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Miners have mined 90% of all bitcoins

15 December 2021, Wednesday By Priyanka Boruah
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According to CoinDesk, citing Blockchain.com, blockchain users mined 90% of all bitcoins last Monday. 

Currently, people own 18.89 million bitcoins out of 21 million in existence. Users were able to reach this figure in just 12 years - the first bitcoin was mined in 2009. Nevertheless, experts do not believe that bitcoins will reach the limit anytime soon. It is estimated that this will happen around February 2140. 

Bitcoin Touches New Milestone

Together with the amount of the mined coin, its value and the cost of mining currency grows. When users received only 10% of bitcoins, the price fluctuated around $0.10. Now it is in the range of 50,000 dollars (and recently it was even at the level of 70,000).

Related: How to Create and Use a Bitcoin Core Wallet

The extraction of coins is carried out through mining. It is the procedure for using computer resources to process transactions. The more powerful the PC hardware, the more transactions and coins are generated. For each processed block of data, the user receives 6.25 bitcoins, in 2024 this value will be halved - to 3.125 bitcoins, and then even more. 

Also, experts note that not all bitcoins will end up on the market, since many of them were lost in one way or another (for example, many users simply forgot passwords from their accounts).

Related: Introduction to Cryptocurrencies: what is bitcoin and how to earn money on it

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