Bitcoin: Reaches Another Momentous Landmark
17th Million Mark
Bitcoin is just about to reach the 17 million landmark, which takes it ever closer to the 21 million threshold. The information from blockchain.info states that this big occasion is likely to occur in the next day or so. Bearing in mind the first million Bitcoin was created in the middle of 2016, it is amazing to think how quickly the Cryptocurrency industry has grown… well actually boomed!! Bitcoin – the very first Cryptocurrency – has driven the way forward for the others and now there is even talk of a dedicated crypto stock exchange from NASDAQ.
What It Means
Because Bitcoin’s code has now been used by so many of the other Cryptocurrencies, the 21 million allocation is quickly running out. This also means that only a certain amount of new Bitcoins can be made available. The hardest part of this for the Bitcoin miners is that they are only privy to this information at the fleeting moments that they are releasing new Bitcoins. The statistics are constantly changing although rough predications can be made from track records. It has been noted that there are approximately 1,800 new Bitcoins created every single day. This has been guestimated from the fact that Bitcoin blocks are produced every 10 minutes with 12.5 new Bitcoins making up one single block.
Obviously this 17 million landmark means different things to different people in the industry. With 80% of the allocation already mined, there is a limited supply available for new buyers. Again these statistics really do put it into perspective about how quickly the industry has thrived.
It has been suggested that now may be a prime time to take stock of the Bitcoin Cryptocurrency and market as a whole. Many believe that unless a change is brought into the industry soon, there will be absolutely no opportunity to release more Bitcoins.
Industry leaders are estimating that the last Bitcoin – founded on current trends – will be mined in the middle of 2140. This is based on the fact that the protocol for Bitcoin stays as it is. Obviously, things change over time as has been seen with the supply and demand of bitcoin over the first nine years.
Technical experts explain that for every 210,000 Bitcoin blocks produced, the amount of reward released by the network is reduced by 50%. As highlighted earlier, the current reward sits at 12.5 Bitcoins. Therefore the guestimate of 2140 seems a lot more realistic. Which does indeed take the strain off a little.
As industry engineers state, although the 21 million limit does not seem like it is a lot especially now that we are down to the last fifth of what is available, there will be enough for everyone to have a slice of this pie. Just to put things into perspective, the threshold of 21 million does not actually mean the end to Bitcoin completely is it merely a point in time where the miners will be repaid their fees. So it does actually remain to be seen what will actually happen in 2140. What is for sure though, it is certainly outside of all of our lifetimes!
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