17 Millionth BTC to Be Mined

| Publish date: 04/27/2018 (Last updated: April 27, 2018 10:27 AM)
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Data shows that the 17 millionth Bitcoin token is to be mined sometime soon now – Bitcoin will reach another milestone. And the last time the world’s first cryptocurrency reached a million mark was in mid-2016.

When exactly will the 17 millionth milestone be reached?

This is the question everyone is asking right now. The way the cryptocurrency was designed, there will only ever be 21 million Bitcoins in existence. The crypto’s code ensures that only a limited number of BTC can be introduced in set intervals.

Currently, there are about 1,800 Bitcoins being produced per day. While some believe that the 17 million mark will be reached any day now, data from Statoshi shows that there are still about 70 Bitcoins still left to be mined. Minute variances keep getting created to ensure that the Bitcoin software stays in sync, and this is what is making an exact prediction of when exactly the 17 millionth BTC will be mined difficult.

Now, after Satoshi Nakamoto created Bitcoin, the reward for the creation of new blocks and new Bitcoin stayed the same for the next 209,999 new blocks. However, after that, the halving process began. Rewards were reduced and the cryptographs’ complexity in increased. Now, rewards are reduced by 50% after every 210,000 new blocks. So while it’s taken only 9 years to reach the (almost) 17 million mark, the next 4 million will take much longer to mine. The next million mark is expected to be reached in June of 2020.

So long as the protocol is not adjusted in any way, the mining process will not be complete till 2040. In fact, it is said that it will take about 34 years to mine the very last Bitcoin.

What Does This Milestone Mean?

The best way to view this milestone is that it is a psychological barrier. However, different communities are viewing this milestone in their own ways.

Tetras Capital’s Alex Sunnarborg said that they were viewing this milestone as Bitcoin getting closer to the end, that 80% of the cryptocurrency had already been mined. Or, only about one-fifth of the cryptocurrency was left to be mined. The focus was on the finiteness of the digital asset.

Venture capitalist and avid Bitcoin supporter, Tim Draper, feels otherwise. He – and a lot of others – feel that it is a time appreciate the contributions this technology has made to the world. According to Draper, the founders of the cryptocurrency would not have been able to imagine how important Bitcoin would one day become – not in their wildest dreams. Another group of enthusiasts believe that this time should be used to educate more people about the cryptocurrency, its features as well as the broader market.

Whatever their views, the entire crypto-community is waiting for the 17 millionth Bitcoin to be mined.

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