90% of the Bitcoin total supply is already mined

Reports say that only 10 percent of the Bitcoin supply is left and they will be mined but at a little slower pace.

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One and a half years ago Bitcoin supply was halved and the total amount of Bitcoin (BTC) in circulation has now reached a key milestone, with 90% of the entire supply having been mined.

On Monday, a report from Blockchain.com said there were 18.899 million Bitcoins in circulation, which means there is just 10% remaining to mine. While the first 90% of BTC was mined in around 12 years, the remainder will take a bit longer.

Specified by its unknown inventor Satoshi Nakamoto, Bitcoin has a hard cap of 21 million coins. Network nodes enforce this rule, which is a part of Bitcoin's original source code. The value proposition of Bitcoin as a currency and an investment tool depends on a hard cap on its supply.

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Bitcoin circulating supply. Source: Blockchain.com

To finish the Bitcoin mining process, we need to wait 119 years since the pace of new Bitcoin production is halved every four years in accordance with a predetermined protocol execution, dubbed the Bitcoin halving.

Due to the fact that the Bitcoin network generates new BTC exclusively as an incentive for miners to confirm new blocks, the halving guarantees that less Bitcoin is created as the overall circulating supply grows. Miners have earned 6.25 Bitcoin for each new block validated since May 2020. This rate will be halved again in 2024, to 3.125 BTC per block.

By 2040, the block reward will have dropped to less than 0.2 BTC, with just 80,000 Bitcoin remaining out of a total of 21 million. Mining the last Bitcoin will take close to 40 years.

Bitcoin's price began the week with a new rejection of $50,000, as the end of the year draws closer. It is over 30% lower than its all-time high of $68,789, set on Nov. 10 at the time of publication.

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Bitcoin

Mining

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Bitcoin

Mining