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Only 10% of the Bitcoin supply left to mine

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On Monday morning, one and a half years after the last Bitcoin halving, the total circulating Bitcoin (BTC) reached a key milestone, with 90% of the maximum total quantity mined.

According to Blockchain.com, the total number of Bitcoins in circulation as of Monday was 18.899 million, implying that only 10% of the total supply remains to be mined. While mining the first 90% of BTC took around 12 years, the remainder will take a little longer.

Satoshi Nakamoto, the mysterious creator of Bitcoin, imposed a hard limit of 21 million coins. This restriction is specified in Bitcoin’s source code, and network nodes enforce it. Bitcoin’s value proposition as a currency and an investment tool is dependent on the hard cap.

Bitcoin circulating supply. Source: Blockchain.com

According to reports, the Bitcoin mining process will take 119 years to complete. Since the rate of manufacturing new Bitcoin is cut in half every four years in a pre-determined protocol execution known as the Bitcoin halving.

The halving ensures that as the overall circulating supply grows, less Bitcoin is produced because the Bitcoin blockchain only creates new BTC as a reward for miners confirming new blocks. For every new block verified since May 2020, miners have received 6.25 Bitcoin. In 2024, the next halving will bring this rate down to 3.125 BTC per block.

By 2040, the block reward will be less than 0.2 BTC. With only 80,000 Bitcoins remaining out of a total of 21 million. It will take about 40 years to mine the final Bitcoin.

As the end-of-year close approaches, Bitcoin’s price began the week with a new rejection of $50,000. At press time, it was over 30% lower than its all-time high of $68,789, which it hit on Nov. 10.

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