Data Shows Nearly 90% of Bitcoin Has Been Mined, Here’s How Long It Will Take To Mine The Rest
04 Settembre 2021 - 7:00PM
NEWSBTC
Bitcoin mining is still one of the hotly debated parts of the
blockchain. Miners, no doubt make a good amount for blocks mined
given the current price of BTC. But mining difficulty has also gone
up as more BTC are mined. In its decade-long history, over 18.6
million of Bitcoin’s 21 million total supply has been mined. This
constitutes almost 90% of all BTC’s supply. This leaves a little
over 10% of BTC left to be mined. Currently, there are about 2.250
million coins left to be mined. Related Reading | Market
Analyst Sees Bitcoin Peaking At $100,000 By Year-End At the current
rate, it is estimated that the last bitcoin will be mined about 120
years from now. This is due to halving events that will occur every
four years, reducing the supply of BTC going into circulation every
four years. Mining Bitcoin In 2009 Versus Mining In 2021 The
cryptocurrency which first came out in 2009 had rewarded miners 50
bitcoins for each block that they mined. This was back when a user
could mine bitcoin using an old laptop with a crappy graphics card.
At this point, bitcoin was worth next to nothing. So a lot of
miners either forgot their coins or sold them for very cheap.
Bitcoin’s price evolution through this point is an interesting
time. Related Reading | Crypto Has Arrived In Hollywood And
The Stars Are Loving It! In 2021, three halving events since the
launch of the digital currency has seen reward for block mined
reduce drastically. The first halving occurred in 2012. At this
point, the reward for a block was 25, reducing it by half. The next
halving occurred in 2016, which reduced the reward to 12.5. The
most recent halving happened in 2020, which reduced the number of
bitcoins received per mined block to 6.25. The reward will continue
to halve every four years until all 21 million BTC are mined. Every
halving will reduce the rewards for mined blocks by half every
time. Making the rewards for mining blocks smaller, while
simultaneously increasing the mining difficulty as miners clamor to
get the rewards for mined blocks. BTC Growth Over The Years The
pioneer cryptocurrency didn’t draw too much attention until the
Silk Road bust happened. Before the Silk Road was launched, BTC was
only used by people who were in it for the technology. The returns
were not really significant at this point. These of BTC on Silk
Road as a way to purchase literally anything, from drugs to
weapons, is what really made law enforcement turn its focus on the
coin. BTC started to see significant growth in 2017 | Source:
BTCUSD on TradingView.com BTC’s price remained mostly flat around
this period, despite its increased popularity, thanks to the Silk
Road bust. The most notable bull run happened in 2017-2018. This
was when a lot of investors had heard about bitcoin. The bull
market brought BTC to the forefront as a strong asset to contend
with. Related Reading | Bitcoin At $100,000, Ethereum At
$5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst
In 2021, it is estimated that about 10% of the current world
population are invested in either BTC or altcoins. Current numbers
are put between an estimated 51 and 52.4 million crypto investors
in the world. Compared to an estimated 2.9 to 5.8 million in 2017,
this is tremendous growth. Featured image from OptinMonster, chart
from TradingView.com
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