With Bitcoin block #714.032, which was mined at 23:26 UTC, December 13, 2021, Bitcoin reached 90% of the total supply that has now been mined. This process will take tens of years to get close to the limit.
Bitcoin Hits New All-Time High at $69,044 in 2021
More specifically, 18.9 million BTC have been mined until now, 13 years after miners acquired the first-ever bitcoins, on the 3rd of January 2009 by Satoshi Nakamoto. Bitcoin’s supply has a limit of 21 million coins. Since its inception in 2009, the value of Bitcoins has grown a million-fold over a decade. The other 10% is expected to happen until February 2140.
About 83% of all Bitcoin that will be created has already been released within 12 years of its creation.
The bitcoin halving happens approximately every four years. Halving is an event or process, when this happens the number of new bitcoins entering circulation shrinks, as the reward for solving every next block is cut in half. It is important to note that halving also cuts in half Bitcoin’s inflation rate.
The mining difficulty will continue to increase while the mining reward is reduced by half every four years. Now miners receive about 6.25 bitcoin for every mined block. This number will drop by half in 2024. In this period many articles mention that the bitcoin inflation with this process will then be zero.
As we already mentioned, the last halving is estimated to happen in 2140, after which the block rewards will not take the form of bitcoins. When this happens, miners will be rewarded with the transaction fees, as people buy, sell and transfer bitcoins. So miners have an incentive to continue processing blockchain transactions.
It makes sense for prices to reflect increased supply as demand for newer bitcoin increases.
It is estimated that by the early of the 2030s almost 97% of Bitcoin will have been mined, and the other 3% will come into existence over the expected year, 2140.
GX Blocks Energy S.A.
Find out more GX Blocks Medium Articles here.
Subscribe to our Newsletter to stay updated here.
Copyright © 2022 GX BLOCKS ENERGY S.A.