17 out of 21 Million Bitcoins Mined – Milestone for Digital Scarcity

17-out-of-21-Million-Bitcoins-Mined--Milestone-for-digital-scarcity

17 million Bitcoin’s have been mined as of today April 26, according to the data from statoshi.info. This means that only 4 million Bitcoin’s are available out of the total supply of 21 million. This is around 19% which remains to be mined.

According to Bitcoin’s code which was created to keep digital scarcity intact, only 21 million Bitcoins will ever be mined. This protocol was designed to ensure that the rates of Bitcoin produced would slow over time at every 210,000 blocks. Once this number is reached the network cuts the block reward in half, which results in the rate of new BTC creation exponentially slower.

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The scarcity of the currency has always been compared to precious metals like gold. Satoshi Nakamoto’s original Bitcoin white paper included these comparisons as an analogy towards its inherent mining and scarcity points.

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