90% Of Monero Mined

It is estimated that by the middle of 2022 there will be over 18.4 million Monero XMR coins in circulation but it’s recently come to knowledge that over 90 percent of XMR has already been mined.

According to data from MoneroBlocks.info, a Monero blockchain explorer, the privacy enabled cryptocurrency has emitted near to the 16.6 million XMR. As the emission forms in balance with the overall supply, the Monero project will switch to a new supply program which has been called tail emission. Monero has made announcements in the past which suggest that miners will have a continuous mining reward of around 0.6 XMR per block. This would most likely keep the total integrity and security of the Monero blockchain intact.

According to Moneropedia, “miners need an incentive to mine. Because of the dynamic blocksize, competition between miners will cause fees to decrease. If mining is not profitable due to a high cost and low reward, miners lose their incentive and will stop mining, reducing the security of the network.”

In a similar sense to Bitcoin's working model, Monero also decreases the supply of its XMR tokens which are thrown into circulation through mining. Currently though, the project is offering 3.41 XMR tokens as a reward for each block. In addition to this, it is programmed to still go lower with every block that is mined until it reaches 0.6 XMR.

The end goal for Monero is to challenge the token supply mechanism of the world’s leading cryptocurrency in both adoption and market cap. There will be overall around 21 million coins in Bitcoins lifespan and by 2040, just under 100 percent of all Bitcoins will have been mined while the remaining 0.2 percent will spread out across the next 100 years.

As reported by CCN:

“The only way bitcoin miners will be earning any incentives is by on-chain transaction fees or through dominant assurance contracts. Bitcoin network is already practicing an off-chain solution in Lightning Network, where users don’t pay commissions to miners for settling every bitcoin transaction.” If the practice still goes on to exist as a long-term solution to Bitcoin’s scalability, then miners would most likely not be as interested in confirming transactions on its main chain.

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