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Mining the Last 929,465 Bitcoins Will Take Over a Century

Title: Mining the Final 929,465 Bitcoins Will Take Over a Century The article clarifies a common misconception about Bitcoin's remaining supply. While 95.57% of the total 21 million BTC are already in circulation, the predetermined mining schedule means the last 4.43% will be produced very slowly. Currently, miners receive 3.125 BTC per block, with a new block added roughly every 10 minutes, resulting in about 164,250 new BTC annually. This emission rate is cut in half every 210,000 blocks (approximately every four years) in an event called a "halving." The next halving in 2028 will reduce the block reward to 1.5625 BTC. This process continues until rewards become minuscule fractions of a bitcoin (satoshi). The final satoshi is projected to be mined around 2140, with the last 1% of supply taking roughly a century to produce. This diminishing new supply has significant implications for miners, whose revenue primarily comes from these block rewards. Post-halving, their income from new coins is cut in half, forcing greater reliance on transaction fees for sustainability. The article notes current mining economics are strained, with transaction fees constituting a very small portion of total revenue. For investors, the predictable and decreasing issuance schedule is a key feature, creating a known scarcity. However, the article emphasizes that scarcity alone doesn't determine price, which is influenced by adoption, regulation, and broader economic factors. The upcoming 2028 halving will be a key test of whether transaction fees can sufficiently support network security as the block subsidy continues to shrink.

cryptonews.ru08/16 10:08

Mining the Last 929,465 Bitcoins Will Take Over a Century

cryptonews.ru08/16 10:08

Selling Block Space Is No Longer Profitable, Arbitrum and MegaETH Venture into Applications

Selling block space is no longer a sustainable core business for blockchains, as it is easily commoditized and generates insufficient revenue to support their valuations, especially when compared to the high fees generated by applications built on them. This report, following up on the "Verticalization" thesis, examines how chains like Arbitrum, Polygon, MegaETH, and Sophon are adapting. It categorizes their strategies into two main paths: **Ecosystem Expansion** and **Product Expansion**. **Ecosystem Expansion** involves chains extending their reach by offering their technology stack to others. Examples include Arbitrum, which earns revenue from chains like Robinhood's L2 built on Arbitrum Stack, and Polygon, which is positioning itself as a payment chain for fintech. However, this model faces challenges, as seen with Optimism's revenue drop after Base left its Superchain, and often fails to translate chain success into sustained token value due to ongoing emissions. **Product Expansion** sees chains vertically integrating by building their own applications to capture more value internally. MegaETH shifted focus to developing first-party consumer apps and launched a native stablecoin, USDm, to capture yield. Similarly, Sophon pivoted from being an independent chain to becoming an application builder on Base. The goal is to directly own the lucrative application fee streams that typically don't flow back to the underlying chain. The conclusion is that with hundreds of chains offering similar block space, differentiation through liquidity alone is not enough. To justify high valuations and ensure sustainability, chains are moving beyond their foundational role. They are evolving into broader ecosystems or application builders themselves, actively working to internalize the value generated within their networks. This represents a pragmatic shift towards utility, where chains are becoming more than just infrastructure providers in a highly competitive landscape.

marsbit08/14 05:02

Selling Block Space Is No Longer Profitable, Arbitrum and MegaETH Venture into Applications

marsbit08/14 05:02

Hyperliquid Trading Volume Soars, So Why Are Profits Falling?

Hyperliquid, a leading decentralized perpetuals trading platform, has seen its open interest surge to a record high above $11 billion, capturing roughly 9% of the global market share. Trading volume remains robust, nearing $178 billion over 30 days, driven largely by the explosive growth of third-party markets offering tokenized real-world assets (RWAs) like stocks and commodities. Despite this growth, the platform's protocol revenue has declined for four consecutive quarters, falling 43% from its Q3 2025 peak of $357 million to approximately $202 million in Q2 2026. This divergence is primarily attributed to the HIP-3 governance proposal, which allows external developers to launch their own markets and keep up to half of the generated fees. These third-party markets now account for nearly 50% of total volume. Consequently, the share of revenue redistributed to developers, market makers, and the treasury has tripled from 6% to 18% in a year. This directly reduces the funds allocated to the platform's buyback-and-burn mechanism for its native HYPE token, weakening a key price support. HYPE's price has fallen 28% from its all-time high. The platform's growth is also heavily concentrated, with a single entity, Trade.xyz, responsible for over 90% of HIP-3 open interest, introducing systemic risk. Additionally, the ecosystem lacks diversity beyond HYPE, faces ongoing token unlocks adding sell pressure, and is encountering increased regulatory scrutiny and new competition from platforms like Robinhood Chain. While still a major revenue generator in crypto, Hyperliquid's model of sharing fees to fuel expansion is currently compressing its own earnings and token economics.

marsbit08/11 07:51

Hyperliquid Trading Volume Soars, So Why Are Profits Falling?

marsbit08/11 07:51

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