How many Bitcoins Have been mined? Is This The End Of Crypto?
A news item recently took the crypto community by storm after answering the crucial question- How Many Bitcoins Have Been Mined? It reported that 85% of the total Bitcoin supply is now in circulation.
Newbie crypto-investors misunderstand this piece of data as disappointing news. It sure looks very much like the end of bitcoin is close.
Yet, this is not an objective description of the case. We are nowhere close to the end of bitcoin. Rather, we are at the beginning.
We have always understood that one day there will be no more bitcoins to mine. From day one, the stock of this cryptocurrency was finite. The amount of 21 million is hardcoded into the network-driving algorithms. And like there is only so much gold on the planet, the same statement is true about bitcoin.
If bitcoin had no limit, then individual tokens would have been worthless.
When all Bitcoins have Been Mined…
Bitcoin is straightforward in how it works and sustains its value. This sustenance depends on a mathematically controlled mechanism of scarcity called Block Halving. Per 210,000 blocks, block halving lowers the incentive for mining new BTC by 50%. And by halving, it would take miners until the year 2140 to mine the last Bitcoin.
Yeah, we have mined 85% of the most common cryptocurrency in the world. Yet it would also take over 100 years to hit 100%. So, miners will still have chances to raise income well enough after this tipping point. They will stop resolving complex math problems that generate new BTC. And focus on solving problems to affirm network transactions. Thus, collect incentives for their role in promoting the network. The reward will be in the form of transaction fees.
There will come a period when Bitcoin achieves top growth. And then, there will still be several transactions left for people to handle. It is not going to be the end. But it is going to be a new beginning where cryptocurrency is the new normal.
Now that the question of how many bitcoins have been mined has received an answer. Crypto enthusiasts are curious about what to do in reaction to this 85% percent news. Here are three actionable takeaways:
- The right time to mine is now!
As mentioned above, bitcoin mining will go on for a long time. With 15% of the total supply remaining, the crypto community still stands to produce some 3,150,000 BTC. And with the recent BTC value of about $10,000, there is much more than $31 billion currently available for claim.There is no telling how that value is going to change in the future. Grab any that you can now! At Spectra Mining, we got you covered. Our mining pool offers the best ROI rewards in the industry.
Bitcoin mining is a very different game for the existing 15% of the supply, as opposed to when it was 100% available. You will need high-powered equipment nowadays to contend against the consolidated commercial mining operations that profit from economies of scale.
You might be contemplating having an ASIC mining tool to be able to earn some bitcoins. Or you may hire access to charged-up offsite equipment. The latter comes by employing a cloud mining company such as ours.
- Take the opportunity to get yourself educated.
If you feel a tinge of gloom or fear at this point, I am glad to inform you that there is no reason to worry. Yet, I will tell you as well that now is a perfect opportunity to develop a better understanding of bitcoin. And other cryptocurrency topics. Big players did not flinch at the 85% figure, so you would do well to adopt their route. It only means that you need a bit more knowledge in this arena.
Read news sites on cryptocurrency. Consider joining any of the many crypto meetings that convene in cities worldwide. Get used to receiving new information and external opinions about Bitcoin. And our crypto-enabled future. Not only can you broaden your information base. But you will come across similar-minded crypto enthusiasts seeking to do the same.
- Are you worried about the amount of already mined bitcoins? Keep Calm and Carry on.
Once again, do not waste time asking how many bitcoins have been mined. There are still 100 years until the cap. Bitcoin mining still isn’t over. So, the eventual conclusion is not anything agonizing. This decentralized structure will keep running as planned. Crypto enthusiasts can work out how they want to blend into this new economy.
Bitcoin will not go anywhere. It is going everywhere. And it won’t be like chopping down the last tree in a forest to mine the last bit of coin. Instead, it will be far more like a full-blooming flower.