CryptocurrenciesNews

Already mined 80% of the 21 million Bitcoin that may exist

80% of the 21 million available Bitcoin has already been mined, leaving only 4.2 million BTC available and the next adjustment of the reward for mining will be in June 2020, according to the current hashrate.

On January 13, an important situation occurred within the Bitcoin market, since at that time the figure of 16.8 million Bitcoin extracted was reached, something that represents 80% of the total. This means that the amount available to be obtained is 4.2 million Bitcoin or 20% and that the number of Bitcoin obtainable is finite, encrypted at 21 million BTC. This limit is established in the Satoshi Nakamoto whitepaper, established in 2008, as a method of establishing a limit and after reaching that figure, no more can be extracted from this cryptocurrency.

The fewer coins there are, the more difficult it is to obtain, which makes them even more valuable. When the figure of 21 million is reached, no more can be obtained and this will increase its value. Currently, 12.5 BTC is obtained for each block mined, but, the automatic difficulty setting established by Nakamoto, states that every 210.000 blocks, the reward is reduced by half. The next reward reduction will be in two years, in June 2020, based on the current hashrate, reducing the reward to 6.5 BTC per block.

Within the market there are many types of currencies and protocols, counting between these currencies that are launched all at once, all the currencies being in the market, so they become a circulating asset, with a known limit and the value depends on the acceptance. The most important examples in the market are Ripple, IOTA, Cardano, NEO or Stratis.

Some skeptics have proposed a possible increase in the supply of Bitcoin, increasing the limit to 21 million, performing a 51% increase or Sybil attack, but this is all speculation, as it is not feasible at the moment. Sybil was tested in August 2016 with Krypton, based on the Ethereum blockchain, which has already suffered a 51% attack and there have been no more cases since.

Show more

Robert Sole

Director of Contents and Writing of this same website, technician in renewable energy generation systems and low voltage electrical technician. I work in front of a PC, in my free time I am in front of a PC and when I leave the house I am glued to the screen of my smartphone. Every morning when I wake up I walk across the Stargate to make some coffee and start watching YouTube videos. I once saw a dragon ... or was it a Dragonite?

Related publications

2 comments

  1. But when it reaches the limit, what will happen? If people who are mining are needed to carry out transactions, how is one going to be able to move money if the majority are going to stop mining something that doesn't give them anything?

    1. Nothing happens. Nodes can be created to validate transactions and there are exchanges, which also perform verifications. There are many options.

Leave your comment

Your email address will not be published. Required fields are marked with *

Button back to top
CLOSE

Ad blocker detected

This site is funded through the use of advertising. We always make sure that the advertising is not too intrusive for the reader and we prioritize the reader's experience on the website. However, if you block the ads, part of our funding will be reduced.