Of the 21 million Bitcoin traded, 19 million were mined on April 1. Now, there are only 2 million bitcoins left to be mined. This achievement comes nearly 12 years after the first block, consisting of 50 bitcoins, was mined on January 9, 2009.
It should be noted that the remaining bitcoins have not yet been mined) until the year 2140. The 19 million block “730002” was mined by SBI Crypto.
For starters, Bitcoin is one of the few cryptocurrencies with a limited supply. Bitcoin inventor Satoshi Nakamoto has limited the number of bitcoins to 21 million, to make the cryptocurrency scarce and to control inflation that may arise from unlimited supply. Bitcoin is “mined” by miners who solve mathematical puzzles to verify and verify the block of transactions occurring in its network. It is the process of adding new bitcoins to circulation. After a set of transactions is successfully conducted, the miner is given a block of bitcoins.
Every four years, the reward for mining bitcoin is halved – at the time of bitcoin, which existed in 2008, the block confirmation reward was about 50 bitcoin. Over the years the bonus has been significantly reduced. In 2012, it halved to 25 bitcoins, dropped to 12.5 in 2016 and in May 2020, miners were earning 6.25 bitcoins for every new block thereafter. By the end of 2024, miners are expected to earn 1.56 bitcoins just for verifying a block of transactions. This process is called halving and it will continue until the last bitcoin is mined.
18,500,000 million bitcoins were mined in September 2020, with the current issuance rate of 6.25 bitcoins per block. The next halving, in which the issuance rate is halved, is set to take place in 2024. The world’s most popular cryptocurrency may appear to be running out, but Bitcoin halving schedules predict that the remaining 10 percent supply will run through February 2140, according to blockchain.com.
According to the Human Rights Foundation’s chief strategy officer, Alex Gladstein, given the passage of time the world is on its way to bitcoin adoption. “It is really surprising that 19 million of the total 21 million bitcoins have been issued and distributed globally, yet we are just at the dawn of nation-state adoption,” he tweeted.
Meanwhile, El Salvador is the only nation-state To adopt Bitcoin as legal tender. In September, El Salvador became the first country in the world to adopt bitcoin as a legal tender, a move that sparked global media attention but also drew criticism from the opposition and the International Monetary Fund (IMF), warning the country not to make bitcoin legal tender, considering the risks related to the cryptocurrency’s volatility. . The country is now issuing Bitcoin-backed “volcano bonds” to raise funds.
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