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On Friday, the 19th millionth Bitcoin (BTC) was mined, marking a watershed moment for the world's most popular cryptocurrency. There are currently 19 million Bitcoin in circulation, with only 2 million more to be issued (or mined) until about the year 2140.
The 19 millionth Bitcoin was mined by SBI Crypto and entered circulation in block 730002. For the trouble of transaction fees and block reward, SBI Crypto earned 6.32 BTC, or about $293,000.
The Bitcoin community was quick to recognize the historic occurrence as a cause for celebration.
“We have only two million Bitcoin—less than 10% of the total—left to mine,” Kjetil Hove Pettersen of Kryptovault, the CEO of possibly one of the world’s most ESGfriendly Bitcoin miners, told Cointelegraph. He went on to say:
“This may seem like a small number at first glance, but I believe the best days of mining are still ahead of us.”
The “19th million Bitcoin being mined today marks a historical occasion,” according to Bert de Groot, founder of Bitcoin Bloem, a Bitcoin flower turned mining company. He stated that it “reminds us how significant Satoshi Nakamoto’s effort was,” adding that “we wish we could have sent flowers to express our gratitude.”
“There are just 2 million BTC remaining to mine in the next 118 years!” said Vlad Costea, founder of Bitcoin Takeover. Miners have discovered 19 million Bitcoins in the 13 years since Bitcoin’s launch; the last Bitcoin is projected to be mined in the year 2140.
Because the current supply rate is 6.25 Bitcoin per block, the 18,500,000 millionth Bitcoin was mined in September 2020. The next halving, which will lower the issue rate in half, is set for 2024.
The 19 millionth Bitcoin mined emphasizes Bitcoin’s scarcity to the Bitcoin community. Given how early the world is on the road to adopting Bitcoin, according to Human Rights Foundation chief strategy officer Alex Gladstein, scarcity is even more prominent:
“Truly amazing that 19 million of a total of 21 million bitcoin have been issued and globally distributed and yet we are only at the very dawn of nation-state adoption.”
