December 13 was a big day for Bitcoin (BTC), with data showing that 90 percent of the cryptocurrency had been mined. The milestone comes almost 12 years after the genesis block, which consisted of 50 Bitcoins, was first mined on January 9, 2009. Of the total supply of 21 million BTC, 18.89 million have already been mined and are circulating in the market.
While it may seem that the world’s most popular cryptocurrency is close to being exhausted, network activity estimates and BTC’s halving schedules predict that the remaining 10 percent supply is set to sustain until February 2140.
For the uninitiated, halving is a system designed to keep the 21 million BTC cap in place, by slashing or halving the mining rewards by 50 percent. Currently, Bitcoin halving takes place every four years. So, while miners now earn around 6.25 Bitcoin for each block they mine, this will fall to around 3.25 Bitcoin after the next halving event, scheduled for 2024.
Moreover, the entire 21 million bitcoin base is not available for open market distribution. Chainalysis, a crypto analytics firm, said that around 3.7 million Bitcoins have been forgone due to various reasons, including loss of access to one's private key, death and more. In addition, Satoshi Nakamoto holds one million Bitcoins, which haven't been touched.
Downturn ahead?
Bitcoin has fallen 26 percent in the last 30 days. Cryptocurrency markets seem set for a downturn, with trends predicting a sharp drop of about 52 percent in inflows to $88 million from $184 million. Bitcoin-focused funds formed the bulk of this inflow, amounting to $52 million, as compared to $145 million the week before.
But that has not in any way deterred the enthusiasm around Bitcoin, going by Miami (Florida) mayor Francis Suarez’s enthusiasm for the cryptocurrency. Suarez has time and again reiterated his desire to transform the Sunshine State's most popular tourist hotspot into a viable crypto destination.
To this end, Suarez recently announced that he planned to take a part of his 401k retirement savings in Bitcoin. The Miami mayor, who is lawfully eligible to earn income from the private sector as well, in addition to his official pay, says he already takes part of his salary in Bitcoin.
Even well-known browser platform Opera, a big backer of Web3.0 since 2018, is actively tapping into the thriving world of cryptocurrency.
Web 3.0 is a concept for a new kind of decentralised, democratised internet based on the idea of public blockchains, where users can access and interact with each other on a network, without having to go through an intermediary or centralised data repositories.
Cryptocurrencies are expected to be a big part of Web 3.0, which will be very different from Web 2.0, where data and content are centralised in the hands of a few 'Big Tech' companies. Opera has announced that its native wallet will add functionalities to support decentralised blockchain Solana starting early next year.
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