On December 24, 2024, the amount of Bitcoins mined exceeded 19,800,000, leaving less than 1.2 million Bitcoins left until the total supply was exhausted.
After the halving in 2024, around 450 Bitcoins will be mined every day. According to Clark Moody, one of the first websites to collect various Bitcoin data, a milestone of 19.8 million Bitcoins mined was reached on December 24th.
As many of you may know, the supply cap for Bitcoin is 21 million units. Does this mean that all Bitcoins will be mined soon, and what happens when the remaining supply runs out? Why is Bitcoin scarcity important and can the supply cap be lifted? These and other questions are answered below.
When will all 21 million Bitcoins be mined and what will happen next?
While almost 20 out of 21 million Bitcoins were mined in the first 14 years of its existence, the last remaining Bitcoin fractions will not be exhausted until 2140. The reason for this is that Bitcoin emissions will decrease by 50% approximately every four years, with an additional 210,000 blocks being mined each time. The drop in BTC emissions is called “halving.”
Starting in December 2024, 3.25 BTC will be unlocked as a mining reward for every block mined. In 2140, this amount will fall below the smallest fraction of Bitcoin, known as Satoshi, a millionth of a particle of Bitcoin. Since Satoshi will only account for a minimal share of Bitcoin, the halving in 2140 will effectively stop the issuance of Bitcoins.
Mining is at the heart of the validity and security of the Bitcoin network, while mining rewards provide the main incentive for miners to continue their arduous work…
