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Only 2 million Bitcoins remain for mining

On April 1, 2022, the 19 millionth Bitcoin was generated, leaving just 2 million further bitcoins left for mining. The last 2 million Bitcoins will be mined over a 120-year period.

Bitcoins mining

When a block of transactions is added to the Bitcoin network’s ledger, it generates new coins on a regular basis. Each block is created using a process known as “mining,” in which people compete to solve a mathematical problem in order to complete the block using computer power.

The first person to generate the block gets rewarded with both the new Bitcoin as well as any associated transaction fees. At the time of 16:21:29 UTC on April 1, the 19 millionth Bitcoin was mined at Block 730002. As a reward, the creator received 6.25 BTC, plus 0.07 BTC in fees.

Bitcoin supply cap of 21 million coins

As part of its intention to imitate gold, Bitcoin’s supply is hard-capped at 21 million coins. That suggests that more than 90% of the supply is already in use. However, the other two million coins will not be fully circulated until about the year 2140. This is due to the fact that the pace at which coins are minted is slashed in half every 210000 blocks

Mining of other cryptocurrencies

Other cryptocurrencies do not always reward block builders with additional coins. BNB, for example, is a gross deflationary cryptocurrency that compensates users only through transaction fees.

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