Bitcoin News Today – Headlines for September 28

  • Only 2.5 million Bitcoin left to be mined
  • The demand for Bitcoin is on the rise, and this can result in more scarcity
  • Analysts are bullish on the long-term of Bitcoin

Bitcoin News Today – Bitcoin has a limited number of coins that can be mined. Over the past few years, there has been a significant increase in the demand for the digital currency. However, with the increase in demand, can we expect more scarcity?

Only 2.5 Million Bitcoin Left to Mine, Should We Expect More Scarcity?

Bitcoin has a limited supply of only 21 million coins. This means only a maximum of 21 million BTC can be issued. Since its emergence in 2009, over 18 million coins have been mind. At press time, just a little under 2.5 million coins remains to be mined. The Bitcoin network already passed the 18.5 million Bitcoin market in supply, according to ChartBTC via a tweet.

This means that the number of coins left to be mined is less than 2.5 million, or about 11.9 percent of the total BTC to be mined. According to ChartBTC, about 50 percent of the remaining 2.5 million BTC would be mined in the next four years.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Since the genesis block in 2009, the BTC network has undergone three halvings, and the third halving event took place in May this year. As the issuance of new tokens and the reward of mining is halved every four years, the last Bitcoin would not be mined until 2140. After the last coin has been mined in 2140, no new BTC can be mined.

Bitcoin’s Last Halving Is Different from the Previous

In a recent report, Cointelegraph pointed out that a group of eight Crypto Valley professionals believes that the last Bitcoin halving event was different from those in the past. The reason is that more investors are considering storing their life savings in Bitcoin. Since the beginning of this year, there has been a considerable increase in institutional demand for BTC.

According to a new survey, institutional investors intend to increase their BTC holdings despite the recent poor price performance of the digital currency. Through its investment in MicroStrategy – the largest sovereign wealth fund in the world owns 577.6 Bitcoin. The demand for Bitcoin is on the rise, and this might push the price of the digital currency significantly in the long-term. This is why more investors and analysts are bullish on the mid- and long-term of the digital currency.

At press time, the world’s largest digital currency by market cap is changing hands at $10,871 after an increase of less than two percent over the past day. Bitcoin seems to have found strong support over the $10k range, but it needs more bullish traction to break over its key hurdle at $11k.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.