The latest data show that 90% of the total bitcoin distribution is mined, but it will take some time to generate the rest.
While the total circulating Bitcoin (BTC) crossed a significant milestone on Monday morning, minimising 90% of its maximum total supply, less than half a year and a half after the last bitcoin.
According to current data from Blockchain.com, the bitcoin in circulation as of Monday had reached 18.899 million, leaving only 10% of the mine’s total distribution. The first 90% of BTC took about 12 years to mine and the rest took much less time.
Bitcoin being hard capped with the total supply of 21 million coins founded by its unknown creator Satoshi Nakamoto. This control is written in the source code of Bitcoin and is implemented through network nodes. Its value as a hard cap currency and as an investment tool in Bitcoin is crucial to the proposal.
As already explained earlier, the bitcoin mining process takes another 119 years to complete, also known as bitcoin halving, when the rate of production of new bitcoin is halved every four years when a predetermined protocol is implemented.
As the Bitcoin blockchain creates a new BTC as a gift to the miners who inspect the new blocks, it ensures that Bitcoin production is halved as the total circulation supply increases. Since May 2020, the miners have earned 6.25 bitcoins for each new block tested. This rate will drop to 3.125 BTC per block in the next half of 2024.
Meanwhile, following this by 2040, block rewards will be less than 0.2 BTC, with only 80,000 bitcoins seized out of 21 million. It will take almost 40 years for the last bitcoin to be mined.
The week began with a new $50,000 rejection as the bitcoin price approached the end of the year. At the time of publication, it was down nearly 30% from it’s all-time high of $ 68,789 on November 10.
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