• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
18th million bitcoin btc mining
Advertisement

Bitcoin Miners Prepare For 18 Millionth Coin As Just 14% Of Supply Remains

Anja van Oosterhout by Anja van Oosterhout
3 years ago
in Bitcoin Mining, Bitcoin, News, News teaser
0
Advertisement

Bitcoin miners will mine the 18 millionth BTC this week, leaving just 3 million left to release before mining stops in the distant year 2140.


3 Million BTC, 120 Years

Data from monitoring resource Blockchain confirmed that the total Bitcoin [coin_price] supply had reached 17.92 million as of October 14.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

According to block calculations, the remaining coins to 18 million should enter circulation before the beginning of next week.

“It will take another approximately 120 years to mine the remaining 14.3% of the total supply or ~3,000,000 bitcoin,” analyst Rhythm noted on social media on Monday. 

Miners competing for their bitcoin reward has also never been higher, with the hash rate at an all-time high.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin miners create new BTC each time they successfully validate a block of transactions. These occur roughly every ten minutes. Every four years, their reward halves in size, meaning that ‘minting’ new bitcoins involves more and more work overtime.

Therefore, although 85% of the total supply of 21 million BTC has entered the market since 2009, the remainder will take much longer.

As Bitcoinist reported, even after the mining phase on Bitcoin ends, it is unlikely more than around 75% of the supply will be available. Users have already lost access to a chunk of the 17.92 million coins. Depending on the methodology, researchers believe these lost coins make up around 20% of the supply.

As such, it is likely that only around 15 million people will ever be able to own an entire BTC.

Hodlers Accumulate Big Balances

While the 18 million mark does not represent a technical achievement for the network, industry entities were excited, storage startup Luno describing it as an “exciting week.”

At the same time, the composition of Bitcoin holders is changing. Data this week showed stockpiling balances worth more than 1000 BTC had become far more popular in 2019. Previously, investors appeared less interested, with this year’s trajectory ending a five-year flat period.

Prior to the Mt. Gox implosion in early 2014, wallet holders were increasing their balances above 1000 BTC at a similar rate. 

At the time, commentators suggested, their impetus was technical curiosity. Given BTC/USD’s current price, it is conversely financial incentives that are fuelling 2019 activity. 

What do you think about mining the 18 millionth bitcoin? Let us know in the comments below!


Images via Bitcoinist Media Library, Blockchain

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Anja van Oosterhout

Anja van Oosterhout

Related Posts

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

10 hours ago
Bitcoin Crypto

Can The Federal Reserve Counterattack Stop The Crypto Bull Run?

16 hours ago
Bitcoin

Bitcoin Bearish Signal: Aged Supply Flows Into Binance

21 hours ago
Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

1 day ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

1 day ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • California DMV Puts Car Titles On Tezos (XTZ) Blockchain...

    2 hours ago
  • Bitcoin Cash (BCH) Associates With TREZOR Wallet, Litecoin...

    2 hours ago
  • Avalanche (AVAX) price rally stalls, Polkadot (DOT) was #1...

    3 hours ago
  • Orbeon Protocol And VeChain Seek To Impact The Real World...

    3 hours ago
  • Meta Masters Guild Presale Raises Over $2m Ahead of Stage 5...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.