On Friday, Bitcoin's 900,000th block was mined, which marks a huge milestone for the leading cryptocurrency.
The major event has been widely celebrated within the Bitcoin community.
It took the block height nearly two years to grow by 100,000 blocks. The 1 million milestone is expected to be reached around May 2027.
The maximum possible Bitcoin supply is limited to 21 million coins.
During Bitcoin's early days, each block offered a reward of 50 BTC.
With every halving event, which takes place after every 210,000th block, this reward gets reduced by half.
According to the data provided by CoinWarz, the next halving event is expected to take place in March 2028 at the block height of 1,050,000.
Eventually, the block reward will be reduced to nearly zero after about 33-34 halvings. This will happen around 2,140. By that time, the number of blocks is expected to surpass 6.9 million.
After this, mined blocks will no longer create new coins. Instead, miners will be relying solely on fees from transactions. It will be critical for Bitcoin to have a high transaction volume so that miners can stay profitable.
As of now, more than 3 out of every 4 coins that will ever be in circulation have already been mined. This is viewed as a major bull case by many proponents of the leading cryptocurrency since it reinforces the narrative about Bitcoin's scarcity.
Vladislav Sopov
U.Today Editorial Team