November 28, 2022

Only 2 million Bitcoins will be mined during the next 100 years once the 19 millionth is mined.

Bitcoin Miners Usually Create 6 Blocks per Hour. They Just Banged Out 16 -  CoinDesk

On Friday, the 19th millionth Bitcoin (BTC) was mined, marking a watershed moment for the world’s most popular cryptocurrency. There are currently 19 million Bitcoin in circulation, with only 2 million more to be issued (or mined) until about the year 2140.

The 19 millionth Bitcoin was mined by SBI Crypto and entered circulation in block 730002. For the hassle of transaction fees and block reward, SBI Crypto got 6.32 BTC, or almost $293,000.

The Bitcoin community was quick to recognize the historic occurrence as a cause for celebration.

“We have just two million Bitcoin—less than 10% of the total—left to mine,” Kjetil Hove Pettersen of Kryptovault, the CEO of probably one of the world’s most ESGfriendly Bitcoin miners, told Cointelegraph. He went on to say:

“At first look, this may appear to be a minor figure, but I believe the finest days of mining are yet ahead of us.”

The “19th million Bitcoin being mined today represents a historical occasion,” according to Bert de Groot, creator of Bitcoin Bloem, a Bitcoin flower turned mining firm. He stated that it “reminds us how significant Satoshi Nakamoto’s effort was,” adding that “we wish we could have sent flowers to express our thanks.”

“There are just 2 million BTC remaining to mine in the next 118 years!” said Vlad Costea, founder of Bitcoin Takeover. Miners have discovered 19 million Bitcoins in the 13 years since Bitcoin’s launch; the last Bitcoin is projected to be mined in the year 2140.

Bitcoins in 100 years

Because the current supply rate is 6.25 Bitcoin per block, the 18,500,000 millionth Bitcoin was mined in September 2020. The next halving, which will lower the issue rate in half, is set for 2024.

Bitcoin halving and issuance rate. Source: Bitcoinfool

The 19 millionth Bitcoin mined emphasises Bitcoin’s scarcity to the Bitcoin community. Given how early the world is on the road to embracing Bitcoin, according to Human Rights Foundation senior strategy officer Alex Gladstein, scarcity is even more prominent:

El Salvador is now the only country to accept Bitcoin as legal cash, and it is now offering Bitcoin-backed “Volcano Bonds” to generate funds. However, in 2021, a number of other nations, like Brazil, showed hints of Bitcoin acceptance.

The most aggressive Bitcoin purchasers, such as Do Kwon’s Luna Foundation Guard, face an uphill struggle if they wish to keep accumulating Sats with fewer than 10% of the Bitcoin still to be mined.

Visit Siqka Blog for more crypto related financial news for Asia.

56 thoughts on “Only 2 million Bitcoins remain to be mined

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