More than 19 million bitcoins have been mined in the cryptoasset network since 2009. In total, less than 2 thousand digital currency units remain, which are to be distributed as a reward to miners.
The important milestone was reached by bitcoin last Friday (1). Unlike fiat currencies, which have an inflationary system, the cryptoasset’s issuance is deflationary, meaning the supply decreases every four years.
Bitcoin was developed to present a halving every four years. The event consists of halving the reward for each block mined on the cryptosset’s network.
According to the crypto market forecast, 2 million bitcoin units will be distributed in mining by 2140. There are 21 million bitcoins, 90% of which have already been issued by the Bitcoin network.
The market monitored the last halving in 2020, and everything suggests that the next upgrade in the Bitcoin network should happen in 2024. At the next halving, the reward for each block mined will drop to 3.125 BTCs.
The next bitcoin halving will change the mining reward at block 840.000, and the event should reach the cryptoasset’s network on May 4, 2024.
Until then, mining new blocks will further reduce the number of bitcoins to be mined.