These nodes can verify blocks without storing full history, reducing reliance on centralized RPC providers. The proposal follows Ethereum’s recent Pectra upgrade and comes amid strong ETH price gains.

Yesterday, Bitcoin spot ETFs saw $41.7M in total inflows, all from non-GBTC funds, while GBTC recorded no flow.

 is offering 500 free points for tweeting about a time you experienced slow blockchain transactions due to congestion, and explaining how Linera’s microchains solve the issue. To qualify, include “microchains” in your tweet and tag Linera. You can also earn bonus points by retweeting Linera-related tweets (+1) and replying to them (+5).

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Vitalik proposes “partially stateless nodes” to boost Ethereum privacy and decentralization

Celebrate Bybit's 70 million user milestone with a recap of another packed episode of  Backstage with Ben, where we discuss partnerships and product updates, Ben’s outlook for the next half of 2025 and more.

Bybit has just crossed a major milestone — 70  million users worldwide — and we’re celebrating with another packed episode of  

. In episode  32, we discuss soaring capital inflows, partnerships and product updates unveiled live from Dubai’s Token2049 week, plus Ben’s outlook for the next half of 2025. Whether you missed the live stream or just want the highlights, here’s everything you need to know.

Bybit has officially hit 70 million registered users worldwide! This achievement reflects the dedication of our global community and the trust users place in our platform for secure, efficient and innovative crypto services. 

Reaching this milestone underscores our commitment to expanding access to digital assets and delivering a seamless experience across both spot and derivatives trading, web3 products and more.

 for a chance to win from a prize pool of 140,000 USDT. Simply deposit and trade to win 7 USDT — and win even more by inviting your friends to join.

 in Dubai, Bybit rolled out a suite of updates designed to improve liquidity, security and trading tools for all users. First, Bybit’s liquidity has fully rebounded, and a 

 from digital markets provider Kaiko shows that Bybit’s market depth for top trading pairs ranks among the highest globally. That means retail traders now enjoy reduced slippage and faster order execution.

, a third institutional custodian alongside Copper and Fireblocks. This collaboration enhances asset security and paves the way for future integrations with banks and regulated entities. On the developer front, we’re sponsoring a 

, and will be inviting builders to create innovative DApps with competitive prizes and mentorship.

 went live as a new research tool that aggregates on‑chain metrics, social sentiment and fundamental data into a single dashboard. Later this quarter, we’ll merge Lens with 

, unifying fundamental and technical analysis in one place. For all desktop users, our order form now offers granular customization, from hiding unused fields to toggling between base and quote displays.

Mobile trading has seen several enhancements as well. We’ve combined spot and margin layouts into one interface, added chart‑based order placement so you can tap directly on price charts to execute trades, and introduced a calendar tab highlighting upcoming economic events that could impact crypto markets. Coming soon, funding rate alerts will notify you when rates cross user‑defined thresholds, even if your device is idle.

Last but not least, we’ve also expanded 

, and launched a Telegram mini app enabling users to stake, earn and leverage products without leaving their messaging platform. VIP members now receive personalized daily reports tailored to their holdings, powered by SoSoValue data. Meanwhile, in the P2P section, we’ve added a filter so you can transact with trusted merchants more easily. In addition, we’ve rolled out zero‑fee deposits for the Vietnamese dong and upcoming support for the Kazakhstani tenge.

Looking ahead to the second half of 2025, we’re focused on broadening regulatory compliance and product innovation. We expect to finalize our MiCA license in Europe and secure additional approvals to offer bank‑linked fiat on‑ and off‑ramps across multiple regions. In Vietnam, we’re 

 to support the sandbox regime, which will introduce direct bank channels and enhance user protections beyond P2P.

Institutional offerings will expand with new custody integrations and direct bank connections, enabling corporate clients and funds to transact with minimal counterparty risk. On the innovation front, our road map includes the public beta of merge trading, allowing automated arbitrage across spot and perpetual markets at half the normal fee rate. We’ll also rename our USDC Perpetual contracts and introduce Copy Trading competitions featuring live leaderboards and instant prize claims.

