There is a virtual currency called the "Bitcoin."
Sean Gladwell.
According to data from the website, 90 percent of all bitcoins have been mined.
Out of the maximum supply of 21 million coins, 18.9 million are now on the open market. The final 10% of mining is not expected to happen until February 2140, based on network estimates and halving schedules.
halving is when the number of new bitcoins entering circulation shrinks.
The halving process will make mining more difficult. The amount of money miners get for every mined block will decrease by half in four years.
20% of the digital currency have been lost, meaning they can't be retrieved. It is unlikely that the open market will ever see a full 21 million coins in circulation.
On Monday, the price of the virtual currency fell to just under $50,000, continuing a recent decline. Some investors point to technical readings as a reason to reduce their exposure to cryptocurrencies, after last week's 27% drop in bitcoin.
Despite the recent sell-off, some people still think that the value of bitcoin will surge.
Business Insider has an original article.
