19,000,000 bitcoins have already been mined! As predicted by Satoshi Nakamoto, the mysterious creator of the digital currency, there are only 2 million cryptocurrencies left to be mined. The mining of the last Bitcoin will take place sometime in the year 2140.
On April 1, 2022, Bitcoin reached a new milestone. As an analysis of the blockchain shows, the network has just passed the 19 million cryptocurrency mark. Block 730,000 of the blockchain resulted in the mining of the 19 millionth Bitcoin.
The queen of digital currencies is becoming an increasingly rare currency. Now, more than 90% of bitcoins are already circulating on the market. At the creation of the currency, Satoshi Nakamoto decid to limit the quantity of bitcoins to 21 million.
Once 21 million bitcoins have been mined, it will no longer be possible to mine new currencies. The Bitcoin code, as in the cryptocurrency white paper, does not allow new tokens to exist once ehy reach this threshold. According to experts, it will be necessary to wait until 2140 for the last Bitcoin to exit mining.
“Once a predetermined number of coins have been released, the incentive can be fully funded by transaction fees; and no longer require inflation,” says Satoshi Nakamoto, whose identity is still unknown, in the White Book. In an email exchanged with other leading players in the Bitcoin network; he then clarified that “the total quantity in circulation will be 21,000,000 coins”.
In reality, there are not really 19 million bitcoins in circulation on the market. According to a study by Chainalysis, a company specializing in blockchain analysis, more than 20% of the 19 million existing bitcoins are also on lost wallets. Many investors have indeed lost access to their cryptocurrency reserves. Other holders have carefully kept their currencies on wallets for several years. This is the case of Nakamoto, whose bitcoins have not moved since 2010.
“BTC’s issuance is 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”.
Mirroring gold, the quantity of which has a limit; Bitcoin seems well on its way to establishing itself as a store of value. The gradual reduction in the supply of bitcoins should be accompanied by a frantic increase in its value. This is why many analysts believe that the price of Bitcoin will continue to rise in the coming years.