As per the latest data received, about 90% of the total supply of Bitcoins has been mined, meaning that almost 19 million bitcoins are in the open market.
It took 12 years to reach this milestone from the time when first Bitcoin was mined on Jan. 9, 2009. However the remaining 10% is expected to be mined by February 2140, based on halving schedules and network activity estimates of Bitcoin.
Increase in supply has led to increase in prices as demand for new Bitcoin is high. When 10% of Bitcoin was mined the price of Bitcoin was $0.10 in early 2010. When 50% of the supply of Bitcoin was mined in December 2012, the prices were over $7.50 and at present the price of Bitcoin is at $48,616.02, which is around 28% low from its peak.
Not all 21 million Bitcoins will be available in the open market. As around 1 million Bitcoin are expected to be held by the creator of Bitcoin “Satoshi Nakamoto ” and around 3.7 million are lost based on analyzing address activity, reasons being death or even losing private keys.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo By: TheDigitalArtist on Pixabay