Data shows that 18.6 million bitcoin has already been mined of a total of 21 million supply. This represents 90 percent of Bitcoin total supply. Have you ever wondered how long will it take to mine all of the remaining blocks of Bitcoin?
Bitcoin mining is one of the most debated topics of discussion. Most people don’t like the mining mechanism because it is creating environmental as well as too many energy consumption issues. Bitcoin started its journey in 2009 and with its emergence mining operation started. In the start, people were mining from old laptops as bitcoin difficulty was low. People were getting a lot of bitcoin for little effort.
Centibillionaire Tesla CEO, Elon Musk, has also critcised it for the Proof of Work (PoW) mechanism. Currently, there 18.6 million bitcoin have been mined and these made 90 percent of Bitcoin total supply. The remaining 10% of bitcoin will be mined in the coming years.
90 percent of Bitcoin mined:
Miners rewards get halved every 4 years, this is known as the bitcoin halving event. The first halving event occurred in 2012 reducing the reward of miners to 25 Bitcoin per block. The second reduced it to 12.5 in 2016 and the third halving event in 2020 has reduced it to 6.25. With these halving events, the price has also been increasing.
90 percent of Bitcoin has been mined so also keeping halving events in mind if we calculate then it will take 120 more years to mine the last block of crypto. Limited supply is a feature that has attracted almost 10% of the current world population to invest in the crypto market. 2.9 million users from 2017 to 52.4 million users in 2021 is a big leap.
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