9 Oct, 2019

Bitcoin mining competition is heating up as Network Mines 85% of Its Total Supply

Bitcoin (BTC) has now had 85% of its circulation since August 1, leaving just 3.15 million new coins for the next 120 years.

3.15 million bitcoins, 120 years
According to data from the Blockchain tracking resource, on Thursday it saw Bitcoin miners export 17,850,000 units as part of the transaction validation process.

As a result, due to the number of coins given to the miners per block reducing over time, the remaining bid will only be unlocked in the year 2140. Bitcoin has a total fixed bid of 21 million units.

Bitcoins in circulation

Bitcoins in circulation. Source: Blockchain

“The shortage is about to begin,” the cryptographic account known as Rhythm on Twitter commented on the event.

The current Bitcoin offer means that only a maximum of 17.850.000 people can own an entire currency. In fact, however, some of the existing mines are not and never will be as users lose access to private keys.

Estimates, such as those made by research firm Chainalysis in 2017, put the percentage of these coins won at up to 4 million – or more than 20% of the total bid.

Bitcoin mining competition is heating up
Waiting for May 2020, the next decline in miner payments – from 12.5 BTC to 6.25 BTC per block – will be observed, with analysts stating that they will raise Bitcoin prices.

Among those who endorse the theory is analyst Filb Filb, who last month predicted that the BTC / USD would not fall below $ 6,500 again thanks to the support of the miners. In general, with the collapse to half, miners will have a significantly greater impact on Bitcoin prices, he said.

Competition between the miners is already fierce as Bitcoin begins to grow in 2019. As Crypto-News noted, both the hash rate of the network and the difficulty continue to set new records as activity makes Bitcoin increasingly safe for them. its users.