The 17 millionth Bitcoin is mined! Why does it matter?

There will only be 21 million Bitcoins in existence. But we have some years before that will happen. But on April the 26th, 2018, the 17 Millionth Bitcoin has been mined just some hours ago. According to coinmarketcap, the most important virtual currency by market capitalization has reached the 17 million units mined.

With just 4 million Bitcoins left to be mined, the cryptocurrency should increase its value as the demand grows but the offer is more limited each year.

At the moment of writing this article, the percentage of total Bitcoins mined is 80.95% and 1,800 Bitcoins are generated each day. With this rates, Bitcoin has an annual inflation of almost 4%. Once the next halving will occur the inflationary rate will decrease to 1.8% per year.

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The next Bitcoin halving will take place on May the 29 2020. We are almost at half way from there. Since that moment, each bitcoin block mined will reward with 6.25 BTC to the miner that is able to find it.

When Bitcoin halves, the price should notice the impact of less BTC sold by the miners. The market will see less sellers and more buyers. If the adoption of virtual currencies keep is upward trend, and there are no other factors affecting the network, Bitcoin price should see a price increase in the coming years.

Of course it is not possible to know how much it can keep growing, but the buying pressure will be noticeable after the next halving. Currently, Bitcoin is being traded around $8800. Since the beginning of the year, Bitcoin and virtual currencies have been in a bear market that drove the prices down. Since that moment, Bitcoin recovered around 30% and reached $9300 dollars just some days ago.

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