90% of the Bitcoin supply is already mined

Today morning, the total circulating supply of the king coin hit a major milestone after around 18 months of Bitcoin halving in May 2020. Current data from Blockchain.com shows that 90% of the maximum total supply has been mined as it marked 18.899 million of 21 million total supply cap.

This indicated that only 10% of the total Bitcoin supply is left for miners to mine. It took 12 years to mine 90% of the supply. However, it is interesting to note that it will take a little longer than 12 years to mine the leftover coins.

BTC has a hard supply cap of 21 million coins set by its anonymous inventor Satoshi Nakamoto, which is enforced by network nodes and is written in Bitcoin’s source code. The hard limit on the king coin makes it perfect for investment and is important to its value proposition as a currency. This also helps in controlling inflation in the long term as the supply is limited.

Source: Blockchain.com

10% of Bitcoin supply will take 119 years to get mined

As per the pre-determined protocol, the rate of mining new Bitcoin is cut by half every four years, and approximately will take 119 years from now to complete the task. This process is called Bitcoin halving. As TheCoinRise reported, the upcoming halving of 2024 could dethrone the dollar in terms of market cap.

Because the BTC network only creates new BTC as an incentive for miners verifying new blocks, the halving guarantees that as the overall circulating supply grows, less Bitcoin is generated. Miners have earned 6.25 BTC for every new block verified since the last halving. In 2024, the next halving will reduce this rate to 3.125 BTC per block.

The fresh rejection of $50,000 is a sign that we are not heading to the $100,000 mark by the end of the year, and we have covered reasons why the Bitcoin bull run could extend to 2022.