On April 1, 2022, records show that 19 million bitcoin have been mined into circulation. With the max supply set at 21 million, there’s only two million bitcoins left to be found by mining participants.
Mathematical and predictable conception of Satoshi – 19 million bitcoins have been issued
The Bitcoin (BTC) network reached a milestone on Friday, April 1, 2022, after records show 19 million bitcoins were mined. The watershed moment came at block 730,034 and there are only two million left to mine. At block height, the total amount of bitcoin in existence was 19,000,004.68 BTC as of 7:05 p.m. ET
When Satoshi Nakamoto created the Bitcoin network, the inventor set the maximum supply to 21 million, and research shows that the number is a hair less than 21 million. Some estimates indicate there will only be 20,999,817.31 BTC.
The Bitcoin dashboard on clarkmoody.com, which was mined to record the 19 million bitcoins mined on Friday, shows that there are only 1,999,781.23 BTC left to find.
Whenever a block is found by a miner, the coin issuance increases by 6.25 bitcoins per block ($289,656) found. A block is discovered roughly every ten minutes and the next block reward halving is expected to occur on or around May 3rd, 2024. After the next halving occurs, miners will get 3.125 bitcoins per block and the next halving will take place in 2028.
The issuance of BTC is programmed, mathematical and ultimately predictable and this is why people can estimate the time between difficulty adjustment changes and when the next halving occurs. At the time of writing, the Bitcoin network’s annual inflation rate is 1.74% and after each halving, the annual inflation measure will continue to decline.
While data shows there are 19 million bitcoins mined into existence, no one truly knows how many there really are in circulation. This is due to the fact that there’s an unknown number of unobtainable or lost coins that will never be spent.
However, Satoshi Nakamoto explained the dilemma of lost coins when the inventor said that unobtainable bitcoins would make the crypto asset rarer and therefore more valuable. “Lost coins only make everyone’s coins slightly more valuable. Consider it a gift to everyone,” Nakamoto said.
As the next halving is expected to occur in 2024, it is estimated that block rewards will stop issuing fresh bitcoin by the year 2140, and the miner-reward system will be based entirely on transaction fees.
After 19 million bitcoins were mined at 7:05 p.m. ET, records show that there are approximately 109,966 blocks left to be mined until the next reward halving.
