The Countdown to History
This Friday marks a significant milestone in the world of cryptocurrency—the mining of the 18 millionth Bitcoin. In a tweet that sent waves through the financial community, Anthony Pompliano, the co-founder of Morgan Creek Digital Assets, shared this momentous news on October 15. With only three million Bitcoins left to be mined, the urgency to raise awareness about this digital asset has never been more pressing.
The Great Bitcoin Limitation
Bitcoin operates on a limited supply, with a hard cap of 21 million coins. This means that once all coins are mined, there will be no more BTC. As of now, approximately 17,997,150 BTC has been mined, leaving only three million in the balance. The hashtag #3MillionLeft is trending as Pompliano seeks to educate the masses on this finite digital currency.
What’s Next? The Halving Event
With fewer Bitcoins left to be mined, we are also rapidly approaching the next Bitcoin halving event. This is a crucial phenomenon in the crypto world, occurring approximately every four years, where the block reward for miners is cut in half. The most recent halving on May 14, 2020, reduced the reward from 12.5 to 6.25 coins per mine. As the halving increases scarcity, it typically results in increased prices, so pay attention, investors!
Rising Competition: Hash Rate Hits Record Levels
The Bitcoin network’s hash rate—the total computational power used to mine and process transactions—has surged to a record-setting 102 quintillion hashes. This unprecedented increase signifies a growing competition among miners to claim their share of the remaining coins as the supply dwindles. It’s a wild ride out there, and everyone wants to catch their piece of the pie!
Pompliano’s Bitcoin Bet
Anthony Pompliano isn’t just blowing smoke; he’s put his money where his mouth is. Having disclosed that over half of his net worth is invested in Bitcoin, his optimism highlights the investing community’s confidence in Bitcoin’s potential for tremendous growth. As we count down to the mining of the 18 millionth coin, awareness and understanding of Bitcoin are essential for both new and veteran investors alike.
