80% of Bitcoins are Mined
On April 28th the blockchain technology has reached a relevant milestone by mining 17 millions of Bitcoins and Bitcoin Cash. This makes up roughly 80% of the whole mineable Bitcoin amount.
The mining goes on
There are 4 million coins still left to be mined. While the figure isn’t high, compared to the mined 17 million, the remaining coins will be more difficult to process. This is due to the fact that the reward per each mined block is halved after every four years. At this time the Bitcoin Core and Bitcoin Cash networks are producing 12.5 coins per mined block. The next halving point will take place in two years, by May 29th, 2020.
Another moment is the increasing difficulty per each mined block. After every 2016 blocks, the mining difficulty amplifies, which leads to a higher power required to find the next blocks.
From 21 million possible existing coins, 17 million were mined in less than 10 years. It might seem like it won’t take that long for the next 4 million, however, the current calculations predict that the last Bitcoin block would be mined by 2140.
The predictions will coincide if the current mining pattern continues to be used. However, there are a lot of factors that could throttle or speed up the process.
Not far, but a great result
As for the current period, there have been times when the Bitcoin was mined too fast or too slow. Currently, Bitcoin Cash has more coins in circulation and there are more processed blocks compared to Bitcoin. Bitcoin Cash is still mined at only 14% of Bitcoin’s difficulty. The figure might change dramatically in the next couple of years.
Even though there is still a long way towards the last mined Bitcoin, 80% marks a significant milestone for the blockchain technology.