In another notable milestone, 85% of Bitcoin supply is now in circulation as of August 1, 2019. Thus, it means that only 3.15 million new coins are available for mining in the next 120 years. According to the latest data from Blockchain, today saw BTC miners extract the 17,850,000th unit as part of the transaction validation process.
Therefore, since the number of coins awarded to miners for every block has decreased over time, the remaining supply will only be fully unlocked in the year 2140. Since its inception, Bitcoin was set to have a total fixed supply of 21 million units. Rhythm on Twitter commented on the event stating that scarcity is almost kicking in.
Currently, the total supply in circulation means that just 17,850,000 people can own an entire coin. In reality, there are some existing mined coins that are not in supply and they will never be since owners lose access to their private keys. According to various estimates, for example, Chainalysis in 2017, the lost coins could be up to the tune of 4 million. That represents more than 20% of the total supply.
Competition is Heating Up
When the focus shifts into the future, May 2020 will see the next reduction in miner payouts. The payout is scheduled to decrease by 50% from 12.5 BTC to 6.25 BTC per block. According to various commentators, experts, and analysts, the halving event will result in significant Bitcoin price increases.
Filb Filb is among those who agree with the price increase theory. In June, Filb Filb stated that Bitcoin will never plunge below $6,500 as a result of adequate miner support. Generally, it is expected that miners will pile a lot of pressure and influence on the Bitcoin price.
After the crypto winter seemed to fade away and Bitcoin started booming, competition among the miners became fierce. Both the network hash rate and difficulty continue to set new records as increasing activity makes Bitcoin more secure for its users.