After almost 13 years since Bitcoin was born, there are only 10% of Bitcoins left to be mined.
Data from Blockchain.com reveals Bitcoin in circulation hit 18.899 million as of Monday, meaning only 10% of the total supply is left to mine.
Bitcoin mining is the name of the activity that generates new BTC. For each valid Block generated and added to the Bitcoin network, the miners get a reward Along with mining rewards, transactions when processed and validated by the miners then transactions fees are also passed to the miners as a reward. Currently, each valid block added to the Bitcoin network generates 6.25 BTC of rewards plus fees.
Every four year Bitcoin Halving occurs that half miners rewards. In May 2020 Bitcoin halving occurred that reduced miners’ rewards to 6.25 BTC per block which was previously 12.5 BTC per block.
Only 10% of all Bitcoins left to be mined
This Monday, 90% of all Bitcoins have been mined. When Satoshi Nakamoto created Bitcoin he defined the rules in the Bitcoin code that are immutable. BTC cannot be created beyond the total supply (21 million coins) unless there is a consensus among miners, nodes, programmers, and the global currency community to alter BTC supply.
Bitcoin reaches 90% of mined coins, with 18,899,794 BTC already issued. The Bitcoin total supply is 21 million, which gives many people the feeling that “Bitcoin mining is already running out”.
Calm down, it’s not like that. When it comes to Bitcoin mining, the mechanism left by Satoshi called halving reveals that miners’ rewards are halved on average every four years. In other words, in 2024 another cut in rewards will happen, making each block have only 3.12 BTC of reward. And this is exactly the magic that will make the 10% of Bitcoins that are left to be mined take much longer than the first 90%. Bitcoin is about to complete 13 years of its creation (January 3, 2009), but the calculations are that the last BTC coin will be mined in 2140.
In other words, 119 years from now the Bitcoin network will mine the last currency, after that miner’s rewards will only depend on transaction fees.
Watch Fox Business Video On 90% BTC mined :
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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