According to data from Clark Moddy Bitcoin’s dashboard, only 9% of Bitcoins are left to be mined over the next century.
Per the announcement from Bitcoin Magazine, which firstly published the notification on Twitter on Tuesday local time, the remaining supply of BTC means “only 9% left to be mined over the next 118 years.”
The data platform shows 91% of Bitcoin has been mined. This leaves less than 1.9 Million units of Bitcoin to be issued. However, the total fixed supply of 21,000,000 BTC is unchanged. This scarcity of BTC could intensify the inflation of Bitcoin in the long term due to limited total supply, given that part of Bitcoin’s liquidity is locked up among whales.
Subject to the mechanism of halving, referring to an exponential and periodic deduction reward rate for generating every new block of the crypto unit during the mining process, the reward of BTC mining has been halving three times over the last decade. Crypto miners are currently able to receive $6.25 BTC for each block of crypto units. The next Bitcoin halving It is expected that this will happen around April or May 2024. After that, another mining halves will reduce to 3.125 BTC. This will bring about its rewards.
Despite the limited supply of Bitcoin and the reducing reward mechanism, it doesn’t stop crypto miners from the private sector from joining the market.
Core Scientific, a Bitcoin miner, secured $100 million financing during the crypto downturn to upgrade its ability to mine Bitcoins.
El Salvador, one of the largest countries in the world, adopted Bitcoin in 2021 as its legal tender. Since last November, BTC’s price has dropped over 70% from its All-Time-High (ATH) at over $68,000. The nation continued to acquire Bitcoins using the buying dip strategy and actively mining Bitcoins, defending its monetary policy.
Some developed countries, like Sweden, prefer to use electricity to create more jobs than to mine crypto for potential yield.
Bitcoin traded between $22,800 and $23,000 during the Asia-time trading section on Wednesday. The market capitalization of Bitcoin is over $435.8 trillion.
Source: Shutterstock, Dashboard