90% of Bitcoin has been mined in 13 years, the remaining 10% will take 120 years to be mined

It’s been 13 years since bitcoin was launched, and if you didn’t know, 90 percent of the total 21 million bitcoin tokens have been mined. But now, a new report claims that mining the remaining 10% of bitcoin tokens will take 120 years. There are currently 18.9 million bitcoin tokens in circulation, of which 2.1 million are yet to be mined. If a report from Blockchain.com is to be believed, the “bitcoin halving” is the reason behind the disappearance of the remaining coins of bitcoin after centuries.

The bitcoin halving is an event that is pre-programmed and occurs every 210,000 blocks. In the present situation, this event will happen after about four years from today. This process cuts the inflation rate of bitcoin in half and the rate at which new tokens come into circulation.

A report by CryptoPotato cited Blockchain.com as saying that due to the regular halving events, the difficulty of self-adjusting, and other pre-programmed features, it is estimated that there will be significant It will take time and 21 million bitcoins will be created by the year 2140.

The bitcoin halving has also halved the block reward miners receive. In 2009, this block reward for miners was 50 bitcoins per block and is currently down to 6.25 bitcoins.

Bitcoin’s unknown creator Satoshi Nakamoto, who mined his first token in 2009, decided to limit the supply of bitcoin to 21 million tokens at the time of bitcoin’s creation. Today, bitcoin is the most popular crypto coin with a market value of $922 billion (approximately Rs 70,15,680 crore).