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The flagship cryptocurrency attained 19 million coins in current supply and since it is fixed to a limited quantity of 21 million, you can do the math
The first and largest cryptocurrency network, Bitcoin (BTC) achieved the level where it completed mining and added 19 million bitcoins in circulation on Friday, 1st April 2022. Since BTC is not yet another cryptocurrency and neither its supply is insignificant so it’s important to keep an eye on its movement to predict the market’s next move.
The Crypto market mostly depends on the topmost digital asset bitcoin which attained a block height of around 730,034 and now there are only two million BTC left to be mined and added to circulation. Till the block height mentioned earlier, the total existing bitcoin amount was 19,000,004.6 BTC till 7:05 pm (ET).
The creator of the bitcoin network, Satoshi Nakamoto, designed it in such a way and limited its cryptocurrency’s maximum supply to only 21 million BTC only. However, several types of research and reports claimed that the total supply is somewhat less than the claimed amount of 21 million. Such estimates show that there will be only 20,999,817.3 BTC in total, while according to a popular bitcoin dashboard that recorded the recent 19 million mined bitcoins on Friday shows that now there are only 1,999,781.2 BTC left to mine.
Issuance of coin increased by 6.25 BTC, approx $289.656 per block whenever miner finds a block as per the current procedure. But it’s also fixed to get halved every four years as it’s been fixed that a block needs roughly ten minutes to get solved. Next halving will occur around or on 3rd May 2024 and the mining rewards would get half of what it is today around 3.125 per block and following the same path it would get another half in 2028.
Issuance of bitcoin is programmed in a mathematical and ultimately predictable way and that’s the reason that people can find the estimate of the time frame between the changes of difficulty adjustment and the occurrence of the next halving. Currently, the inflation rate of the bitcoin network is approx 1.74% per annum which slides with every halving.
Although its data shows that there are 19 million BTCs that are minded and are in existence while no one exactly knows how many of them are really in circulation. And the potential reason for this is the unknown number of lost or unobtainable coins that could never be spent.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
