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Bitcoin hits 19 million milestone

The 19 millionth Bitcoin (BTC) was mined on Friday, a milestone for the number one cryptocurrency. Nineteen million bitcoins are now in circulation, with only 2 million bitcoins remaining to be minted (or mined) by around the year 2140.

In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin came into circulation. SBI Crypto earned 6.32 BTC, approximately $293,000 for the transaction fee and block reward issues.

The bitcoin community was a momentous occasion to quickly celebrate the milestone event.

The CEO of possibly one of the most ESG-friendly bitcoin miners in the world, Kryptovault’s Kjetil Hove Pettersen, told Cointelegraph, “We only have two million bitcoins left to mine – less than 10% of the total.” He continued:

“That might seem like a small number at first, but I believe the best days of mining are yet to come.”

Bert de Groot, founder of a Bitcoin Flower Come mining company, Bitcoin Bloem, told Cointelegraph that “19 million Bitcoin being mined today marks a historic moment.” He concluded that it “makes us realize once again how important Satoshi Nakamoto’s work was,” and joked, “we wish we could have sent flowers to show our gratitude.”

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According to Vlad Costea, the founder of Bitcoin Takeover, “There are only 2 million BTC left mine in the next 118 years!” In the last 13 years since Bitcoin’s inception, miners have discovered 19 million Bitcoin; the last bitcoin is expected to be mined in 2140.

The 18,500,000 millionth bitcoin was mined in September 2020 as the current issuance rate is 6.25 bitcoins per block. The next halving, in which the issue price will be halved, is planned for 2024.

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Bitcoin halving and issuance rate. Source: Bitcoinfool

For the bitcoin community, the 19 millionth bitcoin mined underscores the scarcity of bitcoin. According to Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, the scarcity is even more pronounced given how early the world is on the road to Bitcoin adoption:

Related: Bitcoin has been “dormant” for more than 7 years, moving just before BTC price fell 5%

To date, El Salvador is the only nation-state to have adopted bitcoin as legal tender and is now issuing bitcoin-backed “volcano bonds” to raise funds. However, several other countries, including Brazil, have shown promising signs for Bitcoin adoption in 2021.

With less than 10% of bitcoin yet to be mined, the most aggressive bitcoin buyers — such as Mach Kwon’s Luna Foundation Guard – face an uphill battle if they want to keep stacking sats.