Highlights

Bitcoin below its average price over the last 200 days
Bitcoin has dropped for four consecutive weeks
90% of the total bitcoin supply already mined

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90% of Bitcoin already mined, prices continue to tumble for the cryptocurrency

Name: 90% of Bitcoin already mined, prices continue to tumble for the cryptocurrency
Uploaded: 2021-12-14T08:40:04.000+05:30
Duration: T00M48S
Channel: EJ Biz Desk
Description: 90% of the total bitcoin supply of 21 million has been mined as of Monday, this as per data from Blockchain.com. The remainder which is just over 2 million Bitcoins is not expected to be mined until February 2140. So the mine...

The digital asset dropped as much as 8.4% to $45,773 on Monday in US market trade.

Updated: Sep 02, 2022 10:53

EJ Biz Desk

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90% of Bitcoin already mined, prices continue to tumble for the cryptocurrency

90% of the total bitcoin supply of 21 million has been mined as of Monday, this as per data from Blockchain.com.

The remainder which is just over 2 million Bitcoins is not expected to be mined until February 2140. So the miners can continue to hunt and solve for the digital treasure until then.

Also read/watch: Your Complete Crypto Guide: The Good, The Bad and The Ugly!

Bitcoin operates on a proof-of-work model, which means that miners must compete to solve complex math problems to validate transactions. It took 12 years for miners to discover and solve for 90% of the supply.

Meanwhile, Bitcoin prices have been slumping. The token is down 30% from it's record high, down for 4 straight weeks and now trading below it's 200 day moving average which signals to technical chartists that more downside is on the cards.