80% of Bitcoins Have Been Mined, but Today's Investors Will Be Dead Before the Last Is Produced
Miners have produced 16.8 million of the 21 million of Bitcoins available.
It seems like it was just yesterday when Satoshi Nakamoto alerted the world to there being 21 million Bitcoins that could be mined.
Almost 10 years later, a whopping 80% of the cryptos have been mined. That means roughly 16.8 million Bitcoins have been mined. While the figure may have caught some off guard when reports of it surfaced this weekend, the mining community had noted this occurring last year.
The question now becomes “how will this affect Bitcoin’s price?” which has recently become commonly known to shed and gain thousands of dollars in a day?”
The math problem
While it may appear that the day all the Bitcoins will be mined is just around the corner, that’s not the case. Crypto miners have used their mining hardware to solve the math puzzles to earn them Bitcoins as rewards. However, the equations were meant to be simple, and easy to solve at first, and then grow gradually more difficult to solve as more coins are mined.
Miners have had an easy time so far, but as the difficulty increases, more hash power and electricity will be required. That may be the impetus for miners to begin dropping out.
Observers note that it’s hard to make concrete guesses on the eventual date the last Bitcoin will be mined because of the unpredictable nature of mining hardware development. But so far, year 2140 is the date most agree on. That clearly means that the early investors in the crypto won’t be around to celebrate.
In the meantime
One of the first things investors want to know is how this 80% benchmark will affect Bitcoin’s prices.
The answer is “who knows considering how volatile the crypto has been?”
A thought is that the dwindling amount of Bitcoins will make them more valuable over time.