90% of the privacy-focused Monero (XMR) coins have already been mined as of December 20th, 2018.
According to data from Moneroblocks, as of December 20th, 16.6 Million out of the 18.4 Million ultimate supply have been mined, which means 90% of all Monero’s supply have already been mined.
The total XMR available in the supply at the time of press is 16671051.
On May 31st, 2022 all the Monero ever to exist will be mined. For the Bitcoin network, this end will be in 2140 after which the miners will have to earn rewards through network transaction fees.
But in the case of Monero (XMR) the supply is not fixed but instead, the miners are compensated using a feature called as ‘Tail Emission’.
Monero Miners will be compensated using ‘Tail Emission’
Unlike Bitcoin’s monetary policy Monero will keep incentivizing miners with 0.6 XMR per block (as opposed to the current Block reward of 3.41 XMR) in perpetuity after May 2022. The creators of Monero believed that rewards are necessary for the network to thrive instead of relying on the transaction fees.
“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. Tail emission ensures that a dynamic block size and fee market can develop.”
Monero has become popular due to its strong privacy features and fungibility which Bitcoin cannot currently offer. As long there is demand for the currency fixed inflation enforced by an algorithm won’t necessarily be a major issue.
We are living in an exciting time where we get to experiment with the whole concept of money through Cryptocurrencies without enforcing it down anyone’s throat, unlike the Fiat money system.
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