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 reaching new all-time highs to several governments mulling a Bitcoin reserve. However, data reveals that there are less than 1.19 million BTC left to be mined.

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 wider scale.

Data from Clark Moody revealed that there were only 1,198,640.60 BTC left unmined by Dec. 26. Meanwhile, as much as 94.29% of Bitcoins had already been issued, with 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 tariffs have made Bitcoin mining even more expensive than ever before in countries that allow it.

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

Bitcoin’s market cap stands at nearly $1,890 trillion, maintaining its reign as the cryptocurrency with the largest market cap. Within the past 24 hours, Bitcoin has dipped 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 that stands at $41 billion.

On Dec. 17, Bitcoin reached its latest all-time high, peaking at $108,280. The cryptocurrency first crossed over the $100,000 threshold on Dec. 5 after a bullish run on the crypto market fueled by Donald Trump’s win in the U.S. Presidential Election.

Trump has declared countless times that he wants to make the U.S. the world’s crypto capital, with plans to enact a crypto council and establish a national Bitcoin reserve. On Dec. 16, Trump met with Crypto.com CEO Kris Marszalek to talk about drafts of a U.S. Strategic Bitcoin Reserve within the Treasury’s Exchange Stabilization Fund.

Michael Saylor, CEO of MicroStrategy, the largest corporate Bitcoin holder in the world, shared a proposal on Dec. 21 detailing plans for a Bitcoin reserve that could potentially generate $16 trillion to $81 trillion for the U.S. Treasury.

Similar moves were made in other regions, one of them being the EU, when Parliament Member Sarah Knafo urged the EU to ‘bet on Bitcoin’ by building national strategic Bitcoin reserves.

In addition, a state deputy urged Russia to consider creating a Bitcoin strategic reserve in the country. Earlier on, Brazilian legislators proposed a bill that would limit Brazil’s reserves to as much as $18.5 billion worth of BTC.