The 19,000,000th Bitcoin has just been mined in block #730003. This leaves just 2 million for the rest of us. It seems that some media were reporting the news a a little prematurely to start the party early. Running your node full is the only way to ensure you use up-to-date information. However, we are now officially over the line and have had enough confirmations to report the news. People cannot be blamed for wanting to celebrate early as it is a momentous day. Miners won’t mine the 20,000,000th Bitcoin until around 2026, so it’s a day to commemorate. Bitcoin is certainly enjoying the moment as the price climbs back above $46,000.

There were 3,158 transactions in the barrier-breaking block, totaling 42,043 BTC. It was mined by a mining pool called viaBTC. There are an online discussion about which block mined the 19 millionth coin, as different nodes seem to show conflicting information. Until we get more confirmations we may not know exactly what block it was, but it is in a range between 729998 and 730007 by my calculations.

Where are we in Bitcoin history?

If you’re wondering where we are on the Bitcoin timeline, here’s a snapshot of Bitcoin’s current progress. We have had three halvings since the first Bitcoin was mined. At that time, there was a reward of 50 BTC per block. We are now down to 6.25 BTC per block. This will continue until around block 84,000 when it drops to just 3,125 BTC per block. The following table shows that we are in the fourth age. The last Bitcoin will be mined in era 34, when the reward will be only 0.00000001 BTC per block. This is anywhere from 120 to 140 years from now, long after we’re all gone, so we can only speculate on what will happen then. Miners will need to continue mining to keep the network running and secure; and there are several options of what will motivate them to do so. The most obvious, however, is that miners will hold a large amount of Bitcoin and still receive transaction fees. Who knows how much a satoshi will be worth in over a hundred years?


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