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Bitcoin mining: Only 10 percent of the total supply left



Current data shows that 90 percent of the total supply of Bitcoin has been mined. The rest will take a little longer.


The total supply of Bitcoins in circulation ( BTC ) reached a significant milestone on Monday morning, exactly one and a half years after the last Bitcoin halving: 90 percent of the maximum total supply was mined.


Current data from Blockchain.com shows that Bitcoin supply in circulation hit 18.899 million on Monday. This means that 10 percent of the total supply can still be minted. For the first 90 percent, it took BTC about twelve years. The rest will now take a little longer.



Bitcoin has a hard cap of 21 million coins set by its anonymous creator Satoshi Nakamoto. This restriction is anchored in the source code of Bitcoin and is enforced by the network nodes. The hard cap for Bitcoin is very important to its value proposition as a currency and an investment vehicle.


As Cointelegraph reports, the Bitcoin mining process will take 119 years to complete as the rate of production of new Bitcoins is halved every four years by a set protocol. This process is known as bitcoin halving .


Since the Bitcoin blockchain only generates new BTC as a reward for miners who verify new blocks, the halving ensures that less Bitcoin is produced while the overall supply increases. As of May 2020, miners have been earning 6.25 Bitcoin for each new verified block. That reward will be reduced to 3.125 BTC per block the next time it is halved in 2024.


In 2040, the block reward will drop to less than 0.2 BTC and only 80,000 of the 21 million Bitcoin will remain to be mined. Mining the last bitcoin will take about 40 years.



The Bitcoin exchange started the week with a renewed rejection to the mark of US $ 50,000. At press time, Bitcoin is nearly 30 percent below its all-time high of $ 68,789, which it hit on November 10.

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