The 19th Bitcoin (BTC) was mined last Friday, a historic occasion for the first digital currency. 19 million bitcoins are in circulation now, with only 2 million bitcoins not minted (or mined) until about the year 2140.
In block 730002, which was mined by SBI Crypto, 19 million bitcoins entered circulation. SBI Crypto earned 6.32 bitcoins, which is approximately $293,000 for transaction fees and a block reward.
It's a momentous occasion, and the Bitcoin community has been scrambling to celebrate this milestone, said Kjetel Hoff Peterson of CryptoVault, CEO of one of the world's leading Bitcoin miners. Environmental, Social and Governance in the World, to Coin Telegraph: We only have 2 million bitcoins - less than 10% of the total - left for mining.
This may seem like a small number at first glance, but I think the best days of mining are still ahead of us,' Peterson continued.
As Bert de Groot, founder of the Bitcoin mining company, Bitcoin Bloem, told Coin Telegraph that 19 million Bitcoins have been mined today which represents a historic moment. He concluded that it makes us realize once again how important it is to work for Satoshi Nakamoto, joking that we wish we had sent flowers to show our gratitude.
According to Vlad Kostya, founder of Bitcoin Takeover, there are only 2 million Bitcoins left to mine in the next 118 years! Over the past 13 years since the emergence of Bitcoin, miners have discovered 19 million Bitcoins; The last Bitcoin is expected to be mined in 2140.
18.5 million bitcoins were mined in September 2020, with the current issuance rate of 6.25 bitcoins per block. The next halving, where the release rate is halved, is scheduled for 2024.
For the bitcoin community, the 19 million bitcoins that have been mined highlight the scarcity of bitcoin. According to Alex Gladstein, head of strategy at the Human Rights Foundation, the scarcity is even more pronounced, given the time the world started on its path to Bitcoin adoption.
To date, El Salvador is the only nation-state to adopt Bitcoin as legal tender, and is now issuing Bitcoin-backed Volcano Bonds to raise funds. However, several other countries including Brazil have shown promising signs for Bitcoin adoption in 2021.
With less than 10% of bitcoin left to be mined, even more aggressive bitcoin buyers — like the Luna Foundation Guard of du Coon — face an uphill battle if they want to keep going. in currency accumulation.
