Miners await the arrival of 18 millionth Bitcoin. The latest data from Blockchain has revealed that Bitcoin supply in the world has touched the figure of approximately eighteen million (17.92M), and soon miners will touch the eighteenth million Bitcoin. With these statistics, comes another news that only fourteen percent (14%) Bitcoins remain pending to be mined
As per block calculations, the coins remaining to eighteen million (18M) will soon enter circulation in the coming week. The total number of Bitcoins ever will be twenty-one million (21M), and the remaining three million (3M) will take around one hundred twenty years to mine. That’s a pretty long period!
With 18 millionth Bitcoin, miners entering uncharted territory
When it comes to setting benchmarks in the crypto industry, Bitcoin is the name you read. With eighteen million (18M) milestone touched, BTC has made remarkable progress. Hash rate has touched an all-time high, which means miners are rewarded handsomely now.
Technically, when a block of transactions is validated, a new BTC is created. It happens every ten minutes, but after roughly four years, the size of the reward halves. So, over time, the effort to ‘mint’ new coins increases exponentially thereby involving more work.
What was easy before 2009 has become substantially difficult today. Around eighteen million BTCs representing approximately eighty-five percent (85%) of the total supply are circulating in the market since the past decade. But mining the remaining ones will take close to a hundred and twenty years more.
We have already reached the Bitcoin zenith
Even if the entire supply is mined, all of them won’t be in circulation. As per data, lost coins plague the supply chain and makeup approximately twenty percent (20%) of the total supply. Theoretically, it means that around seventy-five percent of BTCs will be in circulation ever. Speaking in individual terms, only fifteen million (15M) persons on the planet will become BTC owners ever. So, 18 millionth Bitcoin is a huge milestone by any standards.
Data also shows that addresses with one thousand coins are on the rise in 2019. It represents the accumulation phase where big ‘whales’ are collecting Bitcoins, and it’s the highest for the past five years. Commercial entities are also fueling this trend.