Bitcoin Reclaims $30,000 As The Crypto Community Commemorates The 12th Anniversary Of Bitcoin Pizza Day.
On Friday, the 19th millionth Bitcoins(BTC) was mined, marking a dramatic change for the world’s most popular cryptocurrency. There are currently 19 million Bitcoin in circulation, with only 2 million more to be issued (or mined) until about the year 2140.
The 19 millionth Bitcoin was mined by SBI Crypto and entered circulation in block 730002. For the hassle of transaction fees and block reward, SBI Crypto got 6.32 BTC, or almost $293,000.
The Bitcoin community was quick to recognize the historic occurrence as a cause for celebration.
“we have only two million Bitcoin—less than 10% of the total—left to mine.” Kjetil Hove Pettersen of Kryptovault, the CEO of probably one of the world’s most ESGfriendly Bitcoin miners said He went on to say:
“This may seem like a small number at first glance, but I believe the best days of mining are still ahead of us.”
The “19th million Bitcoin being mined today marks a historical moment,” according to Bert de Groot, founder of Bitcoin Bloem, a Bitcoin flower turned mining firm. He stated that it “reminds us how important Satoshi Nakamoto’s work was,” adding that “we wish we could have sent flowers to express our gratitude.”
“There are only 2 million BTC left to mine in the next 118 years!” said Vlad Costea, founder of Bitcoin Takeover. Miners have unearthed 19 million Bitcoins in the 13 years since Bitcoin’s launch; the last Bitcoin is projected to be mined in the year 2140.
Because the current supply rate is 6.25 Bitcoin per block, the 18,500,000 millionth Bitcoin was mined in September 2020. The next halving, which will lower the issue rate in half, is set for 2024.
The 19 millionth Bitcoin mined emphasizes Bitcoin’s scarcity to the Bitcoin community. Given how early the world is on the road to embrace Bitcoin, according to Human Rights Foundation senior strategy officer Alex Gladstein, scarcity is even more prominent:
El Salvador is now the only country to accept Bitcoin as legal tender, and it is now offering Bitcoin-backed “Volcano Bonds” to generate funds. However, in 2021, a number of other nations, like Brazil, showed hints of Bitcoin acceptance.
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