The 19th million Bitcoin (BTC) was mined on Friday, a landmark event for the number one cryptocurrency. Nineteen million Bitcoin are now in circulation, with only 2 million Bitcoin still to be minted (or mined) until around the year 2140.
In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin entered circulation. SBI Crypto won 6.32 BTC, approximately $293,000 for the issue of transaction fees and block reward.
A momentous occasion, the Bitcoin community was quick to celebrate the historic event.
The 19,000,000th bitcoin was just mined.
Only 2 million more bitcoin to go.
— Pump (@APompliano) April 1, 2022
The 19,000,000th bitcoin has just been mined.
There are only 2 million more bitcoins left.
The CEO of possibly one of the world’s most ESG friendly Bitcoin minersKjetil Hove Pettersen of Kryptovault told Cointelegraph that “we only have two million Bitcoin left, less than 10% of the total, to mine.” He continued:
“This may seem like a small number at first glance, but I think the best days of mining are yet to come.”
Bert de Groot, fundador de a Bitcoin mining company, Bitcoin Bloemtold Cointelegraph that “the 19 million Bitcoin mined today marks a historic moment.” He concluded that it “makes us realize once again how important Satoshi Nakamoto’s work was”, and joked that “we wish we had sent flowers to show our gratitude”.
According to Vlad Costea, founder of Bitcoin Takeover, “There are only 2 million BTC left to minar in the next 118 years.” Over the past 13 years since Bitcoin’s inception, miners have discovered 19 million Bitcoins; expect the last Bitcoin to be mined in the year 2140.
The Bitcoin number 18,500,000 million was mined in September 2020while the current issuance rate is 6.25 Bitcoin per block. The next halving, where the emission rate is cut in half, is scheduled for 2024.
For the Bitcoin community, the 19 millionth Bitcoin mine highlights the scarcity of Bitcoin. According to Human Rights Foundation Chief Strategy Officer Alex Gladstein, scarcity is even more prominent, given how early the world is on the path to Bitcoin adoption:
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
Truly amazing that 19 million out of a total of 21 million bitcoins have been issued and distributed globally and yet we are only at the dawn of nation-state adoption.
To date, El Salvador is the only nation-state to adopt Bitcoin as legal tender, now issuing “Volcano Bonds” backed by Bitcoin to raise money. However, several other countriesincluding Brazil, showed promising signs of Bitcoin adoption in 2021.
With less than 10% of Bitcoin to be mined, the most aggressive Bitcoin buyers, such as Luna Foundation Guard de Do Kwonthey face an uphill battle if you want to keep accumulating Sats.
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