The 17 Millionth Bitcoin Has Just Been Mined!

26th April 2018, the day the 17 Millionth Bitcoin was mined.

One of the main reasons the value of Bitcoin is so high is the fact there is a finite supply of them. Fiat currencies such as the Dollar, Pound or Euro technically have no limits to the amount which can be printed. The privately owned central banks such as the Federal Reserve or The Bank Of England decide how much they print each year. The more that is printed, the less said currency is worth.

With Bitcoin however, there can only ever be 21 Million Bitcoins in circulation, and the last one wont be mined until around 2140.

If you think about the fact there are 7.6 Billion people in the world, yet only 17 Million Bitcoins, that means only 0.22% of the worlds population could own a full Bitcoin.

The 17 Millionth Bitcoin

The famous code written by Satoshi Nakamoto that keeps Bitcoin working should mines a new block every 10 minutes and rewards miners with 12.5 new Bitcoins every time. Using this we can predict with a fair amount of accuracy how much Bitcoin will be in circulation on any given date.

Today the 17th Million was mined which is about 700,000 more than this time last year when there was 16.3 Million in circulating supply.

You can track the exact amount of Bitcoin in circulation on blockchain.info here.

We will have to wait another year until the 18th Million one will be mined. Every 2 years, the mining reward is halved so as time goes on, the amount of Bitcoin going into circulation will slow down. Technically the last Bitcoin will never actually be mined though it will get very close. That’s assuming the reward protocol carries on unchanged, though depending upon the value of Bitcoin, smaller denominations may well need to be used by then considering the price of 1 Satoshi could well be more than the current price of 1 Bitcoin.

By | 2018-06-28T17:15:09+00:00 April 26th, 2018|Bitcoin News|0 Comments

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