Taking the title of the world’s first cryptocurrency, Bitcoin has once again come into the limelight when the decentralized token’s total supply surpassed 19 million on the platform. On Friday, Bitcoin successfully mined its 19 millionth token which paved the way for some significant developments in the core crypto sphere. The 19 millionth BTC coined was mined at 16:21:29 UTC on April 1, 2022, at block 730002 giving the lucky creator a golden chance to collect 6.25 BTC as the lucrative reward clubbed with an additional earning of 0.07 BTC as fee collections.
What makes this achievement special is the fact that now only 2 million Bitcoins are left to enter the BTC ecosystem. As we know, the Bitcoin channel produces new coins for circulation amongst users every time a block is added to its decentralized ledger channel. A blockchain network stores transactions in blocks that are secured through cryptography and duly time-stamped to ensure the full safety of funds.
Each block is created through mining where miners compete against each other to solve the complex mathematical operation using high computing power and energy supply. The first person who manages to solve the algorithm and produce the block is rewarded with a new Bitcoin and necessary transaction fees. The Binance Smart Chain uses PoS consensus which uses validators instead of miners to secure the network.
The total supply of Bitcoin is fixed at 21 million which implies that after this pre-determined milestone there will be no new Bitcoin token added to the channel. AT present more than 90% of the BTC supply is in circulation. The remaining two million tokens are likely to enter the loop of circulation not before the year 2140 which is like 120 years from now.
This is because of the fact that the production rate of coins is halved after every 210,000 blocks. Interestingly, Bitcoin was presented to work as a substitute tool for traditional payment channels. Its fixed supply helped Bitcoin to work as a safe haven asset like gold for the holders. The decentralized token shines as the biggest crypto cluster in terms of market capitalization. It has managed to sustain its position as an unprecedented leader in the crypto space.
If you are looking forward to gaining knowledge about the crypto sphere, you can enroll in courses offered by Blockchain Council. The courses are designed to offer in-depth knowledge to the users about the core concepts related to the sector infused with substantial practical skills building as well focused to offer widescale exposure to them.