More than 80 percent of existing Bitcoins have already entered the market. According to Blockchain.info, the 17 millionth Bitcoin was mined earlier this month, leaving only 4 million Bitcoins waiting to be mined.
Bitcoin also has an end and there will be only 21 million Bitcoins.
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The decrease in the number of Bitcoin actually complicates the mining process of Bitcoin. It is believed that the last Bitcoin will be issued a century later, in 2140.
It took 9 years for the first 17 million Bitcoins to be mined.
How will this affect Bitcoin?
The price of Bitcoin is expected to rise as it becomes more difficult for new people to acquire Bitcoin and its number decreases. This encourages Bitcoin holders to hold onto their Bitcoin for the long term.
After hitting its highest level in 2017, Bitcoin has fallen significantly in recent months, with every small increase followed by a rapid decline.
As time goes on, the rewards for Bitcoin miners will decrease.. They currently receive 12.5 Bitcoin for each block mined, but this will be halved in the next two years.
However, if Bitcoin’s value rises as expected, Bitcoin mining will continue to be a lucrative business.
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