By May 31, 2022, Monero will have 18.4 million XMR in circulation. And the project has already mined more than 90% of this amount.
According to MoneroBlock.info, the company has currently issued about 16.6 million XMR coins into circulation.
Now the project will switch to another form of emission called “tail emission”. According to the developers, miners will receive a permanent reward of 0.6 XMR per block, which is aimed at maintaining the overall security and integrity of the Monero blockchain.
“Miners need an incentive to mine. Competition between miners, thanks to dynamic block sizes, will lead to lower fees,” explains Moneropedia.
Just like Bitcoin, Monero limits the supply of XMR tokens through mining. The project currently provides a reward of 3.41 XMR per block, and the program automatically reduces it with each mined block until the reward drops to 0.6 XMR.
Bitcoin will have 99.8% of its coins in circulation by 2040, and the remaining 0.2% will take another 100 years to mine. Thus, miners will only receive profits from transactions carried out within the network, and if this trend continues, then miners will be much less interested in further work.
Without miners, the Bitcoin blockchain will become even less secure than it is today. It is the miners who protect it from hacks and tampering.
Monero, on the other hand, will provide a constant supply in order to incentivize miners. The foresight of this plan suggests that cryptocurrency developers have big ambitions.
According to www.ccn.com
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