Record keeping shows that 19 million Bitcoin were in circulation as of April 1, 2022. With the max supply set at 21 million, there’s only two million bitcoins left to be found by mining participants.
Satoshi’s Mathematical and Predictable Design — 19 Million Bitcoins Have Been Issued
On Friday, April 1, 2022 the Bitcoin network (BTC) reached a landmark. Records show that 19,000,000 bitcoin were mined. The watershed moment occurred at block height 730,034 and now there’s only two million left to be mined. The total bitcoin amount was at block height 19,000004.68 BTC (ET)
Satoshi Nakamoto, who created Bitcoin, set the limit to 21,000,000. Research shows this number to be a little less than 21,000,000. There will be only 20,999,817.31 BTC according to estimates.
The bitcoin dashboard at clarkmoody.com, which was leveraged to record the 19 million bitcoins mined into existence on Friday, shows there’s only 1,999,781.23 BTC left to find.
The coin issuance goes up by 6.25 bitcoins each block when a block has been found by a miner$289,656) found. Each block is found approximately every ten minutes. The next block reward halving will occur around May 3, 2024. Miners will receive 3.125 Bitcoins per block after the next halving takes place. The 2028 halving is also planned.
BTC’s issuance is programmed, mathematical, and ultimately predictable and this is why people can estimate the time frame between difficulty adjustment changes and when the next halving occurs. At the time of writing, the Bitcoin network’s inflation rate per annum is 1.74% and after each halving, the annual inflation metric will continue to slide.
Data shows that 19 million Bitcoins have been mined, but no one knows exactly how many bitcoins are currently in circulation. This is due to the fact that there’s an unknown number of unobtainable or lost coins that will never be spent.
Satoshi Nakamoto, however, accounted for this dilemma by stating that inaccessible bitcoins would make crypto assets scarcer and thus more valuable. “Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone,” Nakamoto said.
The next halving will occur in 2024. It is anticipated that the block rewards system will cease issuing new bitcoins by 2140.
After 19 million bitcoin was mined at 7:05 p.m. (ET), records show there’s approximately 109,966 blocks left to mine until the next reward halving.
What do you think about the 19 million bitcoin found on April 1, 2022, and the fact that there’s only two million bitcoin left to be mined? Comment below and let us know how you feel about the subject.
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