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

The year 2024 has been filled with important milestones for Bitcoin, from reaching all-time highs to some governments considering Bitcoin reserves. However, data reveals that there are less than 1.19 million BTC left to be mined.

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

Clark Moody’s data revealed that there was only 1,198,640.60 BTC left unmined as of December 26. Meanwhile, 94.29% of Bitcoins had already been issued and 220.32 BTC were invalid for payments.

Eight countries, including Venezuela, China and most recently Russia, have banned Bitcoin mining due to energy concerns. Meanwhile, high energy tariffs have become more expensive than ever in countries that allow Bitcoin mining.

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

Bitcoin’s market value stands at approximately $1.890 trillion and continues its reign as the cryptocurrency with the largest market value. Over the last 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 trillion and a 24-hour trading volume of $41 billion.

24-hour trading price chart for Bitcoin December 26, 2024 | Source: crypto.news

On December 17, Bitcoin reached an all-time high of $108,280. The cryptocurrency crossed the $100,000 threshold for the first time on December 5, following a rally in the crypto market fueled by Donald Trump’s win in the US Presidential Election.

Trump has repeatedly stated that he wants to make the US the crypto capital of the world, with plans to create a crypto council and establish a national Bitcoin reserve. Trump met with Crypto.com CEO Kris Marszalek on Dec. 16 to talk about drafts of the U.S. Strategic Bitcoin Reserve under the Treasury Department’s Exchange Stabilization Fund.

Michael Saylor, CEO of MicroStrategy, the world’s largest institutional Bitcoin holder, shared a proposal on December 21 detailing plans for a Bitcoin reserve for the US Treasury that could potentially generate $16 to $81 trillion.

Similar moves have been made in other regions, one of which is the EU, when Member of Parliament Sarah Knafo called on the EU to “bet on Bitcoin” by creating national strategic Bitcoin reserves.

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