Bitcoin’s supply draws closer as 19M BTC is mined; What next?

The world’s most dominant crypto asset Bitcoin achieved a new milestone as its circulation inches closer to its total supply of 21 million. On the 1st of April 2022, 19 million BTC have been officially minted, remaining only two million units of the coin to be mined.

As per data, the event occurred at block height 730002, mined by SBI Crypto, earning ming rewards of ‎6.32 BTC, which is around $293,000 as block revenue.

In a brief rundown, the first bitcoin was mined in 2009, amidst the great recession which was undoubtedly mined by Bitcoin’s legendary creator, Satoshi Nakamoto. The 18 millionths BTC was mined in 2019, but the 21 millionth won’t be mined until roughly 2140, provided the network sticks to the plan. 

That said, Crypto Twitter erupted with joy with several prominent users commenting on the landmark occasion. Dan Held who is currently the Director of Growth Marketing at Kraken wrote,

19,000,000 Bitcoin mined.

Only 2M to go.

Few.

— Dan Held (@danheld) April 1, 2022

Alex Gladstein shared how the asset class has grown over the years and pointed out the scarce element of the coin, while some observed that now is the best time to hold BTC.

Another member noted that the last Bitcoin will be mined in about the year 2140. Others, however, could not resist sharing memes out of the Will Smith Oscar slap incident, depicting crypto haters to be at the receiving end!

In all its seriousness, the event is, without doubt, a significant moment for the BTC community.

2 million Bitcoin left, here’s what to expect

While it took BTC 13 years to mine 19 million coins, the remaining 2 million units of the coin will not be mined until the next 100 years which shows how scarce the currency will get. Another important thing to note is that the block reward would be reduced to half, which will occur in a little over two years.

Experts feel that this scarcity of Bitcoin would help push the price upward, with some predicting a base price of $1 million. Many even believe that the asset could ultimately become a global reserve asset that would push its adoption to greater heights.