Over 90% of the total number of bitcoins that will ever exist have been mined as of Monday, according to data from Blockchain.com.
Talking in terms of numbers, 18.89 million bitcoins have been mined so far out of a total of 21 million and put into circulation. The first bitcoin was mined on January 9, 2021, and it took roughly 12 years to reach this extraordinary milestone.
Some Interesting Figures:
- February 2140 is when the remaining supply will be mined based on Bitcoin’s halving schedules and the network’s activity estimates. Though the initial 90% took just over a decade, the remaining 10% will happen only in the next century.
- Not all of the bitcoins mined are available in the open market. According to Chainalysis, a crypto analytics company, nearly 3.7 million bitcoin have been lost due to reasons ranging from people losing their private keys to death.
- Further, 1 million bitcoin is held by Satoshi Nakamoto, the pseudonymous founder of bitcoin, after having mined it from the early days (a true HODLer!).
(Image Source: Blockchain.com)
Why is Bitcoin Capped at 21 Million?
The limited supply of Bitcoin is one of the prime characteristics that make the world’s largest cryptocurrency invaluable.
By capping the maximum supply at 21 million and slowing the rate of new bitcoin coming into existence, Satoshi has ingrained in bitcoin’s design to appreciate over time, unlike the existing fiat system.
Thus, bitcoin is referred to as the “digital gold,” acting as a reliable store of value and as a hedge against inflation.
What Happens To The Price of One Bitcoin?
Interestingly, the prices have mirrored the increasing supply of bitcoin in the open market.
When only 10% of the bitcoin was mined in early 2010, the price was $0.10. And at 50% in December 2012, prices hovered at around $7.50. Nine years later today, at 90% supply, one bitcoin is valued at $50,000 approx.
With the decrease in supply and an exponential increase in demand, the price of bitcoin is only going to shoot up drastically. Meanwhile, some analysts have predicted bitcoin to touch $100,000 in 2022.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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