80% Of The Bitcoins Already Mined!
The crypto miners have processed the 17 millionth coin this week. According to blockchain data, yesterday both the Bitcoin Cash (BCH) and Bitcoin Core (BTC) mined the 17 millionth coin per network. And as per the record, now only a stock of 4 million bitcoins is left to be mined.
In context to the same, the experts are now concerned about the future usage of the bitcoins. They believe that only 4 million coins are not enough to supply the required need. As 17 million are already mined in even less than a duration of ten years. Hence, they are expecting that the last coin will be mined shortly.
However, the case is not the same for both the networks. Since the mining difficulty has been there in both the networks, thus in every four years the mining block reward is halved. As for now, 12.5 coins are produced by both the BTC and BCH networks. And this reward will become 6.25 after the halving of newly minted coins.
The expected time for the BTC chain to half its reward is 763 days that makes the date on May 29, 2020. This duration is dependent on the hashrate. If the growth of the hashrate gets slower than the date is expected to move ahead. While if the hashrate grows quickly the date will shift earlier.
The Mining Of The Remaining 4 Million Bitcoins Is Not Easy!
The crypto experts have said that the mining of the last coin will not be as easy as it sounds. The coin would not be found easily because of mining difficulty changes. These difficulty changes will make it hard for the miners to find blocks over time. “Difficulty” is a measurement of the probability of finding the next block. This difficulty changes automatically for the BTC network after every 2016 blocks.
Thus, the consequence of this bitcoin method of difficulty changes and things like block reward halving every four years or less, will eventually make it hard for the miners to mine the last bitcoin. And the experts have predicted the mining of this last bitcoin will be somewhere around the year 2140.