On the education front, we’ll grow our Learn Live series and Learn Community Hub, delivering timely market insights, tutorials and expert interviews. In addition, we’re planning more on‑site events globally to engage regional communities and gather feedback directly from our users and community members.

Surpassing 70 million users marks a significant chapter for Bybit. Stay tuned for more updates, and 

 as we shape the future of finance together.

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Backstage with Ben, Episode 32 ICYMI: Soaring inflows, Tomorrowland Brasil, gold rally and more!

The Bybit Card is a Mastercard crypto debit card that offers a seamless way to access and spend your crypto. Learn how you can use it to earn passive income!

Nowadays, the quest for financial freedom has led many to explore 

 stands out as a favored strategy. Unlike active income, whereby you trade time for money, passive income allows you to earn without being actively involved. Imagine a life where your finances grow even as you sleep, travel or spend quality time with loved ones. This dream can be a reality, and the digital revolution, especially in the realm of cryptocurrencies, has made it more attainable than ever.

Introducing the Bybit Card — a groundbreaking financial tool in the crypto space. As the world of cryptocurrency expands, so do the opportunities to earn passive income. The Bybit Card not only simplifies your crypto transactions, but also paves the way for a consistent income stream. But how exactly can one leverage this card to maximize passive earnings? Let's dive deep into the mechanics of the Bybit Card and unveil the secrets to optimizing your financial growth.

 is a Mastercard crypto debit card that offers a seamless way to access and spend your cryptocurrency. It's more than just a card — it's a gateway to integrate cryptocurrency into your daily routine. 

, you can instantly use your Bybit trading gains for purchases and enjoy exclusive perks through the Bybit Card Rewards Program, featuring special offers from partner brands. You can even use it to earn a passive income. 

The card is cost-effective, valid for three years and features auto-renewal for its virtual variant. There are no annual, issuance or account closure fees. However, users will incur a foreign exchange fee and a crypto conversion fee on top of the prevailing Spot rate, 

depending upon the region the user is in.

How to earn passive income with the Bybit Card

With the financial world leaning toward digital solutions, the Bybit Card stands as a beacon for those aiming to earn without constant effort. Let's look at how you can turn your Bybit Card into a passive income powerhouse.

 to introduce the Auto-Savings feature for 

, an automated financial management tool that enables all Bybit Card users to effortlessly earn profits. When activated, this feature automatically invests users' idle assets in Flexible Savings, ensuring they earn profits without hindering card expenditures. 

Based on their preferences, users can easily choose and activate this function for specific coins supported on Flexible Savings to optimize their idle assets for better returns. Your assets remain liquid and can be unstaked anytime, ensuring you benefit from daily earnings without compromising flexibility.

Once you opt into the subscription, selected assets will be invested into Flexible Stakings at 10AM UTC daily. The allocated amount during each execution of the subscription is subject to the maximum or minimum investment amount of Bybit Savings. 

If the required minimum investment amount is met, the funds will be automatically staked in Flexible Savings plans, up to the maximum investment amount. However, if the limit is exceeded or not met, the subscription will fail for that day. You can view the specific purchase limits in the details of each of the corresponding Flexible Staking plans.

How to get started with Bybit Card x Earn

tab on the navigation bar at the top of the Bybit home page, and click on 

button and toggle it to “on.” Once enabled, the transferable balance of your payment crypto asset (shown under 

) in your Funding Account will automatically be used to subscribe to Flexible Savings plans at the next daily interval.

: After reading and agreeing to the Bybit Terms of Services, click on 

If you’d like the selected payment crypto asset and the payment assets staked in Flexible Savings to be deducted for Bybit Card payments, you may activate the 

You can view your successful transactions in your 

Alternatively, you can also find your orders under 

What happens when you disable the Auto-Savings feature?

When you disable the Auto-Savings feature, funds that have been used to subscribe to Flexible Savings plans won’t automatically be available for expenditures. Instead, only the designated fiat and chosen crypto assets in your Funding Account will be used for Bybit Card transactions. 

