In line with the recent ‘data‘ from monitoring resource “Monero Blocks” confirmed, Miners have currently extracted around ninety percent of privacy-focused cryptocurrency Monero [XMR] and will net the rest by the month of May in 2022.
Monero [XMR] — whose developers place obscurity and unbound usage of coins as a priorities — can have a final supply of 18.4 Mln in XMR.
However for now, a total of 16,659,407 XMR is available.
Unlike Bitcoin [BTC] — that contains a fixed supply once all coins are mined — XMR can continue generating a minimal 0.6 XMR block rewards infinitely after 2022, a feature referred to as “tail emission.”
This is to make sure miners have an incentive to keep the network secure, reference bank Moneropedia explains, ‘adding‘:
“Because of the dynamic blocksize, competition between miners can cause fees to decrease. If mining isn’t profitable due to a high price and low reward, miners lose their incentive and eventually stop mining, reducing the safety of the network. Tail emission ensures that a dynamic block size and fee market can develop.”
Despite the feature, it’s unlikely Monero [XMR] might become an inflationary cryptocurrency, due to the technically unlimited issuing of 0.6 XMR per block. Lost or burned coins can possibly be equal over the block reward within the same time period.
After dispute over tail emission throughout this year’s contentious hard fork, Monero [XMR] has fought off negative substances, despite its obscurity meantime making it a favourite of hackers and cybercriminals.
As ‘reported‘ by Etherdesk earlier, this fall often called as ‘cryptojacking’ — a method by which hackers use a tool to secretly and remotely mine cryptocurrency without the owner’s consent — has jumped to around 4000% in prevalence in 2018. Cryptojackers typically prefer to mine anonymity-focused coins, just like Monero [XMR], as per the reports.
However at the time of reporting, Monero [XMR] is presently trading at a price of ‘$54.39 USD‘ and is 5.40% higher than yesterday.