As bitcoin looks to have shaken off a bearish trend in November and December 2021, it is now emerging that 90% of the world-leading cryptocurrency has already been mined.
According to data provided by Clark Moody Dashboard, a site that is dedicated to providing different bitcoin information and tools, the amount of bitcoin issued has crossed 90%, as the crypto continues to demonstrate its scarcity feature.
The current amount of bitcoin issued according to Clark Moody dashboard is 18, 889, 704 BTC – showing how closer we are to the cap.
Bitcoin inventor, Satoshi Nakamoto, capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence. On average, these bitcoins are introduced to the Bitcoin supply at a fixed rate of one block every 10 minutes.
In addition, the number of bitcoins released in each of these aforementioned blocks is reduced by 50% every 4 years. At this rate, the remaining 10% that is left will need the next 119 years to be mined, reinforcing how scarce the currency is and continues to be.
At the same time, bitcoin’s resurgence has come as the mining hashrate has recovered to hit an all-time high following the China mining ban in May 2021.
According to data from Coinwarz, the hashrate, measured in exahashes per second, stood at 166.61 EH/s a few days ago after hitting a record high of 211.78 EH/s on December 2021.
Hashrate is a measure of the computational power required per second when mining cryptocurrency. As such, the higher hashrate is a testament to the rate of pick up in mining since May 2021.
The previous high was on May 9th 2021 when the rate was 191.42 EH/s.