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.

3 Number of Bitcoins mined

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.

3 Miners are 85% of the way through the world's unmined Bitcoin Credit: Reuters

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 more scarce over time.

Trusted crypto-analyst PlanB recently calculated that the coin could ten times its current worth to around £82,000 per Bitcoin by March 2020.

Others are less optimistic, and argue that a recent value boom fed by Facebook's announcement that it is creating its own cryptocurrency will taper off by 2020.

3 A cryptocurrency farm housing hundreds of hard drives attempting to mine Bitcoin Credit: AFP or licensors

Despite crypto fans already having mined 85 per cent of Bitcoin, the digital currency isn't expected to run dry any time soon.

Like any currency, there are a finite number of the coins in order to stop its value from going down the toilet.

We're not expected to hit the 21million mark until around 2140, so there's no need to panic just yet.

Mining Bitcoin involves solving difficult maths problems using computer processors. Miners are currently paid 12.5 Bitcoin (worth over £100,000 as of August 2019) for each "block" mined.

What is Bitcoin? Bitcoin got you baffled? Here's what you really need to know Bitcoin is a virtual currency

It's traded between people without the help of a bank

Every transaction is recorded in a public ledger, or 'blockchain'

Bitcoin is created by mining

Mining involves solving difficult maths problems using computer processors

Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities

A single Bitcoin is worth over £8,600 as of August 2, 2019, but the value fluctuates wildly

Bitcoin is one of many different cryptocurrencies, but by far the most popular

The maths problems miners needed to solve were simpler (and worth far less cash) when the currency was born in 2009, to encourage people to get involved in mining.

However, they've gotten progressively harder ever since, now requiring rooms of computers known as Bitcoin farms to solve each problem.

That's why it's possible to hit 85 per cent just ten years into the coin's lifetime, yet still have over 100 years left until we can mine no more.

That won't mean that Bitcoin dies out altogether – it'll just mean people aren't paid to mine it any more.

Instead, the network may have to shift to rewarding miners with transaction fees.

Tube worker trying to pay for his wife's hospital treatment lost £16,000 to bitcoin investment scammers

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In other news, a "Bitcoin city" is being built in Malaysia where people will only be able to use cryptocurrencies.

Earlier this year, more than £100million in digital cash went missing from a dead Bitcoin trader's laptop.

And, Britain’s first "Bitcoin Baby" earned £3,000 in just two weeks thanks to hundreds of crypto-donations in January.

Have you ever bought Bitcoin? Let us know in the comments!

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