Block rewards are one way to motivate Bitcoin miners. The current block reward is 6.25 BTC for successfully mining a single block. The block reward is reduced by 50% with each halving cycle.
After the 2024 halving, for example, successful block mining will earn miners approximately 3.125 BTC.
According to ChatGPT the end of Bitcoin is predicted for around 2140. After all BTC tokens have been mined, no more rewards will go to Bitcoin miners.
The Bitcoin network will only pay the miners through transaction fees.
Miners will also need to upgrade their equipment to keep up with the increasing competition.
ChatGPT suggests that among other possibilities, miners could also explore alternate cryptocurrency options in order to find profitable mining opportunities.
The Chatbot predicts the rise in Layer 2 solutions, such as Lightning Network, to combat congestion and improve scalability on the Bitcoin network.
ChatGPT Speculates Bitcoin price
Bitcoin will cease to be an inflationary coin, and the supply of Bitcoin would remain constant. ChatGPT thinks that Bitcoin could be used as a gold-like store of value.
The chatbot also speculates that a fixed supply could increase the value over time of Bitcoin. 2140 marks the year when inflation is over and asset scarcity increases.
The price of an asset could be unimaginable due to the increasing demand and scarcity.
ChatGPT finds it difficult to predict the Bitcoin price within such a short timeframe. artificial Intelligence (AI), however, still provided some projections.
Every step forward in adoption will bring the speculative price closer to reality. While Ark Invest and other institutions are predicting that the $1 million mark will be reached by 2030, Bitcoin’s price could exceed $1 billion in the future.
ChatGPT claims that Bitcoin could reach $1 billion in 2100, and $10 billion in 2140.
Before 2140 one cannot help but consider the investment of large companies like MicroStrategy, and how much their investment might be worth.