Bitcoin (BTC) To See 18M Coins Mined Later this Friday

Based on the network schedule, BTC number 18 million will be mined some time later today.

Bitcoin (BTC) mining has created nearly 18 million coins, with the exact number to be reached some time later this Friday. The BTC network produces 12.5 coins each minute, based on the current difficulty levels and after three halvings.

Thus, BTC after only a decade has mined most of its planned supply of 21 million coins. But from now on, mining will slow down significantly, and the last new BTC will appear some time in the year 2140.

Even with 18 million BTC, the specific economy for the leading coin has evolved to a higher complexity. The majority of coins remain unmoved, though the network still manages to carry $1 billion in value per day. Some of the new coins will probably never move, namely the initial block rewards of above 900,000 coins held in addresses belonging to the earliest miners and to Satoshi Nakamoto himself.

Currently, newly minted BTC are mostly produced by Chinese mining pools. Brand-new coins are becoming increasingly important and scarce in a climate where the Bitcoin network is being analyzed and tracked for leads into illegal activity.

The last day of coin production happens at a pace of 98 EH/s, on a climbing trend once again. Poolin has taken over with above 20% of the total block discovery, as it rose to prominence over other large pools in the past months.

Despite the 18 million BTC available, the distribution of wealth remains unequal. Currently, the drive to adoption includes the proposal to use Satoshi as a unit. The drive to gain “onecoiner” status is also used to create new BTC holders.

At the same time, the worldwide trade for BTC hovers around 2 million coins per day. The Bitcoin network carries upward of 300,000 unique transactions, with some of them deserving “whale” status. The transfer of as much as 10,000 BTC is not unusual, and almost daily, there are transactions of around 1,000 BTC.

Reading now