Cryptocurrency Bitcoin price
The main implication of approaching and ultimately reaching bitcoin’s supply cap will be that mining will become far less profitable. But the process will be drawn out over more than a century. How many bitcoins are there left Miners are the actors who may have the strongest motivation to change Bitcoin’s hard cap. Changing Bitcoin’s hard cap may temporarily increase revenue for miners. However, doing so would destroy a core investment thesis for Bitcoin—its scarcity. For many investors, the allure of Bitcoin is the predictable, fixed supply. Wealth managers such as Paul Tudor Jones and institutions such as Fidelity Investments and BlackRock have credited Bitcoin’s scarcity as a significant motivation for its growing value.
Within 13 years of its existence, 90 percent of the 21 million Bitcoins that are meant to arrive have been mined already. But a new report now claims that it will take 120 years for the remaining 10 percent Bitcoin tokens to be mined. Currently, 18.9 million Bitcoin tokens are in circulation, leaving 2.1 million to be mined. As per a report by Blockchain.com, “Bitcoin Halving” is the reason why the last 2.1 million Bitcoins are projected to take over a century to be part of the circulation. What is Bitcoin? Bitcoin miners will be able to continue earning block rewards until a total of 21 million BTC has been minted, after which no new Bitcoin will enter circulation. Currently, just over 18.5 million BTC has been produced, equivalent to 88.3% of the maximum supply, minted in just over a decade. But it will take another 120 years before the last Bitcoin is minted, due to the gradual reduction of new Bitcoin creation caused by the halving process.