- 85% of Bitcoin’s total supply now mined
- Scarcity is about to kick in and push BTC price to the moon
Today, Bitcoin passes a new milestone as 85% that is 17,850,000, of its total 21 million supply has now been mined and in circulation.
Now, just about 3 million Bitcoin are left to be mined. However, with the current production rate, it won’t be until 2140 that all the 21,000,000 units will be mined because of the block mining reward halving that occurs every 210,000 blocks and four years.
In May 2020, we would witness the fourth such event that will reduce the miners’ reward from 12.5 BTC to 6.25 BTC per block.
This reduction will heat up the competition among Bitcoin miners which is already intense since BTC price starting surging in 2019. Bitcoin network hash rate and difficulty in the meantime keep on setting new records that makes Bitcoin more secure than ever.
Scarcity Is About To Kick In
There might be just about 3 million Bitcoin left to be mined but hitting this milestone is bullish for the world’s leading cryptocurrency because, “Scarcity is about to kick in,” as Bitcoin enthusiast, Rhythm Trader notes.
The fact that Bitcoin has a limited supply is a good thing because scarcity creates value as is with gold, unlike fiat currencies that devalue. As a matter of fact, about 2 to 3 million or more Bitcoins have been lost forever, that further puts pressure on BTC price.
This scarcity is that will push BTC price to $1 million price range or even beyond as per analyst planB’s stock to flow approach.
This digital asset beats not just the fiat currencies with its deflationary and fixed supply characteristics but also the store of value assets like yellow metal with its additional features including portability, being borderless, and censorship-resistant.