Bitcoin’s mining supply slipped below the 1.19m threshold on the brink of wider adoption

The year 2024 has been filled with major milestones for Bitcoin, from hitting new all-time highs to multiple governments mulling over a Bitcoin reserve. However, the data reveals that there are less than 1.19 million BTC left to mine.

Unmined Bitcoin is becoming even more scarce in terms of remaining supply as more of the world begins to warm up to the idea of ​​adopting Bitcoin (BTC) on a larger scale.

Data from Clark Moody revealed that there is As of December 26, only 1,198,640.60 BTC remained unmined. Meanwhile, up to 94.29% of Bitcoins had already been issuedwith 220.32 BTC invalid for payments.

Eight countries, including Venezuela, China, and most recently Russia, have banned Bitcoin mining due to energy concerns. Meanwhile, high energy prices have made Bitcoin mining even more Dear than ever in countries that allow it.

According to data according to crypto.news, Bitcoin has a circulating supply of 19.8 million BTC with a maximum supply of 21 million BTC.

Bitcoin’s market capitalization stands at nearly $1.89 trillion, maintaining its reign as the largest market capitalization cryptocurrency. Over the past 24 hours, Bitcoin has fallen by 3.4%. At the time of writing, BTC is currently trading at $95,280.

Bitcoin also has a fully diluted valuation of $2.004 billion and a 24-hour trading volume that stands at $41 billion.

On December 17, Bitcoin reached its last all-time high, peaking at $108,280. Cryptocurrency first crossed the $100,000 threshold on December 5 after an uptrend in the crypto market fueled by Donald Trump’s victory in the US presidential election.

Trump has repeatedly stated that he wants to make the United States the crypto capital of the world, with plans to create a crypto council and establish a national Bitcoin reserve. On December 16, Trump encounter with Kris Marszalek, CEO of Crypto.com, to talk about plans for a U.S. Strategic Bitcoin Reserve within the Treasury’s Exchange Stabilization Fund.

Michael Saylor, CEO of MicroStrategy, the world’s largest Bitcoin holding company, shared a proposal on December 21, detailing plans for a Bitcoin reserve that could potentially generate between $16 trillion and $81 trillion for the U.S. Treasury.

Similar measures were taken in other regions, one of them being the EU, when members of Parliament Sarah Knafo urged the EU to “bet on Bitcoin” by creating national strategic Bitcoin reserves.

Additionally, a state lawmaker urged Russia to consider creating a strategic Bitcoin reserve in the country. Earlier, Brazilian lawmakers proposed a bill that would limit Brazil’s reserves to $18.5 billion worth of BTC.