If you choose to disable the Auto-Savings feature on your Bybit Card, please note the following:

Bybit Card offers a Rewards Program that lets users earn Bybit Card Rewards Points every time they pay with the Bybit Card. Users gain 1 Reward Point for every EUR/USD or 900 ARS spent, 

while users earn 10 Rewards Points for every 5 BRL spent.

 These points can easily be converted into cashback or other rewards through the 

. Some of the rewards include coupons, fee discounts and USDT or BTC bonuses that can be used to cover potential losses incurred by trading on Bybit.

Bybit VIP users get to enjoy Bybit Card VIP privileges, such as 8% APR, higher points accrual on eligible card spending, global lounge access (which can be redeemed using Rewards Points at 50% off), and full rebates on Netflix, Spotify, Prime, ChatGPT and TradingView. 

Events will be held regularly for users to earn rewards. To qualify for the events, you’ll first have to reach the minimum spending amount stipulated in the rules of each event. Keep a lookout on our 

One of the easiest ways to earn passive income with your Bybit Card is through its 

All you need to do is complete the following steps — and you’ll be able to sit back and reap the rewards.

Once you’ve completed the above steps, you’ll qualify to receive 20 USDT, while your referee will receive 10 USDT. 

The Bybit Card offers a comprehensive suite of benefits designed to enhance your financial experience and enable you to earn passive income. The Bybit Card Flexible Savings Auto-Savings feature is a great way to put idle assets to work and provide a sustainable stream of passive income. 

The Rewards Program lets you accumulate points with every purchase, which can be converted into various rewards, including cashback and trading bonuses. The VIP Program amplifies these benefits, providing higher cashback rates for the more discerning spender. Additionally, the Card introduces an element of excitement with regular events, offering exclusive rewards. 

Overall, the Bybit Card's multifaceted rewards and exclusive programs make it a compelling choice for those seeking to maximize their financial benefits in the crypto realm.

The Bybit Card emerges as a beacon of innovation and user-centric benefits. Seamlessly blending transactional utility with a plethora of rewards, it exemplifies Bybit's commitment to delivering value to its users. 

Whether you're a seasoned crypto enthusiast or a newcomer to the crypto realm, the Bybit Card offers a unique blend of convenience, rewards and financial empowerment. As you navigate the future of digital transactions, having a tool like the Bybit Card in your arsenal isn’t just a luxury — it's a strategic advantage. Apply for the Bybit Card and start earning today!

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How to use the Bybit Card to earn passive income

What are the key differences between a traditional debit card and a crypto debit card? Find out more in this article and determine which suits you better.

Modern society increasingly focuses on cashless transactions. Being able to pay by scanning a card can make a lot of transactions faster, easier and more secure. However, it brings up some new questions for consumers. How do you pick which card you want to pay with? There are a lot of options, and they all have their pros and cons. Traditional debit cards and crypto debit cards are two of the most popular choices. To find the right option, you'll need to carefully consider your personal budget and preferences.

A traditional debit card is a payment card connected to your bank account. When you use it, it deducts money from your checking account and uses those funds to complete your transaction.

Traditional debit cards usually run on major debit card networks like Mastercard or Visa. In addition to connecting to bank accounts, some debit cards are also prepaid debit cards that connect to a set amount of funds which you added to the card at the time of purchase.

A traditional debit card in Europe generally works by using chip-and-PIN technology. This system stores sensitive information on an embedded computer chip, rather than on a magnetic stripe like with US-issued cards. This ensures greater security and prevents unauthorized access to bank accounts since the data stored on the chip cannot be easily copied or duplicated. 

Additionally, the widespread adoption of 

 in European countries has made it more convenient for users to use a traditional debit card. All one has to do to pay for goods and services is tap their card at an NFC-enabled terminal or reader. This method is much faster and more secure than traditional payment methods since it eliminates the need for entering any type of PIN code.

