Reports indicate that the 17 millionth bitcoin (BTC) has already been mined. This means that those engaged in bitcoin mining now have four million more bitcoins to produce since the supply is capped at 21 million. Since mid-2016 this is the first million-mark to be crossed by BTC miner across the globe.
There is some predictability since each block of the virtual currency generates 12.5 bitcoins. Additionally bitcoin blocks appear on average every ten minutes meaning that the number of bitcoins that are produced each day is about 1,800.
The mining of the 17th million bitcoin has been interpreted by some as a psychological milestone and different people will see it in different ways. According to Ansel Lindner, a bitcoin investor as well as the host of the podcast ?Bitcoin & Markets?, the milestone is likely to make people more aware of the finite nature of bitcoin and this could lead to an appreciation in the price of the virtual currency. Lindner expects the digital currency to reach a new record high this year after a bullish run towards the end of 2017, levels from which it has since fallen.
“It’s an event that makes the market more aware of the scarcity of bitcoin. It will eventually turn into higher prices,” Lindner said.
122 years to exhaust
The first time bitcoin mining took place was in January 2009. According to data obtained from Blockchain.info, BTC miner took 200 days to produce the initial one million coins.
The next million after the 16 million bitcoins which were mined in November 2016 has taken over 500 days. The combined number of 4 million bitcoins remaining are expected to be mined in another 122 years.
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