The 19 millionth Bitcoin was mined on Friday, a landmark occasion for the number one cryptocurrency. 19 million BTC are currently in circulation, leaving only 2 million unmined (or mined) until 2140.
Just 2 million BTC left: Bitcoin hits the 19 million milestone
In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin was in circulation. SBI Crypto made 6.32 BTC, about $293,000 for transaction fees and block rewards trouble. The Bitcoin community was quick to celebrate the milestone on a momentous occasion.
The CEO of possibly one of the world’s most ESGfriendly Bitcoin miners, Kjetil Hove Pettersen of Kryptovault, said that “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 mining days are still ahead of us.”
Bert de Groot, founder of a Bitcoin flower, come mining company, Bitcoin Bloem, said that the “19th million Bitcoin being mined today marks a historical moment.” He concluded that it “makes us realize how important the work was that Satoshi Nakamoto,” joking that “we wish we could have sent flowers to show our gratitude.”
According to Vlad Costea, founder of Bitcoin Takeover, there are “only 2 million BTC left to mine in the next 118 years!” Over the past 13 years since the inception of Bitcoin, miners have uncovered 19 million Bitcoin; the last Bitcoin is expected to be mined in the year 2140.
The 18,500,000 millionth Bitcoin was mined in September 2020, as the current issuance rate is 6.25 Bitcoin per block. The next halving, where the issuance rate is cut in half, is scheduled for 2024.
Bitcoin halving and issuance rate | Source: Bitcoinfool
For the Bitcoin community, the 19 millionth Bitcoin mined highlights the scarcity of Bitcoin. According to Human Rights Foundation chief strategy officer Alex Gladstein, the scarcity is even more prominent, given how early the world is on the route to adopting Bitcoin:
So far, El Salvador is the only country-state that accepts Bitcoin as legal tender, currently 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 be mined, the most active Bitcoin buyers – such as Being a Guardian of Kwon’s Luna Foundation – face an uphill battle if they want to continue stacking Sats.