It is reported to Tokenhell that 18 millionth bitcoins will be mined today and only 3 million are left to be mined. This important BTC event is followed by the halving and after the halving event, the block reward will reduce from 12.5BTC to 6.25BTC.
Only 3 Million Left
The digital gold has been serving the crypto community from past years and in this period, it has totally changed the outlook of the finance industry and gave it a totally updated version by deleting the role of the third party. There are almost 17,998,550 Bitcoins are present in the markets; and with the addition of a few hundred, it will reach the figure of 18 Millionth today.
Anthony Pompliano, the co-founder of Morgan Creek Digital Assets, tweeted on Oct.15.
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.
Currently, 1800 bitcoins are mined every day that is going to reduce after the halving. The total supply of bitcoins will be completed in 120 years which means that the remaining 14.3% out of total supply will be done in 2140.
Halving is coming
The date for Bitcoin Halving is coming and estimated to happen in the month of May. This incident will embark great change as the block rewards will reduce from 12.5 to 6.25. The reduction of rewards will lead to scarcity in the crypto markets because the number of mined coins per day will also cause a burden on the Bitcoin supply. This is because the supply of Bitcoins will be halved and there will be a significant bent on the price.
The analysts have made many speculations about the BTC price as John McAfee predicted that the target of the BTC at the end of 2020 is $1 million. Bayerische Landesbank, a German bank, estimated the price value of bitcoin to be $90,000 after halving.
Pressure on Miners
The halving will also impose great pressure on the miners due to rewarding reduction. Now, the machines with more powerful hashing power are capable to generate the blocks. The smaller miners cannot pursue this new journey and will leave the field. But it is recorded that more mining networks are joining day by day and the competition has also increased as a result.