Bitcoin has reached another milestone – a total of 19 million BTC was mined recently, leaving only 2 million BTC to be mined. According to the estimates, the other 2 million BTC will be mined in the next 100 years.
Bitcoin Becomes More Scarce
A few members of the Bitcoin community celebrated the coin’s achievement and pointed out the importance of the milestone.
The CEO of Kryptovault, Kjetil Hove Pettersen, stated that even though many think 2 million BTC is a small amount, it will lead to the best mining days to come. Some crypto enthusiasts also believe that it will take about 100 years to mine the remaining 2 million BTC.
What’s Next for the Crypto Market?
Even though it took 13 years for miners to get to 19 million BTC, the remaining 2 million will take 100 years to mine. This shows how scarce the coin will become.
Another important thing to consider is the next halving, which will occur in 2024 when the reward of 6.25 BTC will drop to less than 4 BTC. However, the miners should remain motivated to keep mining so that the Bitcoin network functions properly.
What’s more, the upcoming scarcity of the currency should drive the price up, with some predicting Bitcoin will hit the $1 million mark.