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In its decade-long history, over 18.6 million of Bitcoin’s 21 million total supply has been mined. This constitutes almost 90% of all BTCs supply. This leaves a little over 10% of BTC left to be mined. Currently, there are about 2.250 million coins left to be mined. Although more than 19 out of 21 million Bitcoins have already been mined, there’s still a lot of time before we reach the Bitcoin mining end date. Every four years, the total Bitcoins mined in a day reduces. This is because the rewards, or the number of Bitcoins mined with each block, are halved. In the beginning, Bitcoin was mined using regular computer processors, or CPUs. This was supposed to make Bitcoin truly decentralized, as anyone could engage in mining from their home. A rally in the price of bitcoin or a major slump in energy prices could boost miners’ profitability, such that they don’t have to power off after the halving. Bloomberg Intelligence and Matrixport said that the halving has the potential to supercharge the price of bitcoin by as much as 81%. |
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