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There Are Only 2 Million Bitcoins Left To Be Mined

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The 19th millionth Bitcoin (BTC) was mined on Friday, signalling a watershed moment for the world’s most popular cryptocurrency. There are presently 19 million Bitcoins in circulation, with only 2 million more expected to be released (or mined) until about the year 2140.

SBI Crypto mined the 19 millionth Bitcoin, which entered circulation at block 730002. SBI Crypto received 6.32 BTC, or nearly $293,000, for the bother of transaction fees and block reward.

The Bitcoin community reacted quickly to the historic incident as a cause for joy.

“We have just two million Bitcoin—less than 10% of the total—left to mine,” Kjetil Hove Pettersen of Kryptovault, CEO of one of the world’s most environmentally friendly Bitcoin miners, told Cointelegraph. He continued, saying:

“At first look, this may appear to be a minor figure, but I believe the finest days of mining are yet ahead of us.”

The “19th million Bitcoin being mined today represents a historical occasion,” said Bitcoin Bloem, a Bitcoin flower turned mining firm, founded by Bert de Groot. It was stated by him “reminds us how significant Satoshi Nakamoto’s effort was,” adding that “we wish we could have sent flowers to express our thanks.”

“There are just 2 million BTC remaining to mine in the next 118 years!” Vlad Costea, the creator of Bitcoin Takeover, stated In the 13 years after Bitcoin’s inception, miners have discovered 19 million Bitcoins; the last Bitcoin is expected to be mined in the year 2140.

The 18,500,000 millionth Bitcoin was mined in September 2020, based on the current supply rate of 6.25 Bitcoin per block. The next halving, which will cut the interest rate in half, is scheduled for 2024.

To the Bitcoin community, the 19 millionth Bitcoin mined emphasizes Bitcoin’s scarcity. Given how early the world is adopting Bitcoin, scarcity is even more obvious, according to Human Rights Foundation senior strategy manager Alex Gladstein:

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El Salvador is currently the only country that accepts Bitcoin as legal tender, and it is already providing Bitcoin-backed “Volcano Bonds” as a means of raising funding. However, by 2021, a number of other countries, like Brazil, have shown signs of Bitcoin acceptance.

With less than 10% of Bitcoin still to be mined, the most active Bitcoin purchases, such as Do Kwon’s Luna Foundation Guard, have an uphill battle to maintain accumulating Sats.