Bitcoin miners had extracted 80% of all the bitcoins there will ever be mined. This means only 4.2 million coins, or 20 percent, are left until Bitcoin’s 21 million supply cap is reached.
The self-imposed scarcity of bitcoin is one of the reasons it has become so valuable in recent months and proponents of the flagship cryptocurrency believe that that will help propel it to new heights over the next few years. 📉Once 21 million bitcoins have been mined, it will become even harder to obtain them, also potentially making each coin more valuable.
But it’s not going to happen in the next future. As the difficulty of mining the last coins continues to increase and the rewards, in turn, are reduced, the rate of new coins being created will continue to slow. Although it’s hard to make any concrete estimations on the eventual date of the last bitcoin being mined due to the unpredictable nature of mining hardware development, some estimations put it as far in the future as the year 2140 (❕) — long after all existing investors are gone.
Also, skeptics have proposed that it is theoretically possible to increase Bitcoin’s 21 million capped supply of Bitcoin via a 51 percent or a Sybil attack, but so far neither of these manipulations has proven feasible in the case of BTC.
What are you doing with your bitcoin or other coins today in this market?