80% of the total Bitcoin supply has been mined

80% of the total Bitcooin supply had been mined. This meant that out of the maximum limit of 21 million Bitcoins set by Satoshi Nakamoto, 16.8 million had been extracted from the bitcoin miners.

This moment underscored the increasing scarcity of Bitocin, as only 20% or 4.2 million Bitcoins remained to be mined. The mining reward at that time was 12.5 BTC per block, which is halved approximately every four years in an event known as “Bitcoin halving.”
 

This scarcity is an integral part of Bitcoin’s value proposition, as it introduces a digital equivalent of rarity that can potentially drive demand.