Over 90% of Bitcoin have been mined

Bitcoin reaches a new milestone with 90% of total supply mined, according to data from the Clark Moody Bitcoin Dashboard.

As of yesterday morning, 90% of all bitcoins have been mined, meaning that 18.89 million bitcoins are now on the open market.

First mined in January 2009, it has taken nearly 13 years to reach this milestone. With a supply cap of 21 million, the remaining supply is not expected to be mined until February 2140.

As demand for bitcoin rises, prices have mirrored the increasing supply. When 10% of the supply was mined in early 2010, the asset was worth less than $0.10. By December 2012, the price increased to $7.50 when 50% of the supply was mined. As of press time, bitcoin trades at just over $47,000, a decline from its peak $69,000 earlier this year.

The halving, which occurs every 210,000 blocks mined, or roughly every four years, is a critical component of Bitcoin’s deflationary monetary policy, reducing the reward miners receive for their efforts. Each halving event slows the rate at which new Bitcoins are issued until there are no more new coins in circulation.

Currently, bitcoin miners received 6.25 BTC for each block they find, with the reward set to decrease to 3.125 BTC after the next halving.

Despite the supply cap of 21 million, not all 21 million is expected to be available on the open market. According to crypto analytics firm Chainalysis, 3.7 million bitcoin have been “lost” - reasons ranging from losing private keys to death. A further 1 million is still held by Bitcoin creator Satoshi Nakamoto.

Neptune Megapool

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