The latest data from cryptocurrency tracker Blockchain.com shows that 90% of the total Bitcoin supply of 21 million digital tokens has now been mined.
However, the remaining 10% of outstanding Bitcoin is not expected to be mined until February 2140. Until then, miners can continue to earn new Bitcoins.
Bitcoin operates on a proof-of-work model, which requires miners to compete to solve complex math problems to validate transactions and earn the digital tokens.
It’s not an easy process — reaching the 90% milestone took 12 years with most miners working around the clock using industrial strength computers.
Despite reaching the 90% milestone, the price of Bitcoin, the world’s biggest cryptocurrency, continues to fall from its all-time high above $68,000 reached in November of this year as the prospect of reduced central bank stimulus hurts speculative demand for digital coins and tokens.
Bitcoin’s price was down to $46,435 in London trading following a 6% drop on Monday of this week (December 13). Prices for other cryptocurrencies such as Ethereum and Dogecoin are also falling.
