Only 10% of all Bitcoin transactions can be mined

The total amount of Bitcoin (BTC) in circulation hit an all-time high on Monday morning. A year and a half after Bitcoin's last halving, 90% of the BTC stock has been mined.

According to current data from Blockchain.com, the total amount of BTC in Monday shipments was 18,899,000, which means that only 10% of all BTC products are available for continuous mining. The first 90% of BTC takes 12 years to complete, while the remaining 10% takes longer.

Anonymous Bitcoin developer Satoshi Nakamoto has set a hard cap at $ 21 million. This restriction is written in the Bitcoin code and used by the nodes of the network. The cap given by Bitcoin is key to its value proposition as well as its value proposition.

According to Cointelegraph, it will take 119 years to complete the process of mining the remaining BTC, depending on the value of the new coin conforming to the contract first decided by half every 4 years. .

Since the Bitcoin blockchain creates new BTC as a reward for miners to identify new blocks, halving allows less BTC to be mined daily as total resources increase. In May 2020, miners earned 6.25 BTC for each new guaranteed block. In the next half of 2024, that price will drop to 3.125 BTC per block.

By 2040, block rewards will be reduced to less than 0.2 BTC and only 80,000 BTC can be eliminated out of a total of 21 million devices. Finally, it takes almost 40 years for BTC to be mined.

As the year-end settlement peaked this week, BTC's attempt to get back to $ 50,000 again failed. According to the press release, it has fallen nearly 30%, from a full-time high of $ 68,789 on November 10.