Bitcoin’s mining supply has fallen below the 1.19 million mark, signaling a step closer to broader adoption.

As of December 26, 2024, Bitcoin’s unmined supply has fallen below the 1.19 million BTC threshold, marking a significant milestone in the cryptocurrency’s scarcity. With only about 1,198,640.60 BTC left to be mined, approximately 94.29% of the total Bitcoin supply has already been issued, highlighting the decreasing availability of new coins as the network approaches its maximum supply of 21 million BTC. This increasing scarcity is particularly notable as Bitcoin adoption continues to grow, with more governments and institutions exploring the idea of integrating Bitcoin into their financial systems.

Despite the rising adoption, Bitcoin mining faces challenges, particularly with energy consumption concerns. Several countries, including Venezuela, China, and Russia, have banned Bitcoin mining due to environmental and energy concerns. Additionally, in regions where mining is still allowed, high energy tariffs have made the process more expensive, adding further pressure on miners.

Bitcoin’s market capitalization remains dominant in the cryptocurrency space, standing at nearly $1.89 trillion, with a fully diluted valuation of $2.004 trillion. Over the past 24 hours, Bitcoin’s price has seen a slight dip of 3.4%, but it is still trading at a robust $95,280. The cryptocurrency reached its most recent all-time high of $108,280 on December 17, 2024, driven by a bullish market fueled in part by political developments in the United States.

One major factor influencing Bitcoin’s rise is the potential for Bitcoin reserves in various countries. U.S. President Donald Trump has repeatedly emphasized his desire to make the U.S. the global leader in cryptocurrency, including plans to establish a U.S. Strategic Bitcoin Reserve, potentially creating a national reserve fund with Bitcoin. This idea was discussed further in a meeting between Trump and Crypto.com CEO Kris Marszalek in December. Michael Saylor, CEO of MicroStrategy, also proposed that a Bitcoin reserve could generate significant funds for the U.S. Treasury, ranging from $16 trillion to $81 trillion.

In addition to the U.S., other regions, such as the European Union and Russia, have shown interest in creating national Bitcoin reserves. For example, EU Parliament Member Sarah Knafo has advocated for the EU to establish strategic Bitcoin reserves, while Russian officials have suggested the possibility of creating a Bitcoin reserve in their country. Similarly, Brazilian legislators have proposed a bill limiting the country’s reserves to $18.5 billion worth of BTC.

As Bitcoin’s supply dwindles, the cryptocurrency’s importance continues to grow on the global stage, driven by both increasing adoption and the strategic moves by various governments to explore its potential as a reserve asset. The reduced supply, combined with growing institutional interest, could continue to propel Bitcoin’s value and its role in the global economy.