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Recently, miners in the Bitcoin network successfully mined the twentieth million coin. This brings the total mined to approximately 95.2% of the overall supply of the first cryptocurrency, as reported by experts from The Block.
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The cap on the issuance of new bitcoins is embedded in the software created by the anonymous founder Satoshi Nakamoto. The total supply will be exhausted once 21 million coins have been mined. The blockchain’s history commenced on January 3, 2009, when Nakamoto generated the first block of the network, known as the genesis block.
The reduction in miners’ rewards for discovering a block in the Bitcoin network, known as halving, occurs approximately every four years or after the mining of 210,000 blocks. Throughout the network’s existence, there have been four halvings. Initially, the reward for a block was 50 bitcoins, which decreased to 25 coins in 2012, then to 12.5 BTC in 2016, and to 6.25 BTC in 2020. The fourth and most recent halving took place on April 20, 2024, reducing the miners’ reward from 6.25 BTC to 3.125 BTC per block, thereby slowing the rate of new coin generation.
The next reward reduction is anticipated in April-May 2028. Following this event, the reward per block will decrease to 1.5625 BTC. Over time, transaction fees are expected to become the primary source of income for miners. According to the current issuance schedule, the last bitcoin is projected to be mined around the year 2140, as noted by The Block.
Previously, the crypto asset management firm Bitwise donated $233,000 to developers who ensure the security of the Bitcoin network. Since 2024, the company has allocated a total of $383,000 for these purposes.
