Home News Bitcoin Bitcoin Reaches 80% of its Total Supply, Only 4.2 mn Coins Left...

Bitcoin Reaches 80% of its Total Supply, Only 4.2 mn Coins Left for Mining

January 16, 2018 15:41
|
Share with your friends

On January 13th Bitcoin reached an important milestone when it reached 80 percent of its total supply or 16.8 million coins, were mined. Bitcoin has a total supply of 21 million coins built into its protocol by Satoshi Nakamoto, which means only 4.2 million bitcoins are left to be mined.

The white paper released in 2008, discussed the need to keep a hard cap of coins as it will introduce digital scarcity to cryptocurrency, which will create demand and potentially making it difficult to obtain and also making it more valuable.

Miners currently receive 12.5 BTC as a reward for every block they mine and as per protocol, the reward gets halved every 210,000 blocks. approximately every four years. Blocks are mined on an average every 10 minutes and 144 blocks are mined each day which means next halving of reward is slated to be around at June 2020, depending on its hash rates.

On increasing its supply, there are discussions within the Bitcoin community to increase the Bitcoin’s 21 million capped supply via 51 percent or Sybil attack, but none of them has proven to be feasible in case of BTC.

In the recent day, regulatory beating from Chinese and South Korean authorities have affected the prices to fall. At the time of publishing this article, Bitcoin is trading below $11,500 level, down by over 45 percent from its recent high.

LEAVE A REPLY

Please enter your comment!
Please enter your name here