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90% of all 21 million bitcoins have already been mined

Bitcoin, the world’s largest cryptocurrency, is often referred to as “digital gold” because of its store-of-value characteristics with finite supply.

90% of all 21 million bitcoins have already been mined

90% of all 21 million bitcoins have already been mined

The total supply of cryptocurrency is limited and pre-set to just 21 million; once these coins are mined, no more can be created.

However, until this limit is reached, new currencies are created through a process known as mining, a mathematically complex and highly competitive process of adding and verifying sets (or blocks) of transactions to the public Bitcoin blockchain.

Now, that shortage is more evident as it hits 18.89 million, or nearly 90% of all the coins that will exist, have now been mined, according to data from Blockchain.com.

It took almost 13 years for bitcoin to get here after the first block (also known as the Genesis Block) was mined by its pseudonym creator Satoshi Nakamoto on January 9, 2009.

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However, mining the remaining supply will not be as fast. Because of bitcoin’s “halving” feature (which halves the block reward awarded to miners), the remaining 2.1 million bitcoins will be generated by 2140 or 119 years from now.

A key pillar of bitcoin’s monetary and deflationary policy, halving happens every 210,000 blocks mined, or approximately every four years, reducing the reward miners receive for their efforts.

Each halving event reduces the bitcoin emission rate until no new coin enters circulation.

Currently bitcoin miners receive 6.25 bitcoin for every block they encounter and the reward will decrease to 3.125 BTC after the next halving.

The next event, according to the Clark Moody Bitcoin data panel, could take place in May 2024.

With informations: Decrypt

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