Benefits and risks of a traditional debit card

Due to the unique way they work, traditional debit cards can be quite useful, but they also come with some potential downsides. Here are a few pros and cons to be aware of.

The main advantage of a debit card is that it is incredibly convenient. Using one is faster than writing a check or counting out cash. Furthermore, major debit card providers are accepted at almost all retailers and online shops.

Many people also like that debit cards are only meant to spend money you currently have deposited in your account. There are fewer transaction fees, because you aren't borrowing money from a lender. Unlike traditional credit cards, you might also find that you're less likely to spend excessively — since you can't automatically borrow thousands.

Debit cards might be convenient, but they can cause problems if fraud occurs. Anyone who gets a hold of your card can easily use it to process transactions with a simple tap against an NFC-enabled terminal, andyou may be required to pay all the fraudulent charges yourself.

Another problem is that your debit card doesn't necessarily quit working just because your bank account doesn't have funds. Depending on how your account is set up, you might be able to overdraw funds and end up with significant overdraft charges.

When should you use a traditional debit card?

Anyone who has funds in a standard bank checking account should have a regular debit card. A debit card makes it fast and easy to get your money out of your account.

It is also a good idea to use a traditional debit card for situations where you want simple, straightforward transactions. Debit cards are especially useful in situations where you can't carry cash or want to pay online.

Ultimately, a traditional debit card is a great tool for day-to-day activities, such as shopping or paying bills.

 is a card that lets you spend crypto in a variety of transactions. The funds for the transactions come from cryptocurrency that is automatically converted to fiat currency.

Just like traditional debit cards, crypto debit cards can be used for in-store and online purchases or for ATM withdrawals, but they're offered through a crypto provider instead of a bank. The card connects to a 

, and the funds you spend from the card are subtracted from the crypto wallet.

From the user's perspective, crypto debit cards work much like any other card. You decide to make in-person or online purchases, and then swipe the card against a machine or enter your card details at an online shop. However, a few additional steps are happening behind the scenes:

Benefits and risks of a crypto debit card

If you're interested in cryptocurrency or decentralized finance (

), a crypto debit card can be very useful. Just keep in mind that they have some unique issues, which people used to traditional cards might not expect.

Crypto debit cards are a great way to perform standard transactions and online purchases, while enjoying the perks of digital currency and decentralized finance. You don't have to sign up for a bank account, and crypto debit cards let you use your cryptocurrency in day-to-day life without a lot of extra steps.

Crypto cards offer some unique chances to make money. Unlike traditional debit cards, most card providers offer crypto rewards to those who use their cards. These crypto rewards are often cryptocurrency tokens that can increase in value over time.

For example, Bybit Card offers up to 10% cashback in BTC, ETH, AVAX and USDC when you spend in five categories: travel, transport, fashion, restaurants and beauty and wellness. New users can enjoy up to $150 and existing users up to $75, all within your first month. You’ll even receive 10% off top brands, such as Netflix, Spotify and ChatGPT. But that’s not all — earn Reward Points for every dollar you spend, which can be accumulated and later converted to USDT or redeemed for exclusive merchandise!

When using crypto debit cards, it's important to be aware of their limitations. Not all nations allow cryptocurrency debit cards or accept crypto payments. You'll need to make sure that the provider you choose is valid in your location.

Keep in mind that your crypto assets are more volatile than fiat currency. Their value shifts, up and down, so the amount of money on your debit card will fluctuate. Unlike a traditional debit card, you'll need to check the value of your crypto before making big purchases.

Another downside is that each transaction comes with some fees. Most crypto debit card providers 

 associated with converting crypto into fiat currency. These foreign exchange fees vary, depending on what country you're in, but they can be a little pricey.

A crypto debit card is a great choice if you own cryptocurrency and want a convenient way of using your funds and earning rewards. With a crypto debit card, you can skip having to sell your cryptocurrency and convert it to fiat currency. The card provider handles all these little details for you while the rest of your cryptocurrency investments continue to grow.

