Bitcoin price: Only 10 per cent of cryptocurrency left to mine after coin hits major milestone – World News

Bitcoin price: Only 10 per cent of cryptocurrency left to mine after coin hits major milestone

Although it has been bitcoin’s worst week in months, there is a silver lining that could see the price of the blockchain skyrocket.

Even as bitcoin is experiencing a few weeks with major price drops, a significant number is expected to increase interest in the digital currency.

I have less than 10 percent of my bitcoin left as the cryptocurrency passed a major milestone this week.

Data from shows that out of a possible 21 million virtual coins, 18.9 million have been minted, sun report,

Bitcoin is the world’s first fully virtual currency and the new currency is created by mining, a complex online process that uses computer code.

It involves using a computer to solve a mathematical problem with 64 digit solutions to create new coins.

For each problem solved, a block of bitcoins is processed. The first miner to solve the problem is rewarded with a new bitcoin.

These new coins are then stored virtually through an online database called a blockchain.

The maximum amount of bitcoins that could ever exist is 21 million.

Bitcoin was created in 2009 by an unknown computer Viz using the alias Satoshi Nakamoto.

Data from on Monday showed that 18.9 million out of 20,999,999 potential bitcoins had been mined.

This is a milestone that took 12 years to reach.

Experts believe that the last bitcoin will be mined in February 2140.

No new bitcoins will come into circulation after the previous one is mined.

Currently the price of one bitcoin is around US$48,000 (A$67,000).

As the coins depreciate, the value may increase.

This article is originally from . appeared in Sun and was reproduced here with permission.

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