On March 3rd, according to CoinDesk, Bitcoin is reaching a historic milestone—the 20 millionth Bitcoin is about to be mined. Currently, 19,996,979 Bitcoins have been mined, just about 3,000 short of the total cap of 21 million, and it is expected to reach this in approximately 7 days. This means over 95% of Bitcoin’s supply is already in circulation, with the remaining 1 million Bitcoins expected to be gradually mined over the next 114 years.
Bitcoin’s creator, Satoshi Nakamoto, hardcoded the maximum supply to 21 million coins, ensuring transparency and immutability of the supply cap. This makes Bitcoin a “hard currency” completely different from fiat currencies. The fixed cap not only enhances its scarcity but also serves as a key pillar of Bitcoin’s value proposition. Any proposals to modify the supply limit are strongly opposed by the community.
The issuance rate of Bitcoin is controlled by the halving mechanism, which reduces the mining reward by half every four years, gradually lowering inflation to below 1%. Currently, about 450 Bitcoins are mined daily. By January 2035, approximately 99% of the total supply will have been mined, with the last Bitcoin expected to be mined around 2105. The issuance of scattered Bitcoins will continue until 2140.
This milestone is also significant for miners. As new Bitcoin supply decreases, miners will increasingly rely on transaction fees rather than block rewards for income. This marks a long-term shift in Bitcoin’s economic model and presents new challenges for network security.
Bitcoin’s scarcity is similar to gold and oil, but its issuance speed cannot be accelerated, and it is transparent and predictable. As the 20 millionth Bitcoin approaches, this scarcity will be further emphasized, providing an important reference for long-term investors and the digital asset market.
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