Bitcoin supply is declining as only 10% left to mine
On Sunday morning, fresh data showed that the supply of the world's biggest cryptocurrency, Bitcoin, is running out. As per Blockchain.com, 90% of the entire supply of BTC has been depleted, and we're down to mining the last 10% of the total supply.
Bitcoin supply running out
As per the data, over 90% of the supply has been mined, and now, over 18.899 million tokens are already in circulation. This makes Bitcoin extremely rare crypto because it might be one of the first to get depleted in the entire world.The first 90% took as much as 12 years to mine but, the last 10% will take a little more time to be successfully mined. Bitcoin's hard cap on the supply cannot be changed and was pushed onto the network as one of the biggest and most unique features of the currency.
As per the data, this supply might take as much as 119 years to be completely mined. The reason is the increasing difficulty with each Bitcoin halving process. Due to halving, the Bitcoin rewards also get halved while the rate of producing new BTC also drops by half.
What does this mean?
Miners create new BTC by verifying transactions. As transactions get verified, new BTC tokens are mined to reward the miners of the network. This is what Bitcoin mining is all about. However, every four years, this rate drops by half and makes it difficult for miners to mine BTC.For now, the latest halving event occurred in May 2920, and the reward for mining each BTC block was reduced to 6.25 Bitcoin. This will keep on repeating, and by 2040, for mining a single block, miners will receive less than 0.2 BTC, and only 80,000 Bitcoin out of 21 million will be left for minting.
This fact is expected to drive the prices of cryptocurrencies up since Bitcoin will become a rarer entity. The lesser the number, the more the heat of investors behind it.
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