Bitcoin's 20 millionth coin has been mined, marking a significant milestone in the cryptocurrency's history. This event, achieved by the Foundry USA mining pool, signifies that 95.24% of all Bitcoin that will ever exist is now in circulation. With only one coin for every 20 mined, the remaining 1 million coins will take approximately 114 years to be issued, according to estimates. However, it's important to note that not all 20 million coins are accessible due to factors such as forgotten passwords, misplaced private keys, and early holders who never transferred wallet access. Additionally, 230 BTC is locked forever due to the original genesis block and early outputs written with scripts that cannot be spent.
The mining process is facing a long-term revenue problem. The halving schedule, which caps Bitcoin's supply, also reduces miner income over time. Daily issuance will fall below 30 BTC by the 2040s and below 2 BTC per day by the 2060s. Once subsidies approach zero, transaction fees become the sole compensation for miners, raising questions about the sustainability of network protection. This milestone coincides with Bitcoin's current price fluctuations, trading around $69,282, down nearly 21% year-to-date, despite a 3.44% gain over the past week.
The next halving event is scheduled for April 11, 2028, when the block reward will be halved from 3.125 BTC to 1.5625 BTC. This event highlights the ongoing challenges and opportunities within the Bitcoin ecosystem, as the cryptocurrency continues to evolve and adapt to changing market conditions and technological advancements.
