A new milestone has been reached in the Bitcoin network and the circulating supply has exceeded 18 million 500 thousand. There are 2.5 million BTC left to be issued.
The Bitcoin network has reached a new milestone. The number of Bitcoin produced has increased to 18 million 500 thousand as of today. In other words, there are only 2.5 million BTC left to be mined, and half of them will be mined in the next 4 years. In addition, 88 percent of the amount of Bitcoin that can be mined has been mined as of today.
As is known, Bitcoin is a scarce asset. Satoshi Nakamoto, the inventor of the leading cryptocurrency, designed Bitcoin to be in existence only 21 million. With the scarcity of crypto money, Bitcoin was intended to be a deflationary asset. This figure is increasingly approaching, with a total of 900 BTC produced each day. With the halving of the fourth block reward in 2024, 450 BTC will be produced per day and the number of new Bitcoins released every 4 years with the halving will gradually decrease. Calculations indicate that 21 million BTC will be reached in 2140. Our podcast broadcast, Bitcoin 2140, where we hosted many important guests from the famous artist Emre Aydın to BtcTurk CEO Özgür Güneri and Kerem Tibuk, is also named after it.
What will happen when it’s all produced?
We have stated above that all BTCs will be issued by 2140. So what will the miners do next? Of course, this does not mean that the mining industry will end. In addition to block rewards, there are transaction fees in the Bitcoin network. These transaction fees will encourage the miners to continue their business. Miners will continue to make money once the 21 million is reached.