HOW LONG WILL BITCOIN BE MINED? The first one was “excavated” 12 years ago

Cryptocurrency diggers have so far “mined” 90 percent of available bitcoins, or 18.89 million out of a possible 21 million.

The first bitcoin was “excavated” in January 2009, and experts estimate that the last one will be mined in 2140, Blockchain writes, and RT reports.

The price of bitcoin has changed drastically in the last 12 years. Initially, one bitcoin was worth $ 0.1. In December 2012, when 50 percent of available bitcoins were “excavated”, its price was 7.5 dollars.

The last price it reached was 48,746 dollars, which is a drop of 28 percent from the highest value, 69,000 dollars, which was reached earlier this year.

The process of creating bitcoin, known as mining or “mining”, is performed with the help of sophisticated computer equipment that solves millions of extremely complex tasks, and as a “reward” received a “coin” bitcoin.

For each block they manage to mine, searchers currently receive 6.25 bitcoins, and it is estimated that this will drop to 3.125 in the next two years.

However, not all 21 million bitcoins are expected to be available on the free market. About 3.7 million bitcoins “disappeared” for various reasons, including the loss of private keys to cryptocurrency wallets or the death of the owner. Allegedly, a million bitcoins are owned by the mysterious creator of this cryptocurrency, known by the pseudonym Satoshi Nakamoto.

rs.sputniknews.com

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