Bitcoin Nears Its Total Supply As the 19 Million BTC Has Just Been Mined.
The world’s largest cryptocurrency by market capitalization, Bitcoin, has hit a new milestone today, as the 19th million coins were mined today.
Following the groundbreaking feat, the cryptocurrency drew closer to its hard-coded total supply cap of 21 million.
The 19th million coins, which were mined at block 730,003 today at 18:35 UTC, indicate that there is currently 90.47% of the total Bitcoin supply in circulation.
It may sound logical to many that the minting of the 19th million Bitcoin will take a few years before BTC miners will completely mine the 21 million coins.
However, BTC developers adopted a special algorithmic pattern in the mining of Bitcoin, making the process of producing new coins harder as the cryptocurrency edges closer to the 21 million supply.
Interestingly, the concept of Bitcoin halving, which slashes miners’ rewards at approximately four years, will reduce the BTC supply by 50%, thus making it slower to mine the remaining two million Bitcoins.
According to the BTC developers, the last Bitcoin will be mined in the next 117 years. Once there are no more Bitcoins to mint, miners will have to settle for transaction fees paid by users when sending the crypto through the blockchain.
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