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The 19 Millionth Bitcoin Has Just Been Mined, Here's What it Means

Block rewards will stop issuing fresh bitcoin by the year 2140, as per estimations. (Photo: Canva)

Block rewards will stop issuing fresh bitcoin by the year 2140, as per estimations. (Photo: Canva)

When Satoshi Nakamoto created the Bitcoin network, he is said to have capped the supply at 21 million.

The 19 millionth Bitcoin has just been mined and there are only two million more to go. The watershed moment was reached on April 1, as now mining participants can only mine two million more into circulation. This is because Bitcoin supply is capped at 21 million. The amount of bitcoin in existence was 19,000,004.68 BTC at block time, at 7:05 p.m. (ET), reports Bitcoin.com. When Satoshi Nakamoto created the Bitcoin network, he is said to have capped the supply at 21 million; in fact, some researchers claim that it might even be a miniscule number less than 21 million. However, since there are unobtainable or lost coins that will never be spent, it cannot be estimated how many Bitcoins are actually in circulation. Nakamoto once said that the lost coins make Bitcoin more scarce and hence more valuable. Block rewards will stop issuing fresh bitcoin by the year 2140, as per estimations.

Satoshi Nakamoto is the pseudonymous and unknown mother, or father, figure of the cryptocurrency community. That they have stayed incognito seems just like it should be. After all, the decentralised ledger, the so-called blockchain, that the person or persons known by that name first proposed in a white paper in 2008 packs the potential to revolutionise how the world does business and moves money by doing away with the need for a third-party entity to supervise transactions. It is a system founded on a lack of a central authority. The name or identity of Satoshi Nakamoto is also linked with a hefty fortune, as an account linked to it is said to hold close to a million Bitcoins as also other cryptocurrency that were created when the original Bitcoin was hived off — via forks of the initial cryptocurrency — to launch new avatars.

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first published:April 02, 2022, 13:49 IST