About 2.1 million Bitcoin (BTC) remains to be issued, leaving about 2.5 million BTC left to be mined, reported Cointelegraph.
ChartBTC tweeted that there is roughly more than 18.5 million BTC currently in circulation. This means there is just less than 2.5 million BTC left to be mined, representing about 11.9% of Bitcoin to still be generated.
BitcoinKE reports that mining half of the leftover 2.5 million BTC will occur within the next four years. One of the many reasons for this fast uptake of Bitcoin in the system is the vast demand and popularity for cryptocurrency and Bitcoin in particular in 2020. This is due in great part to the Covid-19 pandemic, which brought many economic altercations into the global financial system.
Greater interest in cryptocurrency and Bitcoin has come from the hope that more comprehensive, extensive, and clear cryptocurrency regulations will be issued by more countries in the coming years. This in turn will lead to increased investment into the cryptocurrency industry.
The end of Bitcoin mining
Ihodl further reports that the Bitcoin genesis block mining occurred in 2009. Bitcoin’s network has experienced three halvings since that initial mining. The most recent halving took place in May 2020. These system-based halvings take place every four years. Because of this, estimates place the last Bitcoin mining sometime around the year 2140. After this point, it will be impossible to mine anymore Bitcoin.
Bitcoin continues to be one of the best investments in the world. It also receives increasingly good credentials by major financial centres.
The Chinese region of Inner Mongolia recently announced a decrease in cryptocurrency mining there due to a decrease in electricity subsidies. The energy intensive hardware used to mine cryptocurrency has been a strain on the region’s energy. Meanwhile, Bitcoin mining has recently reached an all-time high difficulty level.