The 19 Millionth Bitcoin Has Been Mined

The 19 millionth Bitcoin has officially been mined from the premiere blockchain network. That leaves only 2 million left to enter circulation.

Bitcoin’s price is $46,467 at the time of writing, leaving its market cap (value of all Bitcoin combined) at $882,917,060,274.

• Block 730002 was mined at 16:21:29 UTC earlier today, according to mempool. It featured a reward of 6.32 Bitcoin for the winner – 6.25 of which was part of the block subsidy. The other 0.07 was from transaction fees
• “Truly amazing that 19 million of a total of 21 million bitcoin have been issued and globally distributed,” tweeted Alex Gladstein, CSO at the Human Rights Foundation, “and yet we are only at the very dawn of nation-state adoption.”
• Bitcoin’s supply is programmatically capped at 21 million coins, as part of its design to resist inflation caused by monetary debasement. They are produced by a worldwide network of computers competing to “mine” the next set of coins.
• However, the rate at which new Bitcoins are mined becomes far slower over time. Every 210,000 blocks, Bitcoin’s block reward gets cut in half.
• When Bitcoin began, about 50 Bitcoin were mined in every block. Today, just 6.25 are attached as a subsidy.
• The difficulty of mining a block is adjusted as more miners begin competing for new Bitcoin. On average, one block is produced every ten minutes.

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Though over 90% of Bitcoin’s supply has now been mined, the remaining coins will take approximately another 120 years to enter circulation.