Records show that 19,000,000 bitcoin were mined and put into circulation on April 1, 2022. Mining participants have only two million bitcoins remaining after the 21 million limit.
Satoshi’s Predictable and Mathematical Design — 19 million Bitcoins Have been Issued
After records showed that 19,000,000 bitcoin had been mined, the Bitcoin ( BitcoinTC ) network hit a significant milestone on Friday, April 1, 2022. Block height 730,034 was the watershed moment. There are only two million bitcoin left to mine. Block height was the total amount of bitcoin that existed at 7:05 PM (ET).
Satoshi Nakamoto, the creator of the Bitcoin network, set the maximum supply at 21 million. Research shows that this number is only a fraction less than 21 millions. Some estimates suggest that there will be only 20,999,817.31 BTC.
The Bitcoin Dashboard at clarkmoody.com shows that there are only 1,999,781.23 left.
A miner finds a block and the coin issuance goes up by 6.25 Bitcoins per block ($ 289 656) found. Each block is discovered approximately every ten minutes. The next block reward halving will occur around May 3, 2024. The next halving will occur in 2028. Miners will receive 3.125 bitcoins per block.
BTC issuance is mathematically programmed and predictable. This is why it is possible to estimate the time between difficulty adjustment and the next halving. The Bitcoin network’s annual inflation rate is currently 1.74%. After each halving, it will continue to slide.
Although data suggests that there have been 19 million bitcoins created, it is not known how many are actually in circulation. This is because there are unknown numbers of lost or unobtainable coins that can never be used.
Satoshi Nakamoto, however, accounted for the problem of lost coins when he stated that inaccessible bitcoins would make the cryptocurrency asset more scarce and thus more valuable. “Lost coins make all coins slightly less valuable.” Nakamoto stated that it is a donation to all.
The next halving will occur in 2024. It is anticipated that block rewards will cease issuing new bitcoins by 2140. In the meantime, the miner-reward system based solely on transaction fees will continue to operate.
At 7:05 PM (ET), 19 million bitcoins were mined. Records show that there are approximately 109.966 blocks to be mined until the next reward halving.