Currently Mined 90% of the Maximum Bitcoin Supply

According to Blockchain.com, 90% of all bitcoins have been mined as of Monday morning. This means that 18.89 mln bitcoins, a maximum of 21 mln bitcoins will be mined, are now on the open market. It took almost 12 years to reach this milestone since the first bitcoins were mined on January 9, 2009. However, the remaining supply is not expected to be mined until February 2140 based on estimates of network activity and halving schedules.

Prices reflect the growing supply as demand for new bitcoins increases. The asset sold for less than $0.10 when 10% of the supply was mined in early 2010, and traded above $7.50 when 50% of the supply was mined in December 2012. At the time of writing, Bitcoin is trading above $48,000.

Miners are currently receiving 6.25 bitcoins for every block mined. In 2024, after the next halving, the miners' reward will be reduced to 3.125 bitcoins. Not all of the 21 mln bitcoins is expected to be available on the open market. According to the cryptanalyst company Chainalysis, 3.7 mln bitcoins were “lost” based on the analysis of targeted activity, from the loss of private keys to death. Another 1 mln bitcoins are held by the creator of bitcoin Satoshi NAKAMOTO.

Image: The Guardian