This weekend a new milestone was reached in regards to Bitcoin mining: 80% of all Bitcoins have now officially been mined. 21 million coins are to be produced, by miners have now already mined 16.8 million Bitcoins. It is predicted that all Bitcoins will be mined by approximately 2040.

Bitcoin rewards miners in Bitcoin when they solve challenging mathematical equations using computer software. Since Bitcoin entered into circulation, the number of coins that a miner could receive as a reward has decreased. In 2016 miners who solve complex equations could be expected to receive 12.5 coins, down from 25 in 2012. The drop in the number of coins that could realistically be obtained by miners reflects an increase in the difficulty of the mathematical challenges they are presented with.

The popularity and demand for Bitcoin and other cryptocurrencies have both been picking up momentum since the middle of last year. With Bitcoin seeing its most significant jump in market value in December of last year. As the most popular cryptocurrency on the market demand for Bitcoin is high, as is its scarcity. Commentators in the field of cryptocurrency predict that both the demand and scarcity of Bitcoin will only increase as media interest in cryptocurrencies intensifies.