THERE’S less than 10% of Bitcoin left to be mined, according to experts.
The cryptocurrency has passed a major milestone this Monday as data from Blockchain.com shows 18.9 million out of a possible 21 million of the virtual coins have been mined.
Bitcoin is the world’s first entirely virtual currency- new currency is created by mining, a complex online process that uses computer code.
Cryptocurrency mining is a complex and energy-intensive process, which requires a lot of computer power.
Mining involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.
For each problem solved, one block of Bitcoins is processed. In addition, the miner that is first to solve the problem is rewarded with a new Bitcoin.
These new coins are then stored virtually through an online database called the blockchain.
The maximum amount of bitcoins that can ever exist is 21 million.
To be precise, a total of 20,999,999,9769 bitcoins will be created in total.
It’s thought up to four million Bitcoin could have been lost forever.
Previously, experts believed that the last Bitcoin will be mined in 2140.
No new Bitcoins will enter circulation after the mining of the last one.
Currently, miners earn their income via the block reward.
When all 21 million Bitcoins are mined there won’t be a block reward to pay the miners.
Instead, they will be rewarded with transaction fees.
The first ever coin was mined in 2099.
It’s creator, Satoshi Nakamoto, made sure the coins had a halving cycle and that most of them wopuld be mined in the first few years.
Nakamoto then planned for them to decrease for more than a century.
One Bitcoin is currently worth around $47,000.
This value could shoot up as the coins become more scarce.
In other news, Apple will scan iPhone messages for nudity in an attempt to crackdown on child abuse.
Android users are been warned about a dangerous scam that could see their bank accounts drained by hackers.
And, we revealed some of the strangest sights on Google Earth.
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