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October 22, 2019
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Bitcoin Finance News

More Than 85% of Entire Bitcoin Supply Mined Scarcity Sets In Soon.

According to crypto analytic data providers; CoinMarketcap.Com , Cryptocompare.com and Worldcoinindex.com  more than 85% of Bitcoin total supply has been mined. On the  August 1st, 2019, according to the crypto data analytic providers, a total of 17,850,00 BTC was mined constituting 85% of the entire Bitcoin supply in the whole world. Leaving over 3 million coins yet to be mined which will happen In a period of 120yrs with the last Bitcoin expected to be mined by the year 2140. Having said that a total of 1800BTC is produced every day and this number cuts off into two on every year of Bitcoin halving which happens in every four years and the next halving expected to happen next year May 2020 by which the number of Bitcoin produced in a day is going to be halved  per day amount that can be mined in total.

Difficulty In Mining

As Bitcoin keep growing, mining becomes difficult everyday and as time approaches its halving. According to Blockchain.com mining difficulty chart have reach  its all time high this year and sets to thrive to difficult levels as the halving approach and it keeps reaching new highs with more difficulty. What it means is that less Bitcoin will be produced every day as the next halving approach and it will keep getting difficult till 2140 as the last Bitcoin gets mined. As mining gets difficult so will transaction fee and as at the time of publishing transaction fee was sitting around 44.38BTC in the last 24hrs which averagely is 0.0000081BTC per transaction and total number of 1762.5BTC generated in the last 24hrs.

Hash Rate chart For Bitcoin showing Mining Difficulty Increasing to yearly high.

Bitcoin as a project has grew a lot this year in terms of everything we could think of, both transaction per day volume has increased , number of active addresses has increased, number of new addresses and price growing to its yearly highs. On next year halving it is expected that the price surge into new highs and Bitcoin will start getting scarce. Already, over than 20% of the entire Bitcoin maximum supply is lost forever due to people forgetting their private keys, wallet passwords, sending to wrong addresses. Which means less than 3 million of the entire supply is left and the next couple of years Bitcoin growth will create more demand and price can surge to astonishing highs as it gets more scarce. Bitcoin is catching the attention of a lot of people this year including governments and a lot of bigger institutions, US president Donald Trump tweeted about Bitcoin, while US congress men discussed it. Russian government is said to be buying Bitcoin as a reserved currency as well as countries like Iran in the middle east legalizing it and recognizing it as store of value.

As we start to face a global recession and economies declined with their state currency , Bitcoin will be a hot cake for governments and bigger institutions as they sets in to buy more because it can not be affected by inflation and any attempt to stop such a global innovation which is accepted worldwide will not be fruitful. Again bitcoin is a store of value better than gold due to its scarcity in supply. Unlike gold we do not know or we can just say the max supply could be unlimited letting bitcoin have more intrinsic value than Gold. Bitcoin in general was created to aid in time of recession so people can transact peer to peer among themselves and that the timing for global recession is right here.

I believe this new technology and will make history because you start to realize people are more comfortable with Bitcoin and cryptocurrencies more than banks.

I Am CryptoRas.

Featured Photo by Jürg Kradolfer on Unsplash

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