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Milestone: 90% of all Bitcoin have been mined!

 


As new data show, 90% of the total Bitcoin supply has already been reduced, but the rest will take a little longer.

90% of all Bitcoin are mined

The total Bitcoin in circulation reached a significant milestone on Monday morning about a year and a half after being halved in May 2020, as 90% of the total supply has already been reduced.

Current data from Blockchain.com shows that there were 18,899 million BTC in circulation as of the month, which means that only 10% of the total supply can be mined. It took about 12 years to mine the first 90% of BTC, the rest will take longer.

Bitcoin has a firm supply of 21 million coins. This limit is firmly written in the source code and is enforced by nodes. Exactly this limit serves as the cornerstone for the statement that Bitcoin is a very good investment vehicle and even a store of value.

The Bitcoin blockchain only generates new BTC as a reward for miners who also verify blocks. The halving ensures that less bitcoin will be produced when the total circulating supply increases. Since the last halving in May 2020, miners have earned 6.25 Bitcoin for every new verified block. That reward will drop to 3.125 BTC per block the next time it halves in 2024.

By 2040, the block reward will be less than 0.2 BTC, at which point there will only be 80,000 of 21 million BTC left. The last bitcoin will be mined in almost 40 years.

Many analysts assume that because of this math, Bitcoin will become more and more valuable and the price can therefore only go up. It remains to be seen whether this bullish forecast will actually come true. Above all, the global economic situation and inflation have an enormous influence on the price and a lot can change until the last bitcoin is mined.

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