Wednesday 25 May 2022
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Just 2 million Bitcoin left: Bitcoin hits the 19 million milestone

The 19th millionth Bitcoin (BTC) was mined on Friday, a landmark occasion for the number one cryptocurrency. Nineteen million Bitcoin are now in circulation, with just 2 million Bitcoin yet to be minted (or mined) until roughly the year 2140.

In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin entered circulation. SBI Crypto earned ‎6.32 BTC, roughly $293,000 for the trouble 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 ESGfriendly Bitcoin miners, Kjetil Hove Pettersen of Kryptovault, told Cointelegraph "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 days of mining are still ahead of us.”

Bert de Groot, founder of a Bitcoin flower come mining company, Bitcoin Bloem, told Cointelegraph the “19th million Bitcoin being mined today marks a historical moment.” He concluded that it “makes us realize once more 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:

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

To date, El Salvador is the only nation-state to adopt Bitcoin as legal tender, now issuing 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 the Bitcoin left to be mined, the most aggressive Bitcoin buyers—such as Do Kwon's Luna Foundation Guard—face an uphill battle if they want to continue stacking Sats.

About Sean Patterson

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