Bitcoin price is going up with 85 percent of total Bitcoins mined already

Bitcoin price is going up with 85 percent of total Bitcoins mined already

It is funny for a newbie that a cryptocurrency so much in circulation and still on eighty-five percent (85%) of total Bitcoins mined to date, but not if you actually understand Bitcoin.

Recent statistics show that out of all the Bitcoin to ever exist around eighty-five percent (85%) have now been mined till now. Statistics show that over seventeen and a half million (17,851,288) Bitcoin have been mined with only three million (3,148,712) Bitcoins left to mine.

Further observation showed that more Bitcoins have not moved for over three years. Statistics showed that five million Bitcoins have not moved for over three years while more than ten million Bitcoins have not moved for a year.

Bitcoin price is going up with 85 percent of total Bitcoins mined already 1

There are only half a million Bitcoins left to mine before the next block reward halving event. In the next halving event block mining reward would decrease from twelve and a half (12.5) Bitcoin to six and a quarter (6.25) Bitcoin. These Bitcoins are worth around five billion dollars ($5B) at the current trading price. This event will reduce inflation to below two percent (2%) tracking the FED’s target rate.

Moving on the block reward will decrease to a bit above three bitcoins per block mined. This would decrease inflation to nearly zero. Then the deflation would kick in due to the loss of coins or dust till 2140. At that point, no more coins will be issued as the block reward will drop below 1 satoshi reaching a precise zero.

Currently, transaction fee accounts for 2 percent of the block reward. This means that for Bitcoin mined everyday worth around twenty million dollars ($20 million) around half a million dollars ($500,000) account for the transaction fee.

Fees will eventually reach the value of entire block rewards with the system self-adjusting. At this point, the system will increase the difficulty if it detects a higher hash rate.

All coins will be mined by 2032 with miners receiving 0.75 Bitcoins which will zero out by 2040. For now, however, the decentralized currency leader is entering a new phase of its growth. A phase with little inflation to mild deflation starting next year.

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Bitcoin price is going up with 85 percent of total Bitcoins mined already
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