Bitcoin Hits Milestone as 90% of All BTC Gets Mined

After 13 years since its inception, the Bitcoin (BTC) network has crossed a momentous milestone as 90% of all Bitcoins, to ever exist, have gotten mined. That said, the outstanding 10% supply will take a significantly longer period—over 100 years, by estimates.

Bitcoin began its journey on January 3, 2009, following its launch by Satoshi Nakamoto, the pseudonymous developer(s). Satoshi mined the first block of the chain, known as Genesis Block, at the launch date.

One of Bitcoin’s most valuable properties is its digital scarcity which emanates from its capped supply of 21 million tokens. According to a report from BlockchainCom, approximately 18.89 million BTC have been mined, which is 90% of the total supply, and 2 million unmined coins. However, because of some network features, like regular halving events, the self-adjusting difficulty, and other pre-programmed properties, the 21-millionth BTC will be minted 118 years from now—2140.

The main reason for this extended mining period is the halving feature. This pre-programmed event occurs every 210,000 blocks (every four years) and slashes block reward by half. Currently, the mining reward is at 6.25 BTC, while in 2024, it would get cut to 3.125 BTC. For context, this figure was at 50 BTC in 2009.

Key Bitcoin Levels to Watch — December 14

Bitcoin continues to exhibit bearish tendencies as it records another sell-off cascade yesterday, following a retest of the $50,000 zone. The primary cryptocurrency has maintained a downward trajectory for several weeks now as we head into the end of the year.

Interestingly, the bearish descents over the past few days appear to maintain a pattern. That said, a similar pattern appears to be forming at the moment as BTC re-emerge above $47,000. I expect the benchmark cryptocurrency to rally to the $49,000 area soon, where the emerging pattern should mature.

If BTC accedes to this pattern, we could see the price hit $45,000 – $44,000 in the near term.

Meanwhile, my resistance levels are at $48,500, $49,500, and $50,000, and my key support levels are at $46,300, $46,000, and $45,000.

Total Market Capitalization: $2.15 trillion

Bitcoin Market Capitalization: $889 trillion

Bitcoin Dominance: 41.3%

Market Rank: #1

 

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