The flagship digital asset, Bitcoin, reached an important milestone yesterday as 19 million coins were mined. This means that there are only two million units left of the coin for everyone interested in owning a part of the asset.
Crypto Community Reacts
Several members of the Bitcoin community were quick to celebrate the landmark achievement while also pointing out the significance of the event.
According to the CEO of Kryptovault, Kjetil Hove Pettersen, there are only two million Bitcoins left to be mined. He continued that while many might believe that this is a small number, he opined that the remaining units might represent the best of the mining days ahead.
Another member of the Twitter community alluded to the fact that it would take the next 100 years to mine the remaining numbers of the coin.
Considering the last bitcoin is expected to be mined sometime around the year 2140, It’s not a few!
Others also used the opportunity to reflect on the growth of the currency in recent years and how scarce the asset would become.
Only 2 million Bitcoin Left, What’s Next?
While there is no doubt that the Bitcoin community is witnessing a monumental event in the mining landmark, one can’t help but ask what comes next after this incredible milestone for the coin.
The first thing that should be noted is that while it took Bitcoin 13 years to mine 19 million Bitcoin, the remaining 2 million units of the coin will not be mined for at least the next 100 years — an indication of how scarce the currency will get.
Another important thing to note is that the present block reward of 6.25 BTC is expected to drop to less than 4 BTC by 2024. This halving event will continue until the reward is just 0.00000001BTC per block, speculated to happen within 100 years.
Interestingly, despite the dwindling numbers of mining rewards, the coin has been designed so that miners would remain motivated to keep mining so that they can keep the network secured.
The crypto community has also severally opined that the ensuing scarcity of Bitcoin would help drive the price of the asset higher, with some predicting a base price of $1 million. Many even believe that the asset could become a global reserve asset which would push its adoption to new heights.
Conclusively, the knowledge that there are less than 2 million units of the coin would have whales like Luna, MicroStrategy, El Salvador, and others contending with a higher level of scarcity amongst themselves.
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