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90% Of The Total Bitcoin Supply Has Been Mined

bitcoin-mining

Businessman digging bitcoin in the rock. Digital Currency Mining and Cryptocurrency concept.

According to blockchain tracker Blockchain.com, 90 percent of all bitcoins had been mined as of Monday morning. This achievement means that 18.89 million bitcoins — out of a maximum of 21 million — are now available for purchase on the open market.

It took approximately 12 years since the first bitcoins were produced on January 9, 2009, to reach the milestone. However, based on network activity predictions and Bitcoin’s halving schedules, the remaining supply is not projected to be mined until February 2140.

90%-bitcoin-is-mined

Prices have risen in tandem with rising supply as demand for fresh bitcoin grows. When 10% of the supply was mined in early 2010, the asset was worth less than $0.10, and it was worth more than $7.50 when 50% of the supply was mined in December 2012. As of press time, it was trading at more than $49,000, down 28 percent from its peak of $69,000 earlier this year, according to CoinGecko data.

As a proof-of-work network, Bitcoin relies on network participants known as miners,’ who constantly process transactions and validate blocks in a process known colloquially as mining.’

Such participants contribute their computing power and hardware to do millions of complicated calculations on the Bitcoin network every second in exchange for bitcoin as rewards.’ Miners presently receive 6.25 bitcoin for each block mined, which will be reduced to 3.125 bitcoin following the next halving in 2024.

Meanwhile, it is believed that not all 21 million bitcoin would be available on the open market. Based on examining address activity, crypto analytics firm Chainalysis estimates that 3.7 million bitcoin have been ‘lost’ for causes ranging from losing one’s private keys to death. An additional 1 million bitcoin is held by Bitcoin creator Satoshi Nakamoto — an undisturbed quantity since the network’s early days when the pseudonymous person/s mined the amount.