Crypto debit cards are also very helpful if you aren't able to open (or aren't interested in opening) a bank account. They allow you to get a card that you can use electronically without having to deposit any money in a bank.

When considering crypto cards versus traditional debit cards, it's important to remember that there’s a lot of variation among crypto debit cards. Most traditional debit cards are very similar, with just slight differences in fees and rewards. Meanwhile, crypto cards are offered by a lot of different companies, with a lot of different features. Here are a few things to consider when figuring out how to pick the 

 makes it easy to access your crypto savings whenever you want. As Bybit has entered a strategic partnership with Mastercard for the Bybit Card, you’ll be able to spend at over 90 million merchants worldwide. Furthermore, the Bybit Card is EMV® 3-D Secure enabled. This fraud prevention technology allows for consumer authentication during online payments. As such, you can shop online with ease, without worrying about your security being compromised. 

As mentioned previously, Bybit Card offers up to 10% cashback across selected spending categories, along with access to our Rewards Program. Every time you spend with your Bybit Card, you’ll earn Rewards Points that can be redeemed for exclusive rewards to make every transaction even more rewarding.

Want to get even more out of your card? Simply turn on Auto-Savings to earn up to 8% APR on your card balance, growing your crypto while you spend. There are no annual or inactivity fees, and applying for your card is completely free.

The Bybit Card supports a wide range of cryptocurrencies — including BTC, ETH, XRP, TON, USDT, USDC and more — to offer flexibility and highly competitive rates for crypto spenders.

First-time cardholders can also unlock special bonuses as follows:

Traditional debit cards vs. crypto debit cards: The similarities

Still not sure which is right for you? The good news is that these two card types have a lot in common, so both will work well in basic situations.

The two types of cards look almost identical, and can be used in-person or online. They're all standard rectangles of plastic that fit in a wallet, and you can use them all by typing in a number or tapping it against a terminal.

Whether you have crypto debit cards, traditional debit cards or prepaid debit cards, they only work with the money you already have. Unlike a credit card, debit cards don't let you borrow money when you've run out of funds.

Crypto debit cards and traditional debit cards both seem to work automatically. All the digital information gets transferred around at high speeds, so you don't have to wait for transactions to be finalized. They're also very fast and easy to use — as compared to counting out cash or writing a check.

Traditional debit cards vs. crypto debit cards: The differences

Though they have a lot in common, crypto and traditional debit cards aren't identical. To choose the best option for your needs, it can be helpful to consider their differences.

Most crypto debit cards have higher fees than traditional cards. Not only are they more likely to have transaction fees, but they often have foreign exchange fees, too. However, crypto cards compensate by letting crypto holders earn rewards that they couldn't with most traditional debit cards.

The funds that back a traditional debit card are sitting in a bank account, while the funds behind a crypto debit card are digital currencies in a crypto wallet. Due to this difference in funding, traditional debit card balances remain stable, while crypto debit card balances fluctuate as the crypto that backs your card changes in value.

Traditional debit cards are often automatically provided through your bank, so it's fast and easy to set one up if you have a bank account. However, if you don't have a bank account, crypto cards are often easier to set up. You can connect them to any wallet without having to become a bank member.

Which one suits you better — a traditional debit card or a crypto debit card?

You might prefer a traditional debit card if you don't own any crypto, and want to keep things as simple as possible. This type of debit card is convenient, reliable and has low fees. However, any crypto holder can benefit from a crypto debit card. Though it takes a little more effort to set up a crypto card, even beginners can easily figure out the steps. It makes it much easier to cash out your crypto funds, and it also lets you earn neat crypto rewards.

Keep in mind that you don't necessarily have to choose just one or the other. Plenty of people get both, so they can get all the perks of both types of cards. 

Crypto debit cards are an exciting new take on the traditional debit card model. With a crypto card, you can easily turn your crypto assets into real-world products or services. Taking the time to figure out how these unique cards work comes with plenty of advantages. As long as you have a crypto account, it's a good idea to also have a crypto debit card. Try the 

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Traditional debit card vs. crypto debit card: Which one is right for you?

