RATE Group | Bitcoin supply is running out as 85% of ALL coins now ‘mined’ – and experts say price co…
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Bitcoin supply is running out as 85% of ALL coins now ‘mined’ – and experts say price co…

01 Aug Bitcoin supply is running out as 85% of ALL coins now ‘mined’ – and experts say price co…

Posted at 19:46h in Bitcoin News by

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OVER 85 per cent of the world’s Bitcoin has now been gobbled up by coin-hungry cryptocurrency miners.

Reports show that over 17million of the digital currency’s 21million coins have been mined and are being traded by crypto fans.

Miners are 85% of the way through the world's unmined Bitcoin

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Miners are 85% of the way through the world’s unmined BitcoinCredit: Reuters

As a result, just 3million Bitcoin remain, CoinMarketCap reports.

The news led crypto trading account Rhythm to warn on Twitter: “Scarcity is about to kick in.”

Bitcoin – a virtual currency traded without the use of a bank – can be used to anonymously buy a variety of items.

From the right websites or shops, you can buy things like Xbox games and hotel rooms, though the coin is notorious for its use in the trade of illicit goods like drugs.

A cryptocurrency farm housing hundreds of hard drives attempting to mine Bitcoin

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A cryptocurrency farm housing hundreds of hard drives attempting to mine BitcoinCredit: AFP or licensors

Much of the hype is about getting rich by trading it.

Previous analyses have suggested that the coin’s value could jump as it becomes…

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