The 19 millionth bitcoin (BTC) was mined today, a milestone for the number one c. There are currently 19 million Bitcoins in circulation, with only 2 million Bitcoins yet to be minted (or mined) until around 2140.
In block 730002 mined by SBI Crypto, the 19 millionth bitcoin entered circulation. Cryptocurrency SBI earned 6.32 BTC, which is approximately $293,000 for issues with transaction fees and block rewards.
An important event, the bitcoin community quickly celebrated a significant event.
The 19,000,000th bitcoin has just been mined. There are still 2 million bitcoins left. — Pomp (@APompliano) April 1, 2022
The CEO of arguably one of the most ESG-friendly bitcoin miners in the world, Kjetil Howe Pettersen of Kryptovault, told Cointelegraph: “We only have two million Bitcoins left – less than 10% of the total – to mine.” He continued:
“At first glance, this may seem like a small number, but I believe that the best days of mining are yet to come.”
Bert de Groot, founder of Bitcoin mining company Bitcoin Bloem, told Cointelegraph that “the 19th million Bitcoin mined today marks a historic moment.” He concluded that it “makes us realize once again how important Satoshi Nakamoto’s work has been”, joking that “we’d like to send flowers to show our gratitude”.
According to Vlad Kost, founder of Bitcoin Takeover, “There are only 2 million BTC left to be mined in the next 118 years!” Miners have discovered 19 million Bitcoins in the past 13 years since Bitcoin’s inception; the last Bitcoin is expected to be mined in 2140.
The 18,500,000 millionth bitcoin was mined in September 2020 as the current issuance rate is 6.25 bitcoins per block. The next halving, when the emission level is halved, is scheduled for 2024.
For the bitcoin community, the 19 millionth bitcoin mined highlights the scarcity of bitcoin. According to Alex Gladstein, director of strategy at the Human Rights Foundation, the deficit is even more pronounced given how early the world is on the road to Bitcoin adoption:
It is truly amazing that 19 million of the 21 million bitcoins have been issued and distributed around the world, and yet we are only at the dawn of the adoption of the nation state. https://t.co/8MsqbWDapb — Alex Gladstein ⚡ (@gladstein) April 1, 2022 G.
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To date, El Salvador is the only nation-state to have accepted bitcoin as legal tender and is now issuing bitcoin-backed “volcano bonds” to raise money. However, several other countries, including Brazil, have shown promising signs of Bitcoin adoption in 2021.
With less than 10% of bitcoin left to mine, the most aggressive bitcoin buyers, like the Luna Do Kwon fund guards, have an uphill battle ahead if they want to keep accumulating satoshi.