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Only 10% of the Bitcoin volume can be mined



There is a hard cap of 21 million Bitcoin that can be mined, with the last coins being minted around 2140.

Bitcoin's inflation rate is slowly coming to an end. About 90 percent of the 21 million bitcoins programmed to be created have already been mined, leaving only a few million coins. While most of the supply has already been developed, the remaining 10 percent will slowly emerge over the next 100 years.

There will only ever be 21 million bitcoins. As soon as they are all mined, which should be the case around the year 2140, no new bitcoins will come into circulation.

The Bitcoin blockchain was developed according to the principle of controlled supply, which means that only a certain number of newly minted Bitcoins can be produced each year, until a total of 21 million coins have been minted.

This restriction is anchored in the source code of Bitcoin and is enforced by the network nodes. Bitcoin's hard cap is critical to its value proposition as a currency and as an investment vehicle.

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 total circulating supply increases. As of May 2020, miners have earned 6.25 Bitcoin for every new verified block. This rate will drop to 3.125 BTC per block on the next halving in 2024.

Once all 21 million bitcoins have been minted, bitcoin miners can still participate in the block finding process, but they will not receive any incentive in the form of a bitcoin block reward.

Meanwhile, Bitcoin began the week with another rejection of the $ 50,000 mark as the year-end approaches quickly. It's down nearly 30% from its all-time high of $ 68,789.

BBVA Switzerland adopts Ethereum

In the meantime, one of Europe's largest banks has announced that it will expand its cryptocurrency trading offering by adding Ethereum to its portfolio.

Alfonso Gomez, CEO of BBVA Switzerland, said this move is dictated by investors' desire to diversify their portfolios:

"We decided to add ether to our crypto-asset wallet because, along with Bitcoin, it is the protocol that arouses the greatest interest among investors and at the same time offers all the guarantees to comply with the regulations."

BBVA Switzerland's crypto asset service, which has been available to all customers since June last year, started with Bitcoin. It is a new digital asset custody service that has been well received by private banking clients and new investors who choose to manage their portfolios in person since its launch.

The bank is the first traditional financial institution in Europe to incorporate Ethereum into its crypto offering. BBVA Switzerland will continue to expand its range of digital assets in the coming months.

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