The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
With 18,5 million Bitcoin in circulation already, there are fewer than 2.5 million Bitcoin remaining to be mined, out of the 21 million to be issued overall.
This data, collected and tweeted by ChartBTC, indicates how the halving rewards have impacted the speed at which Bitcoin has been mined:
— ChartsBTC (@ChartsBtc) September 27, 2020
With the remaining 11.9% of Bitcoin still to be mined, the miners will have undergone three halving events. The chart shows how the mining curve has flattened with each mining event, as the reward lessens and the cryptocurrency becomes more expensive and more taxing on energy to mine. Looking at how the generation of each block has slowed down with each halving, it is not likely that the remaining Bitcoin will be mined until 2140.
The move of power from miners to investors
In a panel discussion hosted earlier this year, CEO of Mt Pelerin Arnaud Salomon commented on the shift that has occurred with each halving. With the greater quantity of Bitcoin already in circulation and the less pressing need for tokens to be mined, there has been a shift in power away from miners. He offered:
“The power has shifted away from miners. They’re not in the same position as they used to be ten years ago or even five years ago. The stock is already so big and because today there is a lot of Bitcoin in circulation people are willing to trade and exchange “
This is interesting to note, given how Bitcoin whales can have such an enormous impact on the market movements. If the power has shifted away from miners, which is looking likely, then it has made the move to the large-scale investors who own vast capital in Bitcoin holdings.