Cointelegraph estimates that it will take about 119 years to extract them
The total volume of bitcoins in circulation reached a significant threshold on Monday, a year and a half after the last division. By the beginning of the week, 90% of the maximum total volume of coins available has already been mined.
According to current data from Blockchain.com, the amount of bitcoins in circulation amounts to 18.899 million, which means that only 10% remains for extraction. And although the extraction of the first 90% took 12 years, the rest will take a little longer, reports Cointelegraph.
Bitcoin has the maximum number of coins available that can be mined, set by its anonymous creator Satoshi Nakamoto. This restriction is written in the main code of bitcoin. The ceiling is also key to the price as a currency and investment asset.
Cointelegraph estimates that it will take 119 years from now to complete the extraction process, as the rate of production is halved every four years, another pre-set protocol called halving.
As the bitcoin blockchain creates new coins as a reward for miners certifying new blocks, halving ensures that fewer bitcoins are mined while total turnover grows. From May 2020, miners will receive 6.25 bitcoins for each new authenticated block. The rate will decrease to 3,125 coins per block in the next halving in 2024.
By 2040, the prize will have been reduced to less than 0.2 coins, leaving only 80,000 bitcoins out of 21 million. It will take nearly 40 years to extract the last bitcoin.
The largest cryptocurrency by market capitalization started the week at a price of about $ 50,000, but continued to fall on Tuesday. Minutes after 10 o’clock Bulgarian time, the coin is exchanged for 47,231 dollars, which is a decrease of over 3.2% for the last 24 hours. For the last month the depreciation is nearly 26%. Compared to its latest record of almost 69 thousand dollars on November 10, the reduction is over 30%.
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