Crypto

Bitcoin

Curious about the 21 million Bitcoin limit? From price surges to legislative support, here's what happens when all Bitcoins are mined.

 continues gaining traction and popularity for its decentralized nature and potential long-term value growth. More than 19 million bitcoins have been mined, and the next Bitcoin halving is taking place less than a year from now. This leads us to a most perplexing question: What happens when all the bitcoins have been mined?

As of Jun 2023, approximately 19.402 million bitcoins are already in circulation, which means only 1.59 million bitcoins are left for mining.

 An average of 37.5 bitcoins are being mined hourly, which makes 900 BTC mined each day. No bitcoins are truly lost. The assignment of the term “lost” to Bitcoin relates to owners who have 

, which results in their Bitcoin being locked away permanently.

 is used to reduce the number of available bitcoins entering circulation by half every time 210,000 

 have been mined (roughly every four years). This means the last Bitcoin will be mined by the end of 2078. In other words, no more bitcoins will be left to mine.

There is some confusion surrounding the exact date when the total Bitcoin supply will have been mined. If you search Google for the answer, chances are that the date of this event is listed as 2040 instead of 2078. 

The reward for mining started out at 50 BTC per block when Bitcoin was released in 2009. When the first Bitcoin halving took place in Nov 2012, the reward was halved to 25 BTC per block, followed by block rewards of 12.5 BTC in Jul 2016 and the most recent halving (May 2020

lowering the block reward to 6.25 BTC. It’s estimated that the next Bitcoin halving will occur on June 5, 2024, reducing the Bitcoin block reward to 3.125 BTC.

As of Jun 15, 2023, the current block count is 794,416, with 45,584 left to be mined until the next halving at 840,000 blocks.

, determined in 2008 that the total Bitcoin supply cap would always be pegged at 21 million, ensuring a virtual currency without inflation. However, since Bitcoin is intended for transactional use, just like paper currency, too many bitcoins in the market could generate wild BTC price swings.

With that in mind, the inventor stipulated a 21 million Bitcoin limit to control the supply and, thus, future Bitcoin prices and fluctuations.

One way to control the mechanism was to gradually release bitcoins, without overwhelming the market by releasing all 21 million bitcoins. For this reason, Bitcoin’s code was designed to allow only a fixed number of bitcoins to be mined every year until the 21 million limit is reached.

New bitcoins enter circulation whenever a new block is mined and added onto the Bitcoin blockchain. 

 is programmed with a difficult mathematical algorithm that helps keep the entire system stable by maintaining a 10-minute duration for finding new blocks. This difficulty is updated every 2,016 blocks, or roughly every two weeks, as the network itself determines if the activities of miners have increased or decreased. The network then adjusts the Bitcoin mining difficulty to keep each block time to roughly 10 minutes.

Every day, fewer Bitcoin blocks are available to mine as the Bitcoin mining end date gradually approaches. However, it’s essential to understand that not every Bitcoin mined to date is in circulation — which further reduces the total supply of bitcoins in circulation at any given moment. There are many reasons why the existing supply of bitcoins doesn’t correlate to the total number of bitcoins already mined.

One of the main reasons is the method of storing Bitcoin. Since the owner needs to protect their Bitcoin using 

 and passwords, there’s no way to access the stored bitcoins if the owner passes away without giving someone else access to the password. Bitcoin can also be rendered permanently inaccessible due to other errors on the part of its owners. This innovative digital currency is unlike any other assets in that it’s almost impossible to retrieve without the consent of the owner.

According to a recent study by the New York Times, almost 20% of bitcoins are trapped in

, with a total value estimated to be around $140 billion. These bitcoins will likely stay trapped indefinitely, which affects the total supply of bitcoins in circulation.

The next time someone asks you how many bitcoins are in circulation, simply look at the circulating supply. As of this writing, that number is 

, minus any bitcoins trapped in inaccessible wallets.

