The last 10% of bitcoins will be mined for 100 years more
So the big news this week is that 90% of bitcoin has already been mined as per publicly available data sources. This means 18.9 Million coins out of the total of 21 Million bitcoins are now on the open market.
How many bitcoins are left to mine? The remaining 10% of Bitcoin mined is expected to happen by February of 2140 which is more than 100 years from now. This is based on bitcoins halving schedules and network estimates. Bitcoin halving happens every four years approximately and that is also when new bitcoins entering the circulation cycle shrink.
When it all started
January 9th, 2009 was when the first-ever bitcoins were mined and it has been continuing the journey since then. We will get into Bitcoin halving in detail some other day but this process of halving will make mining more challenging as we go. Currently, miners receive 6.25 bitcoin for every block which is mined and thanks to halving by 2024 it will drop further.
Bitcoin is dependent on miners who are participants on the network who are responsible for validating blocks and processing transactions which in short is termed “mining”. Miners allow usage of their computer’s hardware resources to solve puzzles that are cryptographic in nature in exchange for bitcoins.
Bitcoins mined, lost & found
Also, an interesting figure is that 20% of all bitcoins have been lost and cannot be retrieved which also means we will never see the total 21 Million in circulation. We wish to see some of them back someday.
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