As of August 1, 85% of the total amount of bitcoins have already been mined. Now only 3.15 million left to be mined in the next 120 years.
3.15 Million Bitcoins in 120 Years
“Scarcity is about to kick in” the crypto trading account know as Rhythm on Twitter commented on the event.This is not too far from reality.
The current supply of Bitcoins means only a maximum of 17,850,000 people can own one whole coin. On the other hand, some of the already mined bitcoins are not in circulation and never will be, as some users have lost access to their private keys.
The amount of lost coins, according to Chainanalysis-a blockchain research firm-is about 4 millions, or over 20% of the total bitcoin supply which is 21 million.
The Mine Games
In May of 2020 will be the next halving of the bitcoin block reward, from 12.5 BTC to 6.25 per block. This is an event which analysts state will produce Bitcoin price increases.
Among the people who support the theory is analyst Filb Filb. He also said, that in the run-up to the halving, miners will exert considerably more influence over the Bitcoin price.
So far, the competition among miners is fierce. After the Bitcoin price increased network hash rate and difficulty continue to set new records, which essentially makes the network even more secure.
source cointelegraph.com Image by mohamed Hassan from Pixabay