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Bitcoin Milestone: Only 15% left to mine in 120 years!

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Below, a Blockchain.com chart shows that a new milestone has been reached today, as the number of bitcoins in c¡rculation, 17,884,075.00 BTC, exceeded 85% of the total theoretical amount.

 

Bitcoin has a fixed maximum supply of 21 million coins. That means the remaining quantity of 3,115,925.00 BTC is what’s left to mine in 120 years. A figure that will be reached in the year 2,140.

Scarcity is about to kick in, said a crypto trader known as Rhythm on Twitter

Exact, 17.850.000 BTC mined,

approx 4.000.000 BTC lost forever.

approx. 13.850.000 BTC left for 7.700.000.000 potential peers. equals approx. 0.0018 btc for each peer.

let that sink in

The four million figure comes from an article by Jeff John Roberts and NicolasRapp on November 2017, on fortune.com, based on a research study by chainanalysis.com

Miners to hold Bitcoin price

According to the article by cointelegraph.com commenting on this event, Bitcoin mining competition heats up.

Looking forward, May 2020 will see the next reduction in miner payouts — from 12.5 BTC to 6.25 BTC per block — an event which analysts consistently state will produce Bitcoin price increases.

In general, in the run-up to the halving, miners will exert considerably more influence over the Bitcoin price, he said.

source: Wiliam Suberg’s article on contelegraph.com

Competition among miners sparked in 2019 as the hash rate is now eight times more potent than it was when BTC was valued at $20,000.

That suggests bitcoin miners will be the most fierce price defenders. In another article by William Suberg, he mentions a bitcoin analysis by fibfib, a well-known crypto trader, where he includes a sentence attributed to Satoshi Nakamoto.

—the price of any commodity tends to gravitate toward the production cost…

Feb 21, 2010 Satoshi Nakamoto


The Economics of the Bitcoin Cycles by filbfilb on TradingView.com

It is recommended to read his BTC discussion fully, as this is what a good fundamental analysis should be about.

 

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