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Cryptocurrency

Monero XMR Keeps Expanding and Might Replace Bitcoin

Monero XMR Keeps Expanding and Might Replace Bitcoin

December 20, 2018 AtoZ MarketsThe latest market reports refer to that there will be a total of 18.4 million Monero’s XMR coins in circulation by May 31, 2022.

According to a Monero trading platform, the currency has given 16.6 million XMR, the thing that constitutes parity with the total supply, the Monero project will switch to a new supply program, as per media reports, dubbed as “tail emission”.

The project indicated earlier that it would enable miners to obtain a consistent mining reward of 0.6 XMR per block, which is likely to maintain the overall security and integrity of the Monero blockchain.

“Miners need an incentive to mine. Because of the dynamic block size, competition between miners will cause fees to decrease,” Moneropedia explained.

Miners are likely to lose their incentive and stop mining, if the mining process is not profitable due to a high cost and low reward, that thing that will reflect in reducing the security of the network.

High expectations for Monero

Monero is also known of reducing the supply of its XMR tokens in circulation through mining, offering a reward of 3.41 XMR per block, with a tendency to go lower on each block mined until it reaches 0.6 XMR.

Monero sounds to keep its supply consistent, the thing that encourages miners to keep mining it as long as it is alive.

Monero, on the other hand, will keep its supply consistent to incentivize miners all its lifetime, which makes the currency looked at as a potential “replacement” to bitcoin, in case the latter fails to innovate in the long term, and that is due to the privacy the aforementioned cryptocurrency is known of

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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