Nearly 90% Of All BTC Coins Are Mined While BTC Drops Below $50K

Nearly 90% of all BTC coins are mined while Bitcoin is unable to surpass the $50K price range as we can see more in our Bitcoin latest news.

Nearly 90% of all BTC coins are mined as the network hashrate and difficulty measure are breaking records as well. Bitcoin as the leader in the crypto industry is often called the digital gold because of its characteristics of a store of value that has a finite supply. The total supply of the cryptocurrency is limited and pre-defined to 21 million so as soon as these coins are mined, no more can be created. Until the cap is reached, the new coins will be created through a process known as mining which is a mathematical process of adding and verifying batches of transactions to Bitcoin’s public blockchain. The scarcity is clearer as 18.89 million of the coins that will ever exist have been mined. It took Bitcoin 13 years to get here after the Genesis block which was mined by creator Satoshi Nakamoto in 2009.

Mining the remainder of the supply will not be as quick because of Bitcoin’s halving features, the remaining 2.1 million BTC are expected to be generated by 2140 in about 119 years. The fundamental pillar of the deflationary monetary policy or the halving that happens every 210,000 blocks mined every fours year, reduces the reward miners get for their efforts and each halving event reduces Bitcoin’s issue until no more coins are in circulation. BTC miners receive 6.25 BTC for each block their find with the rewards decreasing to 3.125 BTC after the halving.

In the meantime, Bitcoin’s two other key metrics reached a new milestone that shows that the network fully recovered from the massive crypto crackdown. China banned regulated financial institutions from offering crypto-related services like transaction settlements and trading but later the same month started cracking down on BTC mining that forcing most companies to move their operations overseas. Right after that, Bitcoin’s hash rate started to plummet and reached a new low of 84.79 EH/s. the network recovered with the hash rate hitting an all-time high of 181.77 and breaking the previous record of 180 Eh/s recorded in May.

Together with the rising hashrate, this indicates that the new mining machines will be joining the race and will increase the competition between the miners. Despite the strong network fundamentals, the BTC price failed to breach higher than $50,000 and it is down by 0.8% over the past day.