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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Major Bitcoin Milestone: Only 3 Million BTC Left To Mine

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
Bitcoin

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Each and every day, miners unlock more and more Bitcoin – as much as 1,800 BTC per day – into the circulating supply of the cryptocurrency.

Today marks a major milestone for the cryptocurrency, as the 18 millionth Bitcoin is mined, leaving only 3 million BTC remaining out of the hard-capped 21 million BTC supply.

Today, The 18 Millionth Bitcoin Will Be Mined, Leaving Only #3MillionLeft

Before Bitcoin, numerous attempts were made at creating a form of digital cash. Nick Szabo, who had been thought to be the cryptocurrency’s creator – Satoshi Nakamoto – first created the proof-of-work system that cryptocurrencies use today, but his Bit Gold invention failed to become widely used. After Szabo, Adam Back invented HashCash, yet another proof-of-work system. Today, Back is among the top Bitcoin developers and the CEO of Blockstream.

Satoshi Nakamoto eventually launched Bitcoin at the end of the global recession in 2009, solving many of the issues that prevented these predecessor technologies from getting off the ground. But the first-ever cryptocurrency retains the proof-of-work system, through a process called mining.

Related Reading | Everything You Need to Know About BTC Mining

Bitcoin miners use expensive, energy-gluttonous, specially designed computers to compete with one another to solve mathematical equations that validate each block, adding it to the blockchain forever. But miners require an incentive to continue to confirm transactions broadcasted across the network, and this reward is provided in the form of BTC.

Currently, for each block validated, a miner will receive 12.5 BTC, or roughly $100,000 USD at today’s prices. That reward will soon be cut in half in May 2020, at an event called a “halving.”

Today, marks a major milestone for Bitcoin, as the 18 millionth Bitcoin will be mined, leaving only 3 million left available for miners to unlock and release into the circulating supply. Bitcoin is hard-capped at 21 million BTC, giving it attributes such as scarcity that can cause the price of the asset to increase sharply when demand rises.

At the time of this writing, there are 17,999,000 BTC currently circulating, and at a rate of 1,800 new BTC mined per day, before the clock strikes midnight on October 18, 2019, the 18 millionth Bitcoin will be mined.

This Friday the 18th million Bitcoin will be mined

There are only #3MillionLeft

Our mission is to make it easy for everyone to be a part of this once in a species revolution

— farbood — e/acc (@farbood) October 16, 2019

To celebrate the monumental event, people across crypto Twitter are using the #3MillionLeft hashtag, promoting the concept of Bitcoin’s built-in, hard-coded digital scarcity.

Eventually, when the entire Bitcoin supply is unlocked by miners, the way miners will be rewarded for continuing to secure and validate the network, will be provided by the way of fees associated with sending the crypto asset.

Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain 

While minor at today’s prices, if Bitcoin can truly reach prices of $100,000 to $1M USD per BTC, then fees may ultimately be enough to keep the network operation in full capacity.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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