90% of bitcoin has been mined and the rest will take 120 years
 | As of Monday, 90 per cent of the total bitcoin supply had been mined, according to Blockchain, 12 years after the first bitcoin was created. This means that of the maximum supply of 21m bitcoins, about 18.9m have already been mined. But according to CoinDesk, based on online estimates and the bitcoin halving plan, mining the remaining 10% of bitcoin is expected to take nearly 120 years, and won't be completed until February 2140. Halving is the halving of the number of new bitcoins entering circulation, which happens roughly every four years. This halving process will continue to make "mining" more challenging. Currently, bitcoin miners receive about 6.25 bitcoins for each block mined, but by 2024, that number will fall by half. Meanwhile, 20 percent of bitcoins are estimated to be "lost," meaning they can't be recovered. As a result, the number of Bitcoins in circulation on the open market may never reach 21 million. The price of bitcoin fell 5.8% to just below $48,000 on Monday, continuing a recent downward trend. Bitcoin fell 27% last week. Despite the recent selloff, some cryptocurrency bulls still expect bitcoin to rise sharply due to its value as a store of value. [link] [comments] |
