About 90% Of All BTC Is Now In Circulation, What Happens Next?

About 90% of all BTC is now in circulation and It only took 13 years to get to the 19 millionth BTC but don’t expect the remainder to come out anytime soon. Let’s see why is that in today’s latest Bitcoin news.

the 19 millionth BTC was mined on Friday which is a huge milestone considering there will never be more than 21 million BTC. It took 13 years to mine about 90% of all BTC that is now in circulation. If you are looking forward to a new historic moment when the last BTC is mined, probably no one of us will see it because it won’t happen until the year 2140. This is because the process is called halving and you need to know about the mining process first so you can understand halving.

Bitcoin is a public ledger that is distributed across many nodes at the same time in a global network. The ledger is cryptographic which means that a very powerful computer runs 24/7 and uses a lot of energy to solve the codes and validate the transactions before a new block of data is created and added to the ledger. Back in 2009, the mysterious creator of BTC Satoshi Nakamoto mined the first genesis block and his reward was 50 TC which to this day remains unclaimed despite being worth more than $2.4 million.

This year, the reward for mining one BTC block is 6.25 BTC or $300,000. in most cases, the reward is shared between the participants that contribute to the computing power and towards the mining pool. The massive drop in mining rewards since 2009 happened because of the BTC halving. After every 210,000 blocks are mined, the rate at which BTC comes on the market slows down by half because the complexity of the mining increases, and this happens roughly every four years. Bitcoin’s next halving is protected for 2024 at which point the reward for mining the block drops to 3.125 BTC.

After Bitcoin’s final block was mined, the miners are going to get a reward- a user’s transaction fee to validate the transaction so by that point, the BTC network can look quite different and the only real certainty is that it will take a long time.