As of the beginning of August 2019, bitcoin officially has 85% of its entire supply in circulation. This basically leaves “just” 3.15 million new bitcoin left to be mined for the entirety of the next 120 years.
The data shared by the monitoring resource Blockchain, shows that on August 1st miners extracted the 17,850,000th unit as a part of the transaction approval process.
The result is that due to the amount of coins granted to bitcoin miners per block diminishing after some time, the rest of the supply will be unlocked in 2140 or basically 120 years from now. The fixed supply of bitcoin has been limited to only 21 million units.
Bitcoin officially has many “lost” coins
The current Bitcoin supply basically implies that just a limit of 17,850,000 individuals can claim ownership of a whole bitcoin. The reality is however that a portion of the current mined supply isn’t available for use and never will be, as miners lose access to the private keys.
Back in 2017, blockchain research firm Chainalysis estimated that the “lost” coins number around 4 million, which is basically over 20% of the entire supply.
Next year will see the bitcoin having occur in May 2020. The halving will see all miner payouts reduced by 50% from 12.5 BTC to 6.25 BTC per block. This event is historically known to lead to drastic increases in the entire crypto market.
An avid supporter of the theory is examiner Filb, who a month ago estimated that BTC/USD would not plunge beneath $6,500 again because of miner support. When all is said in done, on the way to the halving, miners will apply significantly more impact over the Bitcoin value, he stated.
- Pundi X and Samsung Collaboration: Integration of the XWallet
- Oranco is Seeking a Blockchain Solution for Product Authenticity
- SOV Development Fund Ignores Warnings from IMF
The post Bitcoin Officially has 85% of its Total Supply in Circulation appeared first on CoinStaker | Bitcoin News.