New Bitcoin Milestone: Only 3 Million Coins Left To Mine

The crypto community celebrates a new bitcoin milestone: there are now officially only 3 million coins left to mine and we are reading more about it in the latest bitcoin news below.

The miners unlock new bitcoins every day and as much as 1,800 BTC per day enters into the daily circulating supply of the cryptocurrency. Today is a new bitcoin milestone since the 18 millionth Bitcoin was mined and there are now only million BTC left out of the hard-capped 21 million BTC supply. Before the benchmark cryptocurrency, there were hundreds of attempts made at creating a form of digital cash. Nick Szabo who was believed to be the real creator of Bitcoin, first created the proof-of-work system that cryptocurrencies use today. However, his Bit Gold invention failed to become widely used. Adam Back also invented HashCash which was another proof-of-work system and today he is among the top Bitcoin developers and CEO of blockstream.

Satoshi Nakamoto eventually launched Bitcoin at the end of the global recession in 2009 and solved many problems that prevented these predecessor technologies from launching. The first cryptocurrency has the ability to remain on the proof-of-work system with the process called mining. The Bitcoin miners use expensive energy-consuming computers that are specially designed to compete with one another to solve hard mathematical equations that validate each block. The miners do require an incentive to continue confirming transactions across the network. Currently, for each block validated, the miner will receive 12.5 BTC or more than $100,000 USD at today’s prices and this reward will soon be cut into half in 2020 at the latest halving event.

Bitcoin is hard-capped at 21 million BTC, giving it attributes such as scarcity that can cause the price to increase dramatically when the demand rises. There are now 17,999,000 BTC currently in circulation at a rate of 1,800 new BTC mined per day. The people in the crypto community started celebrating on Twitter and started using the #3millionleft hashtag promoting the concept of the hard-coded digital scarcity. When the entire Bitcoin supply will be unlocked by the miners, they will get rewarded for continuing to secure and validate the network.