Even if there were no trapped bitcoins, it’s theoretically impossible to reach the supply limit of 21 million once all the bitcoins have been mined. In reality, the final figure will be very close to Bitcoin’s supply cap because Bitcoin’s supply is never expressed in exact terms. Instead, the code Bitcoin uses rounds off decimal points to the closest integer. As a result, a supply of 6.2589 bitcoins is represented as 6 bitcoins.

Bitcoins are split into smaller units, known as satoshis. One satoshi constitutes one 1/100 millionth of a Bitcoin. Due to these smaller units — and the rounding off of figures — experts suggest the Bitcoin supply cap will be limited to 20,999,999 instead of 21 million.

Incentive to Increase Bitcoin’s Total Supply

Bitcoin mining is popular because there’s a tremendous incentive for miners who can successfully mine the maximum amount of Bitcoin for their gain. Although the incentive is paid in block rewards, besides receiving Bitcoin miners also receive a part of the transaction fees associated with the completion of a block.

After the three previous halvings, miners currently receive 6.25 BTC for confirming a block. Despite the reduction in the mining reward amount, the higher value of each Bitcoin makes up for the halving effect. Transaction fees have also increased as a result of Bitcoin going mainstream. While Bitcoin transaction fees are expected to rise, not all BTC transactions need to be settled on the blockchain. Additional layers, such as 

, provide cheaper, faster ways to transfer Bitcoin, and will likely help with mass adoption as well.

Some experts believe that incentive isn’t an issue — because the transaction fees, which make up only 6% of the existing revenue for miners, will increase substantially, making up for the loss of Bitcoin block rewards. Still, this isn’t a satisfying answer for many stakeholders who are actively engaged in the Bitcoin industry. They still want to know what will happen when all 21 million bitcoins have been mined, and if there’s something they can do about how many bitcoins there will be in the future.

Is It Possible to Change the Bitcoin Supply Cap?

It’s theoretically possible to change the total Bitcoin supply by altering the underlying code. Since Bitcoin itself is software, experts agree that it can be changed. To do so will require developers, stakeholders and the community at large to agree to alter the code. If an agreement were to be reached, the developers would write a code to integrate those changes into the 

In order for everything to work properly, the next step would be to ensure that all nodes on the Bitcoin network either accept the changes — or are forced off of it. However, getting every node to accept the changes is no trivial task, since the Bitcoin platform was primarily designed as a standalone system that requires no changes. At that point, the developers would need to deal with a 

, which is a consensus change that makes a previously invalid behavior valid. In the perfect scenario, all the nodes would be upgraded to accept the proposed changes.

Another scenario would have only some Bitcoin users favoring the existing 21 million BTC limit. In this situation, miners and nodes who didn’t accept the change would continue to operate on the existing Bitcoin platform. These dissidents would likely compete with the new Bitcoin platform to capture market share. This is known as a 

, as it would create another chain that splits the miner base. One such example is 

Impact on Stakeholders: What Happens When All 21 Million Bitcoins Have Been Mined? 

At this time, no one can accurately predict what will happen when all the available bitcoins have been mined.

Several analysts favor using higher transaction fees to compensate for the absence of block rewards. New technologies will likely help to cut the mining cost, eventually resulting in more profit for miners. Another theory suggests that Bitcoin platforms will only be used for large transactions of very high value, offering sufficient revenue to satisfy stakeholders. Still other theories speculate about proof of stake (PoS) and mining cartels.

From a stakeholder’s perspective, the following is a brief overview of what will happen when all of the bitcoins are mined.

Miners are responsible for verifying transactions and adding new blocks to the Bitcoin network. They must solve complex mathematical puzzles, which nowadays require costly ASIC computers with substantial computational power that use a lot of electricity.

To compensate for their effort and cost to secure the network, miners are awarded block rewards and transaction fees.

Currently, most miners and mining firms use the Bitcoin block reward system to offset the cost of mining and still make a profit. But as mining rewards are halved, it’s expected that Bitcoin mining costs will eventually exceed the BTC rewards that miners make, well before the fixed supply is reached.

