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Total Bitcoin in circulation (Bitcoin) An important milestone was reached on Monday morning, one and a half years after the last Bitcoin halving, as 90% of the maximum total supply has been mined.
Current data from Blockchain.com show As of December 13, the number of bitcoins in circulation reached 18.899 million, which means that only 10% of the total supply is available for mining. Although the first 90% of Bitcoin will take about 12 years to be mined, the rest will take longer.
Bitcoin has one Hard cap of 21 million coins Set by its anonymous creator Satoshi Nakamoto. This restriction is written in Bitcoin’s source code and is enforced by network nodes. Bitcoin’s hard cap is critical to its value proposition as a currency and investment tool.
As Cointelegraph detailed, it will take 119 years from now to complete Bitcoin mining process Since the rate of production of new bitcoins is halved every four years during the execution of the predetermined agreement, it is also called Bitcoin halving.
related: The history of Bitcoin: When did Bitcoin start?
Since the Bitcoin blockchain only creates new BTC as a reward for miners who verify new blocks, the halving can ensure that the number of bitcoins generated as the total circulating supply increases. Since May 2020, miners have earned 6.25 bitcoins for each new block verified. In the next halving in 2024, the ratio will drop to 3.125 BTC per block.
By 2040, the block reward will be reduced to less than 0.2 BTC, and only 80,000 bitcoins out of 21 million bitcoins are available for competition. It takes nearly 40 years to mine the last bitcoin.
This Bitcoin price starts this week As the year-end closing price approached, the new $50,000 was rejected. It is down nearly 30% from the all-time high of $68,789 set on November 10 when it was published.
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