No Joke: Only 2M Bitcoin Remain to Be Mined

0
14

This April Fools’ Day, the flagship cryptocurrency network has surpassed a very real and significant milestone.

Key Takeaways

  • 19 million of a maximum 21 million Bitcoin have been mined as of today.
  • The rate at which new Bitcoin can be mined slows over time, with the last Bitcoin set to be mined in the year 2140. 
  • The milestone achievement has taken place only days ahead of Bitcoin Miami, the world’s largest Bitcoin conference, happening next week.

As of today, 19 million out of the 21 million Bitcoin that will ever exist have been mined.

Two Million More

Only two million Bitcoin remain to be mined.

Today, the 19-millionth Bitcoin was mined, according to both CoinGecko and CoinMarketCap. This means that fewer than two million new Bitcoin can ever be added to the circulating supply from this point forward.

The rate at which new Bitcoin is issued to miners—as rewards for solving complex mathematical equations via computing power—slows over time, and the last Bitcoin is set to be mined in the year 2140.

Also today, Kraken, a virtual currency exchange that exceeds $1 billion in daily trading volume, has integrated the Lightning Network. The Lightning Network is a Bitcoin Layer 2 scaling solution that attempts to establish Bitcoin as a more viable peer-to-peer, daily use digital cash, in addition to its store-of-value properties, by making transactions faster and less expensive. Lightning Network functionality reportedly existed for Kraken users before the exchange officially made the announcement.

In other Bitcoin news this week, Silvergate loaned MacroStrategy (a subsidiary of Michael Saylor’s MicroStrategy) $215 million in order to buy Bitcoin. MicroStrategy famously already owns roughly 0.5% of all Bitcoin in existence.

Also this week, Bitcoin underwent mildly bullish price action, in part fueled by increasing network activity.

Not all Bitcoin-related endeavors have been successful today, however. Earlier, the Securities and Exchange Commission denied Ark Invest’s Bitcoin spot exchange-traded fund application.

The 19-millionth Bitcoin was also mined only a few days in advance of the annual Bitcoin Miami conference, which will commence next week. Bitcoin Miami is the world’s largest gathering of Bitcoin enthusiasts, and major developments are often announced there. For example, it was at the same conference last year that El Salvador’s president, Nayib Bukele, first announced that he would send a bill to make Bitcoin legal tender to that country’s congress. Though some have speculated the nation of Honduras may follow suit, recent reporting suggests that is unlikely.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

NFT Express: Your on-ramp to the world of NFTs

At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…

Russia Could Sell Gas for Bitcoin, Says Energy Committee Chief


News


Russia’s chairman of the Energy Committee of the State Duma Pavel Zavalny has said that the country would be open open to selling energy to the West for rubles, gold,…

Bitcoin’s Network Activity Is Soaring. What Comes Next?

Several on-chain metrics suggest that Bitcoin is gaining strength for a significant bullish impulse. Still, the top crypto has a big hurdle to overcome first.  Bitcoin On-Chain Metrics Pick Up…

“I’m A Present-ist:” Crypto Candidate Andrew Yang Ta…

Move over, John McAfee, there’s a new crypto candidate for President. Andrew Yang may not have a lifelong love affair with guns and drugs, or the same appetite for risky…

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here