Bitcoin’s Total Circulating Supply Exceeds 18.5 Million
Bitcoin’s total circulating supply has exceeded a crucial milestone of 18.5 million coins, as per data from CoinMarketCap. A total of 88 percent of all coins that will ever circulate have already been mined.
18.5 Million Coins in Circulation
The first Bitcoin block, which is referred to as the ‘genesis block,’ was mined by Satoshi Nakamoto, the pseudonymous creator of the world’s largest cryptocurrency back on January 3rd, 2009.
Its coinbase parameter included the now-famed The Times headline about ex-British chancellor Alistair Darling talking about a second bailout for banks, and another weird thing about block 0 is that the 50 BTC reward subsidy it got cannot be spent.
Bitcoin’s supply in circulation surpassed the 1 million coins mark on June 24th, 2009, and back then, BTC was still worth almost nothing since it wasn’t trading on any exchange. It took more than two years for it to go over the 10 million milestone on September 27th, 2012, before the very first quadrennial reward cut happened on November 28th, 2012, decreasing the block subsidy from 50 BTC to 25 BTC.
The king cryptocurrency started its fourth era in power on May 11th after its 630,000th block got mined. Miners now get 6.25 BTC for every block they dig. The final Bitcoin block is expected to be mined around the year of 2040, which means that none of today’s BTC holders will be alive when that takes place.
Grayscale is Eating Away the Bitcoin Supply
In the meantime, Grayscale, which is a popular digital asset management firm, has increased its Bitcoin position by 17,100 BTC over the previous week. The company continues to outrun Bitcoin miners, vigorously absorbing fresh Bitcoin coins as they enter circulation.
A the time of the press, Bitcoin (BTC) is changing hands at around $10,667 after a slight drop by 0.51 percent in the past 24 hours, and its ongoing rebound is expected to decrease as it faces resistance around the $10,800 and $11,200 zone.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.