Within 13 years of existence, 90 percent of the 21 million Bitcoins that should arrive have already been excavated.
But a new report now claims it will take 120 years to dig up the remaining 10 percent of Bitcoin tokens.
Currently, 18.9 million Bitcoin tokens are in circulation, and 2.1 million are left for mining.
According to a Blockchain.com report, “bitcoin halving” is the reason why it is predicted that the last 2.1 million Bitcoins will take more than a century to be part of circulation.
Bitcoin halving refers to a pre-programmed event that happens every 210,000 blocks, in the current situation which is approximately four years from today.
This process reduces the Bitcoin inflation rate by half and the speed at which new tokens enter circulation.
“Due to regular halving events, difficulties with self-tuning and other pre-programmed functions, it is estimated that this will take time and that 21 millionth Bitcoin will be created as far back as 2140,” CryptoPotato reported, citing a Blockchain.com report.
The halving of Bitcoin also halves the reward for the block that miners receive.
In 2009, this block award for miners was 50 bitcoins per block.
It has currently fallen to 6.25 Bitcoin.
Satoshi Nakamoto is the pseudonym of an unknown creator of Bitcoin who dug up his first token in 2009.
At the time of the creation of Bitcoin, Nakamoto decided to limit the supply of Bitcoin to 21 million tokens.
Today, Bitcoin has become the largest cryptocurrency with a market value of 922 billion dollars.
According to CoinMarketCap, 39,738,251 crypto wallets contain Bitcoin tokens.
Of these, 963,625 are active wallets.
The first 100 owners own 13.21 percent of Bitcoin’s coins in circulation.
Nakamoto also added a mining difficulty adjustment feature to ensure a stable Bitcoin production rate.
“Essentially, it’s a process that happens every 2,016 blocks(two weeks) that makes it harder or easier for miners to work,” the report added.
As the rewards for the blocks decrease and the adjustment becomes more and more difficult to break, the miners will have to make additional efforts for smaller rewards.
Now, despite the fact that a total of 21 million Bitcoins are expected to be mined in the next century, not all tokens will reach the open market.
So far, over 3.5 million Bitcoins have been “lost” due to lost private keys or even the death of the owner.