Bitcoin miners will extract 18 million Bitcoin

Bitcoin miners will extract the 18 million BTC this week, followed by the remaining 3 million mined in 2140.

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Data from monitoring resources BitcoinBlockHalf confirmed that the total supply of Bitcoin reached 17.99 million on October 16.

According to the calculations, this week 18 million Bitcoin should go into circulation before the beginning of next week.

“It will take another 120 years to mine the remaining 14.3% of the total offer or about 3,000,000 bitcoin,”

Rhythm analyst noted on social media on Monday.

Bitcoin miners create new BTC every time they successfully validate a transaction block. They occur approximately every ten minutes. Every four years, their reward is halved, which means that the “mining” of new Bitcoins takes more and more time.

Therefore, although 85% of the total offer of 21 million BTC has entered the market since 2019, the rest will last 120 years.

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Changing the distribution of Bitcoin

Although reaching an offer of 18 million is not a technical achievement for the network, industry entities believe that this will be an “interesting week”.

The analyzes show that the distribution of available currencies is changing. This week’s data showed that wallet balances of over 1000 BTC increased in 2019. Commentators believe that before 2014, the investments were motivated by technical curiosity. Currently, the purchase of Bitcoin is motivated by financial incentives.

Even after all the cryptocurrencies are mined, only 75% of them will be available for trading. Users have already lost access to about 20% of the offer.

As such, it is likely that only about 15 million people will ever be able to own an entire Bitcoin.