Privacy enabled cryptocurrency Monero has reported that more than 90% of their block reward has been mined. The company projects that Monero's XMR coins would reach 18.3 million in number by May 31, 2022.
Moneroblocks.info, the Monero blockchain explorer, stated that over 16.6 million coins have been mined, prompting a new supply schedule which would now reward miners with approximately 3.41 XMR for block mined, eventually bringing the reward to 0.6 XMR per block. The Monero whitepaper called this the 'Tailend emission'.
The official site stated that the reward for miners would never drop to zero, re-iterating that incentives play a huge role in creating demand and interest in cryptocurrency.
Miners need an incentive to mine. 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 fee market can develop.
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 be rising, with XMR currently trading at a value of $53.85, and possibly move past the resistance price of $55.
Monero operates similar to Bitcoin's trading model, of reducing the supply of XMR tokens in circulation thereby increasing their value. Reducing the coin supply creates inflation in the market, as fewer coins come into the supply.
Monero is being touted as a replacement cryptocurrency, because of their privacy-centric technology and willingness to continue upping the rewards in the future. The crypto market at a whole has witnessed a slump since the beginning of 2018, with multiple cryptos seeing price crashes.