Only 10% Of the Total Amount of Bitcoins Left to Mine
On Monday morning, 90% of the maximum total supply of Bitcoins was mined. This means that miners only have 10% of the coins left to mine.
According to data from Blockchain.com, there were 18.899 million Bitcoins in circulation as of Monday. It took about 12 years to mine the first 90% of BTC, but the rest of the coins will take a little longer to mine.
Bitcoin creator Satoshi Nakamoto limited the total supply of coins to 21 million pieces by writing this limitation in the source code of Bitcoin.
At the current production rate, it will take approximately 119 years to complete Bitcoin mining. The reason is that every four years the production rate is halved.
The Bitcoin network is designed in such a way that new BTCs appear as a reward for miners who test the new blocks. Since May 2020, miners have been earning 6.25 Bitcoins for each new block verified. This rate will drop to 3.125 BTC per block after the next cut in 2024.
By 2040, block rewards will be reduced to less than 0.2 BTC, and only 80,000 BTC out of 21 million will remain open. The latest Bitcoin will take about 40 years to develop.