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Data Shows 90% Of the Bitcoin Total Supply Is Minted -Breaking

by Mike Robinson

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© Reuters. The Data shows that 90% of the Bitcoin Supply is Minted
  • Blockchain.com data shows 90% of Bitcoin’s total supply was minted.
  • Satoshi Nakamoto, an unknown creator, has set a hard cap.
  • Bitcoins that remain will continue to exist for approximately 40 years.

Blockchain.com’s current data indicates that Bitcoin circulation increased to 18.899,000,000 as of December 13th. That means only 10% is available to mine BTC. While the initial 90% of BTC were mined over 12 years, mining the remainder will take a bit longer.

Satoshi Nakamoto, the unknown creator of Bitcoin set a hard limit on Bitcoin at 21 million coins. This restriction is written in Bitcoin’s supply code and executed by community nodes. Bitcoin’s hard cap is critical to its currency value and investment potential.

Because Bitcoin blockchain only creates new BTC to reward miners for verifying new blocks, the halving of Bitcoins ensures that there are fewer Bitcoins guaranteed if total circulating supply rises.

Miners have earned 6.25 Bitcoins per newly verified block since 2020. This rate will drop to 3.125 BTC each block when it halved in 2024. In 2024, it is possible for the block reward to drop below 0.2 BTC. Only 80,000 Bitcoin can remain available from the 21 million. Bitcoin’s remaining value will be around 40 years.

Bitcoin prices started this week with a new rejection of $50,000. This is because the close-of-the-year shutdown is fast approaching. It’s nearly 30% down from its all-time high excessive of $68,789 reached on November 10.

Continue reading on CoinQuora

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