However, if the price of Bitcoin increases over time, it can sometimes offset a decrease in Bitcoin block rewards. Currently, using a regression model, the average cost of mining a Bitcoin is roughly $17,600, and the most efficient miners using 

 can still mine at breakeven between $7,700 and $10,560, depending on the network difficulty and cost of electricity. All miners from the previous generation of 2016 to 2018 are no longer profitable, and many of the mining rigs between 2019 and 2020 are also no longer profitable.

In the next Bitcoin halving in 2024, these breakeven prices will double if more efficient mining rigs aren’t created or cheaper sources of electricity aren’t found. This could spell trouble for miners if Bitcoin’s price doesn’t increase enough to reach those levels, creating a potential death spiral in which too many miners stop mining as it becomes unprofitable. There just won’t be enough hash power to mine sufficient blocks for the mining difficulty to readjust within two weeks.

The only question is: What happens to transaction processing fees when all the coins are mined? Theoretically, if a miner validates enough transactions, the fees earned can help compensate for missing block rewards. But the transaction fee amount will depend on the state of the network in the future.

If the current limit of 21 million isn’t breached, one of the existing scenarios will need to occur: Higher transaction fees and reduced operational costs should be enough to keep things rolling; or, at the opposite end of the spectrum, miners may form cartels to control the supply and demand of bitcoins, as practiced in oil production and in diamond mining industries.

As Bitcoin mining nears its limit, the value of Bitcoin is expected to rise. Assuming that Bitcoin remains popular, the limited supply and investment value will tempt people to use Bitcoin as an investment commodity that acts as a store of value rather than for transactional use.

The price graph of Bitcoin favors this extrapolation because its value has consistently risen, despite the decrease in reward per block. HODLers and retail investors will hoard bitcoins in their wallets instead of releasing them. These actions will further decrease the supply, and keep Bitcoin’s value high.

In the future, whenever a new crisis emerges, central banks around the world are likely to print more money to combat it, causing a devaluation of the currency. Citizens of that country may choose to use their highly inflationary local currency to 

, a disinflationary digital currency that cannot be controlled, as a store of value, regardless of the supply of Bitcoin, as long as its supply is limited.

A growing number of companies are eager to test the crypto waters. Tesla, Block, Morgan Stanley and many other brands already have long-term plans to adopt crypto. Even 

. If the popularity of cryptocurrencies continues unabated, it’s likely to attract more institutional investors who will be ready to take first-mover advantage.

According to Philip Gradwell, Chief Economist at Chainalysis, institutional investors are treating

. Due to Bitcoin’s mining limit, scarcity and potential price increase, institutional investors will use virtual currency as a hedge against inflation, just as they’ve used precious metals in the past.

Bitcoin and other cryptocurrencies have proven to be a double-edged sword for governments worldwide. While many countries don’t accept Bitcoin as legal tender, they’re keenly watching its impact on the world’s economy. As of now, El Salvador is the first country to adopt Bitcoin legally, but 

Instead of the take-it-or-leave-it approach, policymakers will probably favor a middle ground, such as approving a 

. Governments will adopt Bitcoin — but they’ll try to regulate every aspect of its operations. Rather than waiting to find an answer to what happens when all the bitcoins have been mined, there’s a strong possibility that individual governments, including that of the U.S., will create their own versions of digital currencies to compete with Bitcoin, known as 

Given the enduring popularity of Bitcoin, we can safely assume that, 

, it will continue to attract stakeholders even when the total Bitcoin supply has been mined. Reaching the maximum number of bitcoins won’t create a doomsday scenario unless Bitcoin loses its demand and traction. More likely, the Bitcoin ecosystem will continue to adapt to changing patterns in the global economy, giving it a stable outlook for the foreseeable future.

21 Million Bitcoin Limit: What Happens When All the Bitcoins Have Been Mined?

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21 Million Bitcoin Limit: What Happens When All the Bitcoins Have Been Mined?

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