The 19th millionth Bitcoin (BTC) is extracted on Friday, which is an important milestone for the most popular cryptocurrency. 19 million Bitcoin are currently in circulation, but only 2 million Bitcoin still to be mined (or mined) up to the year 2140.
Within block 730002, which was mined by SBI Crypto, the 19 millionth Bitcoin was released into circulation. SBI Crypto earned 6.32 BTC approximately $293,000 to cover the hassle of transaction costs as well as block rewards.
The 19,000,000th bitcoin was just mined.
Only 2 million more bitcoin to go.
— Pomp 🌪 (@APompliano) April 1, 2022
A significant event A momentous occasion, the Bitcoin community quickly gathered to celebrate the event’s milestone.
The CEO of perhaps one of the largest and most ESGfriendly Bitcoin mining companies, Kjetil Hove Pettersen of Kryptovault has told Cointelegraph “we have only two million Bitcoin–less than 10% of the total–left to mine.” He continued:
“This may seem like a small number at first glance, but I believe the best days of mining are still ahead of us.”
Bert de Groot, founder of Bitcoin Bloem, a Bitcoin flower mining business, Bitcoin Bloem, told Cointelegraph that the “19th million Bitcoin being mined today marks a historical moment.” He added that this “makes us realize once more how important the work was that Satoshi Nakamoto,” joked the fact that “we wish we could have sent flowers to show our gratitude.”
As per Vlad Costea, founder of Bitcoin Takeover, there are “only 2 million BTC left to mine in the next 118 years!” In the last 13 years, since the beginning of Bitcoin miners have found 19 million Bitcoin and the final Bitcoin is anticipated to be mined in the year 2140.
The 18,000,000 billionth bitcoin was mined the month of September 2020, and the current rate of issuance of 6.25 Bitcoins per block. The next halving, in which the rate of issuance is reduced by half is scheduled for 2024.
In the Bitcoin community 19 millionth Bitcoin mined underscores the rarity of Bitcoin. Based on Human Rights Foundation chief strategy officer Alex Gladstein, the scarcity is even more evident due to the fact that the world is towards embracing Bitcoin:
As of now, El Salvador is the only nation-state that has adopted Bitcoin as a legal currency, and is currently has issued Bitcoin-backed “Volcano Bonds” to raise funds. But, other nations, including Brazil displayed promising indicators of Bitcoin adoption by 2021.
Truly amazing that 19 million of a total of 21 million bitcoin have been issued and globally distributed and yet we are only at the very dawn of nation-state adoption. https://t.co/8MsqbWDapb
— Alex Gladstein 🌋 ⚡ (@gladstein) April 1, 2022
With just 10% of Bitcoin left to mine The most aggressive Bitcoin buyers — like Do Kwan’s Luna Foundation Guard an uphill climb for the next few years if they wish to continue building Sats.