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On December 12, crypto advocates celebrated the fact that 90% of the 21 million bitcoins had been mined and circulated. Currently, Bitcoin’s annual inflation rate is about 1.88%, which is lower than the central bank’s traditional 2% target reference. In addition, within 875 days, after 19.98 million bitcoins have been mined, the network’s inflation rate is expected to drop to 1.1%.
Programmatic scarcity
One of the benefits of people enjoying the Bitcoin network is that it is mathematical and predictable compared to the currency system issued by the global central bank, which is based on the whim of policy makers and is completely unpredictable. At the time of writing, 18,899,800 Bitcoin Has been mined into circulation, which is equivalent to approximately 90% of 21 million Bitcoin That will always exist.Digital currency lovers Acknowledge this milestone Sunday, December 12, is the same day as the 11th anniversary of Satoshi Nakamoto’s official departure.
90% of the statistics can be seen on the data site, for example coinmarketcap.com, and Glass node The percentage of Bitcoin supply currently mined. 90% of Bitcoin discussions on Reddit also led to people asking how many Bitcoins were lost and stuck in unrecoverable wallets.Although Bitcoin.com News recently shared a 2019 Coin Indicator Report Regarding the state of lost bitcoins, it says there are at least 1.5 million Bitcoin Considered lost, some Redditor estimate The number is much larger.
“Estimated 3-5 million [bitcoin] Right there,” a Redditor explain on Sunday. “You can see the on-chain indicators show how many bitcoins have not moved [in the] In the past ten years, but this may be the highest, some people have not moved even if they have the key. I believe it is about 3 [million], But we probably never know that it will continue to rise slightly. We also have a delay factor in the data, because people within 10 years may also be lost.Just suppose [for the] The first few years [the] The biggest loss occurred, so we entered these data. “
Bitcoin’s annual inflation rate is expected to be around 0.4% by 2030
Although we don’t have exact numbers to determine the official amount of bitcoins that cannot be recovered or lost, it is not the same as Bitcoin issued. Satoshi It is believed and many crypto advocates believe that lost coins will only increase the scarcity of crypto assets. “Lost coins will only make other people’s coins worth slightly higher,” the inventor of Bitcoin Say“Think of it as a donation to everyone.” 90% of the coins are in circulation, and the current circulation rate is 900 Bitcoin Every day, for every 210,000 blocks halved, the next reward halving is expected to occur on May 6, 2024.
Currently, the block reward is 6.25 bitcoins per block, and after the halving, the reward will be reduced to 3.125 bitcoins per block. The current Bitcoin inflation rate fluctuates between 1.75% and 1.88%. We can estimate that Bitcoin’s inflation rate will be around 1.1% after the halving. The Bitcoin protocol continues to halve every 210,000 blocks until it reaches zero, which is estimated to be around 2140. Until then (2140), it is expected that miners will continue to protect the network and process transactions based on network transmission fees.
It is estimated that by around 2130, there will be a total of two larger Bitcoin block reward halvings, and the halving after that year will be Bitcoin. By 2028, the annual inflation rate of Bitcoin is expected to be around 0.5% and around 0.4% by 2030, and the number of Bitcoins in circulation is 20,585,442 million. It is estimated that by 2030, 98.02% of 21 million bitcoins will be mined.
As Bitcoin’s hash rate climbs to an all-time high, the exact time frame for these changes to occur is a pretty good approximation, but not static.Currently, network participants (miners) contribute their computing power to Bitcoin The network has accelerated the time frame between the halvings, and the daily issuance speed is faster than previously speculated.
What do you think of the fact that 90% of the 21 million bitcoins that will exist have been mined and circulated? What do you think of Bitcoin’s programmatic scarcity and predictable issuance rate? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Reddit, u/Bitcoin_is_plan_A
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