Already, 19,000,000 bitcoins have 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 final Bitcoin will be mined around the year 2140.
Bitcoin passed a new milestone on April 1, 2022. According to a blockchain research, the network has recently surpassed the 19 million cryptocurrency threshold. The 19 millionth Bitcoin was mined using block 730,000 of the blockchain.
The queen of digital currencies is becoming an increasingly rare currency. More than 90% of bitcoins are currently in circulation on the market. Satoshi Nakamoto decided to set a limit of 21 million bitcoins when he created the currency.
It will be impossible to create additional currencies once 21 million bitcoins have been mined. New tokens are not allowed to exist once they reach this threshold, according to the Bitcoin code and the cryptocurrency white paper. According to experts, it will be necessary to wait until 2140 for the last Bitcoin to exit mining.
“Once a certain number of coins have been distributed, the incentive can be fully supported by transaction fees; and inflation is no longer required,” Satoshi Nakamoto, whose identity is unknown, writes in the White Book. He later stated that “the total quantity in circulation will be 21,000,000 coins” in an email conversation with other key actors in the Bitcoin network.
In truth, the market does not have 19 million bitcoins in circulation. According to a study conducted by Chainalysis, a blockchain analysis firm, more than 20% of the 19 million bitcoins in circulation are also held in lost wallets. Many investors have indeed lost access to their cryptocurrency reserves. 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.
“BTC’s issuance is mathematical, and ultimately predictable and this is why people can estimate the time frame between difficulty adjustment changes and when the next halving occurs. The Bitcoin network’s annual inflation rate is 1.74 % at the time of writing, and the annual inflation metric will continue to fall after each halving.”
Mirroring gold, the quantity of which has a limit; 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 frantic increase in its value. This is why many analysts believe that the price of Bitcoin will continue to rise in the coming years.
Source/VIA : Bitcoin