The countdown of Bitcoin mining is about to reach 3 million, as the mining of the 18 millionth Bitcoin (BTC) is scheduled for this weekend. According to the data, since 2008 the total quantity of bitcoin produced has reached a threshold of 85% of the total of 21 million, with the current average production capacity reaching 1,800 bitcoins per day.
Anthony Pompliano, co-founder of Morgan Creek Digital Assets, has created the trending hashtag #3MillionLeft to spread awareness of the current availability of the crypto par excellence:
This Friday the 18 millionth Bitcoin will be mined.
There are only #3MillionLeft
Let’s make this hashtag trend so the world can learn about Bitcoin 🔥
— Pomp 🌪 (@APompliano) October 15, 2019
“This Friday the 18 millionth Bitcoin will be mined. There are only #3MillionLeft Let’s make this hashtag trend so the world can learn about Bitcoin”.
Not only that, according to estimates it seems that the time required to mine the remaining 3 million of digital gold has been calculated to be 120 years, despite the fact that miners are on the rise and the hashrate has reached an all-time high.
— Bitcoin (@Bitcoin) October 17, 2019
To think that 18 million bitcoins have been mined in just one decade, while the mining of the remaining 3 million will take 12 decades, could probably create doubts, even though the estimates seem to be based on the peer-to-peer system designed by Nakamoto.
In fact, one of the main elements that characterise the Bitcoin model is the rewards system for the miners that add the blocks, quite simply called halving, which is the 50% reduction in the miner rewards, occurring every 210 thousand blocks, estimated to take place every 4 years.
As already anticipated, in fact, around May 2020 and more specifically upon reaching the block number 630 thousand, there will be the third halving which will see the reward for miners halved from 12.5 to 6.25 BTC.
This was preceded by the respective halving of 2012, which saw the reward for each mined block go from the initial 50 to 25 BTC and the subsequent halving of 2016, which involved a further reduction in the block reward, down to 12.5 BTC.