The 19 millionth Bitcoin has been mined, only about 2 million left to mine
Current data shows that the 19 millionth Bitcoin has been mined and there is less than 2 million BTC left for miners to put into circulation. Once the supply limit of 21 million is reached, Bitcoin will not create any new coins.
In an interview with Cointelegraph, Kryptovault CEO Kjetil Hove Pettersen said that there are only 2 million Bitcoins left unmined in the world, which is less than 10% of the total Bitcoin supply.
“At first glance this may seem like a small number, but in my opinion, the golden age of Bitcoin mining is coming,” he asserted.
Mr. Bert de Groot, founder of Bitcoin Flower Come mining company, Bitcoin Bloem, told Cointelegraph: “The 19 million Bitcoins mined today marks a historic moment. This event makes us a once again realize the meaning of creating Bitcoin that Satoshi Nakamoto did.”
According to Vlad Costea, the founder of Bitcoin Takeover, there are only 2 million BTC left to mine in the next 118 years. In the 13 years since its inception, miners have discovered 19 million Bitcoins, with the last Bitcoin expected to be mined in 2140.
The 18,500,000th Bitcoin was mined in September 2020, as the current issuance rate is 6.25 Bitcoins per block.
Bitcoin’s Scarcity
The principle of limiting the supply of Bitcoin was designed by Satoshi Nakamoto, the father of Bitcoin, to limit inflation in the Bitcoin market and increase the value of this currency.
According to Bitcoin Magazine, before Bitcoin was born, the digital currency suffered from a major flaw. That is double-spending fraud, which occurs when the same amount of money is spent many times.
At that time, the only way to mitigate this situation was for central authorities to take control of the amount of money being transacted, while also determining the balance of users’ accounts. This practice has many similarities with traditional financial systems.
However, by using the consensus algorithm (PoW), Bitcoin can completely prevent double-spending or at least raise the cost of performing this fraud. The PoW algorithm requires computers to solve complex mathematical functions to validate transactions and generate new blocks on the blockchain.
Miners and nodes will work together to ensure the issuance and operation of this cryptocurrency. Therefore, investors cannot accumulate Bitcoin in large quantities because of this supply-limiting principle.
In the past, miners often sold their earned Bitcoins on exchanges, then converted to real money. Recently, however, miners often put the coins themselves on their balance sheets and lend them out when needed. This causes a large amount of Bitcoin to lie dormant in the systems for a long time and the amount that actually circulates in the market becomes increasingly scarce.
According to Bitcoin software, the amount of Bitcoin rewarded for each new block added will be halved over time every 210,000 blocks. Specifically, the first 210,000 blocks will receive 50 Bitcoins for each new block added to the network.
The next 210,000 blocks will receive 25 Bitcoins per block. And so on until the amount of Bitcoin reward per Block decreases to 0. Since each block will be added to the chain (chain) after about 10 minutes, to add every 210,000 blocks it takes a period of 1,438 days, equivalent to 3, 94 years.
Also programmatically, each Bitcoin can be divided up to 8 decimal places (0.00000001). The first block was mined on January 1, 2009 by Shatoshi Nakamoto, who (or group of people) is said to be the father of Bitcoin.
According to the rule of descending to 8 decimal places mentioned above, by the year 2140, after 32 downward adjustments, the number of Bitcoin rewards for each new block added to the network will decrease to 0. At that time, the total number of Bitcoins has been reduced. mined is approximately 21,000,000 Bitcoins.
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