Miners have mined 90% of the world's Bitcoin in the past 12 years. It is expected that the remaining Bitcoin source will be fully mined in 2140.According to Russian channel RT, the first Bitcoin digital currency was mined in January 2009. Data from BTC.com shows that, between January 9, 2009 and December 13, 2021, 18.89 million Bitcoins were mined, or 90% of the supply.
Bitcoin miners currently receive 6.25 BTC for every block they mine. Hashrate (hash rate - a unit of measurement of the difficulty of mining) is increasing day by day. It is estimated that by 2024, they will only receive about 3.125 BTC per blockchain.
Blockchain.com reports that the remaining Bitcoin source is expected to take 100 years to be fully mined, most likely February 2140. This thing for Bitcoin was well-only for a small people on the global world.
The scarcity of this cryptocurrency is more evident when the majority of Bitcoin is in the hands of large institutions. However, these institutions have no intention of selling in the short term as the rarity of this cryptocurrency is increasing day by day.
The price of Bitcoin has reflected the growing supply of the digital currency over the past 12 years. Bitcoin was trading at less than 0.1 USD when 10% of the supply of this digital currency circulated in the open market in early 2010. However, Bitcoin increased to 7.5 USD when 50% of Bitcoin was mined. mining in December 2012. It is known that as of 10h6 on December 13, Bitcoin is trading at $ 48,746, down 28% from the peak of $ 69,000 reached in early 2021.
Even if all 21 million Bitcoins are mined, the network will still exist, experts say. Bitcoin miners currently have 2 sources of income: traditional block rewards and transaction fees. When there are no new Bitcoins born, the block reward goes to 0, they can still make a profit by collecting validation fees on the network.
Besides, according to calculations, it will take 119 years for the community to mine all 21 million Bitcoins. This is a very long time, no one can be sure until then cryptocurrencies in general and Bitcoin in particular will still exist or not. In addition, quantum computers and supercomputers that countries are pursuing can threaten the safety and security of the Bitcoin network. There is still a long way to go when it comes to the technology story of 2140.
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The above is my general information. I was a new person. Is there anything I hope you can help me with, thank you very much.
And you, what do you think? Will the crypto market disappear or collapse when all the Bitcoins are mined?
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