It’s Official: The 18.5 Millionth Bitcoin Has Been Mined

It’s official, the 18.5 millionth Bitcoin has been mined and the miners now created more than 88% of the total BTC supply but it will still take a century to mine all 21 million as we are reading more in the latest BTC news.

The miners already created more than 18.5 million bitcoin which is about 88% of the total supply of 21 million. it will take up to 100 years to find every last BTC because of the regular halvings. As a result, there are now less than 2.5 million BTC left for the miners left to mine but while it looks like Bitcoin’s emission is closing on the finish line of 88% percent already mined, the emission of the last BTC is expected no earlier than 2140. This is because the rewards of the miners that they get after discovering a new BTC block are getting smaller and are slashed by half every 210,000 blocks due to the halving process.

We're now just over 18.5 million #Bitcoin mined 👀

Less than 2.5 million to mine

Finite guys, finite 🚀

— Danny Scott (@CoinCornerDanny) September 27, 2020

The last BTC halving occurred on May 12 and the reduced block rewards from 12.5 to 6.25 BTC per block which will continue to happen every four years until the last satoshi unit is discovered. It’s not entirely clear why Bitcoin’s maximum supply was limited to 21 million coins by the crypto’s creator Satoshi Nakamoto but there are a few theories. One explanation is the money supply replacement theory while an alternative suggestion is that the limit could be mathematically extrapolated from the parameters.

The entire world’s money supply stood at $21 trillion when bitcoin was initially created. If it becomes the ultimate currency and replaces all fiat currency, each BTC will be worth $1 million while each satoshi will be worth $0.01. at the same time, while those figures resemble each other, we can only guess whether this is a coincidence. The second theory is simpler. According to that, BTC’s emission limit is tied to the halving cycle. The sum of the block rewards for each cycle equals 100 so by multiplying the number by 210,000 blocks, the maximum supply is 21 million.

So it’s official now that there are 21 million BTC but the blockchain will still operate as usual with the exception of the miners’ rewards. Since no new coins will be discovered, miners will have to rely on transaction fees as a source of income.