Bitcoin Mining Surpasses 20 Million, Renewing Focus on Scarcity

The Bitcoin network has officially reached a new milestone, with 20 million BTC mined, leaving only about 1 million to be mined, expected to be completed gradually over the next century. This progress has once again sparked widespread discussion in the market regarding Bitcoin's fixed supply mechanism. Raphael Zagury, CEO of Bitcoin mining firm Elektron Energy, pointed out to Cointelegraph that Bitcoin's issuance rules have unprecedented transparency: "Its supply schedule can be clearly predicted for decades to come. Human trust in currency is often built on clear and stable rules."

Tommy Rogulj, portfolio manager at crypto exchange Swyftx, also believes that this "million countdown" highlights Bitcoin's core characteristics: "It is a hard-capped, decentralized, neutral digital asset whose supply curve cannot be artificially expanded, which is significant in an increasingly volatile and technologically uncertain world." However, several industry analysts have pointed out that this milestone event has limited impact on price. Capriole Investments founder Charles Edwards said: "The market has already fully priced in Bitcoin's inflation rate, which is even lower than gold. This is more like a symbolic node than a price catalyst." Zagury holds a similar view: "In the short term, liquidity and macro factors are still the key to dominating prices, and a single milestone is difficult to trigger volatility." However, he emphasized that in the long run, scarcity and predictable monetary policy constitute a powerful combination, "Over time, the market will eventually favor those trustworthy systems." Regarding the network's prospects after all Bitcoins are mined in 2140, the community still has doubts: At that time, miners will no longer receive block rewards and will only rely on transaction fees to maintain incentives. Can network security be sustained? Despite concerns, most technical experts believe that as on-chain transaction volume grows and the fee mechanism is optimized, the economic incentive structure for miners is expected to evolve naturally, ensuring the long-term stable operation of the Bitcoin network.