Bitcoin reaches milestone of 19 million

The 19th millionth Bitcoin (BTC) was mined today, a milestone for the number one c. 19 million Bitcoin are now in circulation, with only 2 million Bitcoin yet to be minted (or mined) until about the year 2140.

in block 730002Mined by SBI Crypto, the 19 millionth Bitcoin came into circulation. SBI crypto earned ‎6.32 BTC, about $293,000 for the effort in transaction fees and block reward.

A momentous occasion, the Bitcoin community was quick to celebrate the milestone event.

The CEO of possibly one of the world’s most ESG-friendly Bitcoin miners, Kjetil Hove Pettersen of Kryptovault, told Coin-Crypto “we only have 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 Flower Come Mining Company, Bitcoin Flower, told Coin-Crypto that the “19th million bitcoin mined today is a historic moment.” He concluded that it “makes us realize again how important Satoshi Nakamoto’s work was”, and joked 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!” In the past 13 years since Bitcoin’s inception, miners have discovered 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 issue price will be halved, is planned for 2024.

Bitcoin halving and issue rate. Source: Bitcoinfool

For the Bitcoin community, the 19 millionth Bitcoin mined highlights Bitcoin’s scarcity. According to Alex Gladstein, chief strategy officer of the Human Rights Foundation, the scarcity is even more prominent given how early the world is on its way to adopting Bitcoin:

Related: Bitcoin ‘dormant’ for 7+ years moved just before BTC price fell 5%

To date, El Salvador is the only nation-state to have adopted Bitcoin as legal tender and now issues Bitcoin-backed “volcano bonds” to raise money. However, several other countries, including Brazil, showed promising signs of Bitcoin adoption in 2021.

With less than 10% of Bitcoin yet to be mined, the most aggressive Bitcoin buyers, such as Do Kwon’s Luna Foundation Guard, face an uphill battle if they are to keep stacking sats.

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