Tech

Bitcoin: 19,000 cryptocurrencies have been mined, only 2 million remain

19,000 bitcoins have already been mined! As predicted by Satoshi Nakamoto, the mysterious creator of the digital currency, there are only 2 million cryptocurrencies left to be mined. The last Bitcoin will be mined sometime in the year 2140.

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On April 1, 2022, Bitcoin reached a new milestone. As an analysis of the blockchain shows, the network has just passed the 19 million cryptocurrency mark. Block 730,000 of the blockchain resulted in the mining of the 19 millionth Bitcoin.

The queen of digital currencies becomes an increasingly rare currency. Now, more than 90% of bitcoins are already circulating on the market. As soon as the currency was created, Satoshi Nakamoto decided to limit the quantity of bitcoins to 21 million.

Read also: The price of Bitcoin returns above 47,000 dollars, all is well

20% of bitcoins in circulation are inaccessible

Once 21 million bitcoins will have been mined, it will no longer be possible to extract new currencies. The Bitcoin code, as described in the cryptocurrency white paper, does not allow new tokens to be added once this threshold is exceeded. According to experts, it will be necessary to wait until 2140 for the ultimate Bitcoin to be extracted by a mining farm.

Once a predetermined number of coins have been put into circulation, the incentive can be fully funded by transaction fees and no longer require inflation.” explains Satoshi Nakamoto, whose identity is still unknown, in the white paper. In an email exchanged with other leading players in the Bitcoin network, he then clarified that “the total circulating quantity will be 21,000,000 coins”.

In reality, there are not really 19 million bitcoins in circulation on the market. According to a study by Chainalysis, a company specializing in blockchain analysis, more than 20% of the 19 million existing bitcoins are also blocked on lost wallets. Many investors have indeed lost access to their cryptocurrency reserve. Other holders have carefully kept their currencies on wallets for several years. This is the case of Nakamoto, whose bitcoins have not moved since 2010.

Mirroring gold, the quantity of which is limited, Bitcoin seems well on its way to establishing itself as a store of value. The gradual reduction in the supply of bitcoins should be accompanied by a frenzied increase in its value. This is why many analysts believe that the price of Bitcoin will continue to rise in the years to come.

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