After a lot of waiting, the 19,000,000th BTC was ultimately mined on the morning of 1st April after a long wait. This is the first time a million-cryptocurrency mining milestone has been reached since October 2019. There has already been over 90 percent of every BTCs that would ever be made, so they’ve been mined.
When Would the 21,000,000th BTC Get Mined?
It is very challenging to forecast when the 20,000,000th cryptocurrency will be getting minted based on various factors. The BT development process is slowing down because miners the BTC payouts of miners are split in two every four years.
The total BTC supply is hard-capped at 21M coins, widely regarded as among the pioneer crypto’s best features. Gold, on the other hand, has a limitless supply. The mining challenges of the BTC network increase every 2 weeks; therefore, block output times may vary. Due to shifting mining rules, perhaps the last BTC will likely get mined around 2140, according to approximate estimations.
Is It Feasible to Add Extra BTCs to the System?
Because BTC is built on software, it’s also potentially feasible for a person to propose a programming update that will boost the total amount of BTC further than the limit stated above. Because of this, it will be considered unthinkable to change the limit for BTC of 21M cryptocurrencies.
Matt Luongo, the creator of Thesis, once suggested raising the total amount of the leading cryptocurrency to ensure miners are motivated to make sure that the BTC network is secure. Of course, the suggestion was met with vehement opposition. Due to BTC’s decentralized structure, getting many nodes to join will be impossible, implying that such a significant modification has a very slim opportunity to get executed.