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Privacy-enabled cryptocurrency Monero has reported that over 90% of their reward has been extracted. The company expects that Monero XMR coins will reach 18.3 million units by May 31, 2022.
Moneroblocks.info, the monero blockchain explorer, said that over 16.6 million coins were extracted, suggesting a new supply program that will now reward miners with about 3.41 XMR per extracted block, eventually bringing the prize to 0.6 XMR per block. Monero's white paper called it "tail emission".
The official website stated that the prize for miners will never drop to zero, reiterating that incentives play a huge role in creating demand and interest in cryptocurrency.
Miners need an incentive for mine. Due to the dynamic blockade, competition between miners will decrease tariffs. If mining is not profitable due to high cost and low remuneration, miners lose their incentive and stop mining, reducing network security.
The issue of the queue ensures that a dynamic dimension of the block and a paid market can be developed.
XMR is currently facing a bullish trend after recovering from last week's price correction. The exponential moving average for XMR indicated that the price would increase, with XMR currently trading at a value of $ 53.85, and possibly exceeding the resistance price of $ 55.
Monero operates in a similar way to the commercial model of Bitcoin, reducing the supply of XMR tokens in circulation thus increasing their value. Reducing the supply of money creates inflation in the market, as fewer coins enter the reserve.
Monero is advertised as a substitute cryptocurrency, due to their privacy-centric technology and willingness to continue reaping the fruits in the future. The cryptography market as a whole has witnessed a collapse since the beginning of 2018, with multiple crypts that saw price collapses.
