10% Of Bitcoin’s Supply Is Available For Mining
According to new data, 90 percent of the total Bitcoin supply has been mined, but the rest will take a little longer.
On Monday morning, one and a half years after the last Bitcoin halving, total circulating Bitcoin (BTC) reached a key milestone, with 90 percent of the maximum total quantity mined.
According to Blockchain.com, the number of Bitcoins in circulation reached 18.899 million on December 13, implying that only 10% of the total supply remains to be mined. While mining the first 90% of BTC took around 12 years, the remaining 10% will take a little longer.
Satoshi Nakamoto, the anonymous creator of Bitcoin, established a hard cap of 21 million coins. This restriction is written into the source code of Bitcoin and enforced by network nodes. Bitcoin’s value proposition as a currency and an investment tool is dependent on its hard cap.
According to Cointelegraph, the Bitcoin mining process will take 119 years to complete since the rate of manufacturing new Bitcoin is cut in half every four years in a pre-determined protocol execution known as the Bitcoin halving.
Because the Bitcoin network only creates new BTC as an incentive for miners confirming new blocks, the halving ensures that as the overall circulating supply grows, less Bitcoin is produced. Miners have earned 6.25 Bitcoin for every new block verified since May 2020. When the second halving occurs in 2024, this rate will drop to 3.125 BTC per block.
By 2040, the block reward will be less than 0.2 BTC, with only 80,000 Bitcoins remaining out of a total of 21 million. It would take over 40 years to mine the final Bitcoin.
As the end-of-year close approaches, the Bitcoin price began the week with a new rejection of $50,000. At the time of publication, it was over 30% lower than its all-time high of $68,789, which it hit on Nov. 10.