Almost 90% of total BTC is mined while BTC drops below $ 50,000

Almost 90% of all BTC coins are mined while Bitcoin fails to break the $ 50,000 price range as we can see more in our latest Bitcoin news.

Almost 90% of all BTC is mined as the hash rate and the difficulty of the network are also breaking records. Bitcoin, as a leader in the cryptocurrency industry, is often referred to as digital gold due to its properties as a store of value with limited supply. The total supply of cryptocurrencies is limited to 21 million and predetermined, so as soon as these coins are mined, no more can be created. Until the limit is reached, new coins are created through a process known as mining, a mathematical process that adds batches of transactions to Bitcoin’s public blockchain and validates them. The scarcity is more apparent as the 18.89 million coins that will be around have been mined. It took Bitcoin 13 years to get here after the Genesis block was mined in 2009 by creator Satoshi Nakamoto.

The rest of the supply will not be rapidly reduced due to Bitcoin’s halving function. The remaining 2.1 million BTC is expected to be created in about 119 years in 2140. The basic pillar of monetary deflation or halving occurs every 210,000 blocks mined every four years, reducing the rewards miners get for their efforts and reducing each event by half, bitcoin problem is relieved until there are no more coins are in circulation. BTC miners will receive 6.25 BTC for each block found, with the reward reduced to 3.125 BTC after the halving.

In the meantime, two other key Bitcoin indicators have hit a new milestone, showing that the network has fully recovered from the major crypto penetration. China banned regulated financial institutions from providing crypto-related services such as transactional and bill payments, but began cracking down on BTC mining later this month, forcing most of the company to move its operations overseas. Shortly thereafter, Bitcoin’s hash rate began to decline, hitting a new low of 84.79 EH / s. The network rebounded at a hash rate that hit an all-time high of 181.77, breaking the previous record of 180 Eh / s set in May.

Together with the increased hash rate, this suggests that new miners will enter the race and increase competition among miners. Despite strong network fundamentals, BTC price failed to break above $ 50,000 and is down 0.8% over the past day.