Satoshi ‘s Predictable Mathematics and Design
The Bitcoin network hit a major milestone on Friday, April 1, 2022, after data showed ~19 million Bitcoins were mined. The watershed moment occurred at block height 730,034 and there are now only ~2 million Bitcoins mined. At block height, the total number of Bitcoins in existence is 19,000,004.68 BTC at 7:05 p.m. ET.
When Satoshi Nakamoto created the Bitcoin network , the inventor has set a maximum supply of 21 million and research shows that the actual number will be less than 21 million. Some estimates suggest that there will be only 20,999,817.31 BTC.
According to data obtained from Clarkmoody.com , which records ~19 million Bitcoins mined on Friday, there is only ~1,999,781.23 BTC left for future mining.
Whenever a block is found by a miner, Bitcoin issuance will increase by 6.25 Bitcoins per block ~ $289,656 at current rates. A block is discovered every 10 minutes, and the next block reward halving is expected to happen on or around May 3, 2024. After the next halving occurs, the Miners will receive 3,125 Bitcoins per block and the next halving will take place in 2028.
BTC release is programmed, mathematical and ultimately predictable and this is why anyone can estimate the time frame between the difficulty adjustment changes and when the halving occurs next. At the time of writing, the annual inflation rate of the Bitcoin network is 1.74%, and after each halving, the annual inflation figures will continue to slide.
Although the data shows that there are 19 million Bitcoins mined, no one really knows how many Bitcoins are actually in circulation. This is due to the fact that there is an unknown number of unusable or lost Bitcoins that will never be used.
However,Satoshi Nakamoto explained the lost money dilemma when the inventor said that the unbuyable Bitcoin would make the crypto asset more scarce and therefore more valuable.
The lost coins just make other people’s coins worth a little more. Think of it as a donation for everyone.
Since the next halving is expected to happen in 2024, it is estimated that block rewards will stop issuing new Bitcoins in 2140 and the miner reward system will be entirely fee-based. transaction.
After mining 19 million Bitcoins at 7:05 p.m. ET, records show that there are around 109,966 blocks left to mine until the next reward halving.