Monero is amongst the few well known altcoins, which is currently ranked 14th. However, there are a few essential things you must keep in mind when it comes to investing in Monero.
One such detail is the number of Monero coins available for circulation and subsequently, the number of Monero coins yet left to be mined.
What is Monero?
If you have read our beginner’s guide to Monero you will know that Monero is an open-source cryptocurrency which was created in April 2014.
It focuses on fungibility, privacy, and decentralization and is based on an obfuscated public ledger which means that anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination.
There are very few coins in the market, which provides privacy and security as is ensured by Monero, which also calls itself a privacy coin.
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Where to Mine Monero?
Though Monero has been the victim of quite a few controversies and ups and downs it is still one of the favorites for cryptocurrency miners.
Some of the best mining pools for Monero are Monero Hash, Monero Crypto Pool FR, Minergate, mineXMR. To know more about this, check out our top 5 Monero mining pools of 2018.
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How Many Monero Coins Are There?
According to the information provided by CoinMarketCap, the total cap of the ultimate supply of the cryptocurrency is 18.4 million XMR. However, only a total of 16,659,407 XMR is available as of now, which indicates that more than 90% of all Monero coin ever to be available has already been mined.
Monero Blocks, which is a monitoring resource, has through their reports confirmed that all of Monero, a privacy-focused cryptocurrency will be mined by May of 2022, as most of its reserve has already been depleted by users.
We all know that by the simple rule of economics price rises when supply falls and demand rises and vice versa. Digital assets and crypto coins are also not immune to this logic.
Monero also has a feature called the “tail emission” due to which, it will continue to generate tiny 0.6 XMR block rewards, infinitely even after 2022. This feature is in stark contrast to Bitcoin (BTC) whose supply is fixed once all the coins have been mined.
According to the reference bank, Moneropedia, this “tail emission” feature will help in preserving the incentive amongst the miners to ensure that the security of the network is preserved.
On this issue they said,
“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 a free market can develop”
With just 10% of the total available coins left, it seems that it will be a good idea to invest in Monero, this new year, as the prices are quite low now, due to the ongoing bearish market.
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