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Bitcoin Reaches 19.8 Million Mined Units, Leaving Less Than 1.2 Million Remaining
As of December 24, 2024, the total number of mined bitcoins has surpassed the 19.8 million mark, leaving less than 1.2 million units remaining until the total supply is exhausted. This milestone is significant, given Bitcoin’s supply cap of 21 million units.
Understanding the Road to 21 Million Bitcoins
With approximately 450 bitcoins mined daily after the 2024 halving, it’s essential to understand the implications of reaching the total supply cap. The Bitcoin emission is set to drop by 50% roughly every four years, with each mined block unlocking 3.25 BTC as a mining reward. This process, known as “halving,” will effectively stop the emission of bitcoins in 2140.
What Happens When the Remaining Supply is Exhausted?
While the emission of new bitcoins will cease, miners will still receive rewards in the form of transaction fees charged from senders. This shift in incentives will not compromise the Bitcoin network’s validity and safety, as mining remains crucial to the network’s operation.
Why Does Bitcoin Scarcity Matter?
Bitcoin’s scarcity is often celebrated as a deflationary asset, with a limited supply of 21 million units. This scarcity drives value, as the overall amount of bitcoins will only decrease over time due to lost or stuck units. The stock-to-flow model proponents argue that scarcity is a key value driver, although it’s not the only factor.
Is it Possible to Remove the Supply Cap?
While it’s theoretically possible to remove the supply cap through a hard fork, opponents argue that such changes would fundamentally alter Bitcoin’s nature. The Bitcoin community would need to vote for making Bitcoin inflationary and implement necessary changes to the architecture.
Why Will the Actual Number of Bitcoins in Circulation Never Be Close to 21 Million?
It’s estimated that millions of bitcoins are lost forever due to various reasons such as lost private keys, damaged hardware, and invalid addresses. This number is expected to grow, decreasing the level of bitcoins in circulation. Additionally, some bitcoins are “provably” unspendable, further reducing the available supply.
What are Virgin Bitcoins, and Why Do They Matter?
Virgin bitcoins refer to bitcoins with a clean transaction history, which are rare and valuable. Institutional investors are willing to pay extra for these bitcoins to minimize the risk of buying units involved in criminal transactions.
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“If they change it, Bitcoin hard forks, there will be two bitcoins. The old fixed supply one will still be around, and that’s what people will value.”
