In the world of digital currency, Bitcoin has always been a star that has attracted much attention. Recent news shows that we are about to witness the mining of the 18 millionth Bitcoin, but what is exciting is that the remaining 3 million Bitcoins will take a long 120 years to be fully mined. What kind of stories and challenges are hidden behind this number? Let's explore it in depth.

One of the unique features of Bitcoin is its limited number. According to the design, the total amount of Bitcoin is limited to 21 million, which means that only a limited number of Bitcoins will be mined. At present, nearly 18 million Bitcoins have been mined worldwide, getting closer and closer to this upper limit. However, the remaining 3 million Bitcoins are like an unattainable treasure that requires a long time and continuous efforts to obtain.

Behind Bitcoin mining is a difficult task. As the difficulty of mining increases, mining new Bitcoins becomes more and more challenging. Miners need to invest a lot of computing resources and electricity costs to have a chance to obtain new Bitcoins. As the amount of mining increases, the process becomes more and more complicated, which also prompts the emergence of more efficient mining technologies.

In this era of digital currency, Bitcoin mining is not only an economic activity, but also a contest of technology and resources. Miners not only need to constantly improve their technical means, but also need to consider how to balance costs and benefits. For ordinary people, participating in Bitcoin mining may require more expertise and investment, but it also represents opportunities and challenges in the future digital currency world.

As Bitcoin continues to develop, people's attention to its future is also increasing. What opportunities are hidden in the remaining 3 million Bitcoins? How will the value of Bitcoin evolve for the entire digital currency market? These questions have not only triggered the thinking of professionals, but also attracted the attention of ordinary investors.

The Bitcoin mining process is like an adventure, and there are countless stories behind each Bitcoin. The remaining 3 million Bitcoins are the ultimate goal of this adventure, which requires courage, wisdom and patience to achieve. In this digital age, Bitcoin mining is not only an economic activity, but also an exploration and expectation of the unknown world.

In this era of digital currency, Bitcoin mining is not only an economic activity, but also a contest of technology and resources. Miners not only need to constantly improve their technical means, but also need to consider how to balance costs and benefits. For ordinary people, participating in Bitcoin mining may require more expertise and investment, but it also represents opportunities and challenges in the future digital currency world.

Bitcoin mining is not only an economic activity, but also an exploration and expectation of the unknown world. In this process, every miner is contributing to the future of Bitcoin and making the world of digital currency more colorful. The future world of Bitcoin will become better because of the efforts of every participant.

The journey of Bitcoin mining is full of unknowns and challenges, but it also contains huge opportunities. In this world of digital currency, the birth of each Bitcoin is a miracle, and the efforts of each miner will bring new possibilities to the world. Let us look forward to seeing the birth of more Bitcoins and witnessing the future of digital currency.

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Bitcoin miners will mine the 18 millionth bitcoin this week, and only the remaining 3 million bitcoins will be released before mining stops in the distant year 2140.

3 million bitcoins, it will take 120 years to mine

Data from monitoring resource Blockchain confirms that as of October 14, the total supply of bitcoins has reached 17.92 million.

According to block calculations, the remaining supply before the 18 millionth bitcoin should enter circulation before the beginning of next week.

Analyst Rhythm pointed out on social media on Monday:

"It will take about 120 years to mine the remaining 14.3% or about 3 million bitcoins."

Source: blockchain.info

The intensity of miners' competition for bitcoin rewards has never been so high, and their hash rate (computing power) has repeatedly hit record highs this year.

Bitcoin miners create new bitcoins every time they successfully verify a transaction block, which occurs about every ten minutes. Every four years, the block reward they receive will be reduced by half, which means that it will take more work to "cast" the same amount of new bitcoins.

So while 85% of the total supply of 21 million BTC has entered the market since 2009, the remaining 15% will take much longer.

As previously reported, even after the mining phase of Bitcoin ends (all 21 million Bitcoins are mined), it is unlikely that more than 75% of the Bitcoin will actually be in circulation, because some of them have become "dead coins" for various reasons (lost private keys, etc.) and can never be used again. Depending on different calculation methods, researchers believe that these lost coins account for about 20% of the supply.

Therefore, at most only 15 million people can own a complete Bitcoin, and given the existence of Bitcoin whales, the number of users who can own 1 Bitcoin in the future will be very rare.

Hodlers hoard a lot of Bitcoin

While the 18 million milestone is not a technical achievement for the Bitcoin network, industry entities are excited about it, and storage startup Luno described it as an "exciting week."

At the same time, the composition of Bitcoin holders is changing. Data this week showed that in 2019, the number of addresses with balances of more than 1,000 BTC has become more and more numerous. This year’s trajectory for address balances is a change from the flatline that has been maintained for the past five years, as investors have shown less interest due to the market downturn.

Before the Mt.Gox crash in early 2014, wallet holders increased their balances to over 1,000 BTC at a similar rate.

Commentators said at the time that holders were motivated to hoard Bitcoin out of technical curiosity. Given the current price of BTC/USD, financial incentives have inversely fueled the activity of holders hoarding Bitcoin in 2019.