By an estimate of round million milestones – officially, it has been declared that 17 million BTC have been explored by the date 26th of April – as per the data, which is received from the website statoshi.info.
This effectively gives another statistic in our hand that only 19 % – that is, 4 million is the official number of Bitcoins which are yet to be mined!
It happened in the month of November in the year of 2016 that Bitcoin hit a million mark enumerating its total supply at 16 million Bitcoin. The code of Bitcoin has constrained the total supply of Bitcoins at 21 million Bitcoins. This code has been put in place so that successive scarcity of coins keeps on building. It is embedded within the protocol of Bitcoin that successive mining operations would make the mining of Bitcoin progressively difficult. It is because of the reason that with the production of every 210,000 blocks it so happens that the network of Bitcoin keeps on halving the reward in blocks. It effectively slows down the exponential rate of Bitcoin creation.
This halving operation was done in July 2016 for the last time and after that it was decided that the miners would be only 12.5 Bitcoin reward with the mining of every block. If we assume that the protocol of Bitcoin shall remain as it was before – that is – it will keep on following the halving schedule of Satoshi and the halving schedule of validation of block – which happens every 600 seconds on an average, then the last of the Bitcoins to be mined would be in the year 2140.
This kind of mechanism of halving of the block rewards keeps building an artificial scarcity within the system and is analogous to the movement of precious metals such as gold. Also gold is that precious metal with which Bitcoin had been compared for long period. A similar analogue of Bitcoin and gold was put forwarded by Satoshi Nakamoto in his original white paper.
It happened just a couple of days before that the big gun in the industry of Bitcoin Mr. Tim Draper audaciously declared that the phenomenon of Bitcoin is going to further surpass the internet growth. He did not stop here but compared the growth of Bitcoin with the growth of industrial revolution, renaissance and Iron Age combined! Earlier in the month of April he had made a prediction that this cryptocurrency Bitcoin would be hitting the price of $ 250,000 within the next coming five years.