Bitcoin circulation reaches 19M milestone

By Tolga Yanik

ISTANBUL (AA) - The number of Bitcoins that were mined and put into circulation has reached 19 million.

While the number of Bitcoins in circulation was only 50 on Jan. 3, 2009, the date of Bitcoin's emergence, this number has increased continuously so far.

The increase in the number of Bitcoins in circulation is done by miners through specially designed devices.

As of April 2022, the number of Bitcoins that have been mined reached 19 million.

When the number of Bitcoin reaches 21 million, the mining activity will end.

Experts predict that all Bitcoin production will end in 2140, as production halves on average every four years.

Although the cost of mining has increased over time, the increase in the value of Bitcoin compared to the past years has caused an increase in the income of the miners.

The total revenue generated by miners on the Bitcoin network last year exceeded $15 billion.

Bitcoin, which is the most popular among cryptocurrencies with a market cap of more than $870 billion, attracts attention from both investors and miners.

The cryptocurrency, which saw its historical peak with a value of more than $68,000 in November last year, has been trading at $40,000 levels in recent weeks.

Cryptocurrency mining is also on the agenda with the energy it consumes and its impact on the environment.

In the recent period, where raw material prices have increased in the field of energy, some states imposed restrictions on mining.

On the other hand, many technology companies, including Intel, are developing products for mining hardware to consume less energy and to reduce its environmental impact.

*Writing by Gokhan Ergocun