The 18 Millionth Bitcoin (BTC) Was Mined Today

Today is a big day – at least for the Bitcoin news now – which are showing that the 18 millionth Bitcoin (BTC) was mined 12 hours ago. The first information was revealed by Statoshi.Info which is a recent block that brought the 18 millionth BTC into existence and left only 3 million BTC remaining out of the hard-capped 21 million coin supply.

While this milestone may seem irrelevant to the people who are not involved in the crypto industry, the Bitcoin community has been celebrating the event and filling the Twitter feeds of cryptocurrency investors all around the globe.

This Friday the 18th million Bitcoin will be mined

There are only #3MillionLeft

Our mission is to make it easy for everyone to be a part of this once in a species revolution

— farbood (@farbood) October 16, 2019

The news at this time are good – Bitcoin and its strict algorithmically enforced scarcity gives the cryptocurrency a big advantage over fiat money. The 18 millionth Bitcoin (BTC) being mined may imbue the asset with much of its value. It may also lead to a new BTC price surge in the future.

According to the Munich-based financial institution named Bayerische Landesbank (BayernLB) has predicted that the block reward halving – a key event in Bitcoin’s scarcity narrative – will give Bitcoin to fuel and jet past its previous all-time highs.

As an extensive paper authored by the senior analyst Manuel Andersh shows, due to the characteristics and similarities to gold, the BTC price might be able to be fairly predicted by a stock-to-flow (new yearly supply over above-ground supply of a commodity) model. The model also notes that once the Bitcoin block reduction is cut in half next year, the cryptocurrency may balloon to a value of $90,000 per coin.

The BayernLB model was derived from the one made by PlanB, a pseudonymous quantitative analyst working at a major European financial institution.
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Meanwhile, there was an ongoing discussion about the 18 millionth Bitcoin at the Satoshi Roundtable earlier this year. According to one attendee named Matt Luongo (who is the founder of Fold and a product lead at Keep), more than 21 million BTC could make sense eventually – something that he described in a thread.

Luongo also explained that while it would be unfair to assume what will happen with the Bitcoin transaction fee market in the long-term, a waning number of miners could definitely pose a threat to the Bitcoin blockchain.

I was the guy that said we might have to one day raise the Bitcoin supply cap. Fight me. https://t.co/ysqHHdcggf

— Matt Luongo (@mhluongo) February 4, 2019