Today, we¡¯re seeing more and more people taking a keen interest in cryptocurrency, despite its extremely volatile nature. And the one cryptocurrency that¡¯s on everyone¡¯s tip of the tongue is Bitcoin.?
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The cryptocurrency is so popular that according to blockchain tracker Blockchain.com, 90 percent of all bitcoins have been mined as of Monday this week. This means 18.98 million bitcoins (around 90 percent) of a maximum of 21 million are now openly being traded in the market.?
This has been done through a journey that has spanned nearly 12 years. However, according to CoinDesk¡¯s report, the remaining 10 percent isn¡¯t going to be mined until February 2140, based on network activity estimates and Bitcoin¡¯s halving schedules.?
To the unaware, Bitcoin Halving is a preprogrammed phenomenon that occurs every 210,000 blocks (in the present situation it¡¯s expected to be four years from today), where the process slashes Bitcoin¡¯s inflation rate and the rate of new token circulation in half.
Bitcoin Halving is known to also slash the block reward that miners get in half. To put things into perspective, the block reward for miners in 2009 was 50 Bitcoin per block. Today it¡¯s come down to 6.25 bitcoin.?
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What¡¯s also important to note is that not all of the 21 million bitcoin is expected to be available in the open market. According to Chainalysis -- the crypto analytics firm -- an estimated 3.7 million bitcoin has been lost based on analysing address activity.?
This could be due to someone losing their private keys or the death of a bitcoin holder etc. Moreover, Bitcoin founder Satoshi Nakamoto continues to retain 1 million bitcoin that¡¯s still untouched.?
Have you invested in Bitcoin? What's your experience been like? Let us know in the comments below.?For more in the world of?tech and science, keep reading?Indiatimes.com.? ?