Bitcoin beyond 21 million? Adam Back warns of the risk

The 21 million bitcoin cap is back in the debate. Developer Peter Todd advocates for a permanent issuance to continue remunerating miners after 2140. Adam Back does not want it. The Blockstream boss sees in this argument a way to rally users to a dangerous modification of Bitcoin rules. No change is currently being prepared.

In brief

Bitcoin: Peter Todd wants to extend issuance

Bitcoin has just crossed the milestone of 20 million BTC mined. About one million coins remain to be produced before reaching the protocol’s set limit. This last million will take time.

Miners currently receive 3.125 BTC per block. This reward halves approximately every four years. About thirty halvings remain, and the last satoshis are expected to be produced around 2140. After that, no more new bitcoins.

Peter Todd has long wondered what will happen to miners when this reward disappears. They will then have to live solely on fees paid by users to record their transactions in blocks.