19 million Bitcoins reached, only 2 million left to be mined
On April 1, 2022, SBI Crypto mined block 730002, reaching 19 million Bitcoins mined. This leaves room for only 2 million cryptocurrencies to be minted, which will be unlocked over the next 120 years. This is a historic milestone that will mark the future of transactions.
With its recent achievement, SBI Crypto earned 6.32 BTC, which at the time was equivalent to $293,000. Approximately one block is discovered every 10 minutes, while the next halving is estimated to occur on May 3, 2024, which will reduce the block to 3.125 BTC.
The coin created by Satoshi Nakamoto is becoming increasingly scarce. Only 2 million remain to be unlocked, as its cap is 21, which is expected to be completed in 2140. It turns out to be a relatively short figure that seems to leave little room for the following years, however, mining gurus celebrate the milestone and assure that the scarcity will only increase the coin’s value.
The news has been celebrated, as every time another million is surpassed, as it exposes the global efforts to get hold of this currency. This implies that, due to its scarcity, its value is extremely high. In addition, the inflow of new funds implies a greater circulation, as 65% of Bitcoins have not changed hands during the last year.
At the moment, the BTC world is bursting with words for Satoshi Nakamoto, the pseudonym of the group of people who created the currency. However, the currency’s gurus stress that there is still a long way to go before society approves of the cryptocurrency’s everyday use.
The president of El Salvador, Nayib Bukele, is betting on cryptocurrencies. Thus, the Central American country is the only one that accepts the currency as a legal use. It is a risky bet due to the convulsions of its value. At the time of writing, the coin is around $42,000 per unit, a price much higher than the $36,500 for which the Salvadoran government bought 410BTC per unit recently.
Bukele’s decision has not pleased the IMF, who in February insisted El Salvador to eliminate its legal use, citing risks to financial stability. Interestingly, due to the disastrous scenario derived from the Russian invasion of Ukraine, Bitcoin seems to be a solution to inflation and the oscillations of traditional currencies, such as the ruble.
His most ambitious project for bitcoin in El Salvador is Bitcoin City, a city financed by cryptocurrencies. This will have all the services of a standard city, as well as high amenities, in addition to being free of income, capital gains and property taxes. According to Bukele it will cost around 300,000 bitcoins, approximately 12.5 billion euros. “If we want bitcoin to spread around the world, we should build some Alexandrias” declared the president about his pharaonic project.