Learn about the issuance price and total issuance volume of Bitcoin in one article

Bitcoin's issuance began with an initial price of 0 BTC and has experienced significant growth in value over time, reaching an all-time high of nearly $69,000 per BTC in 2021.

Oct 08, 2024 at 03:36 am

Bitcoin Issuance: Price and Volume

1. Initial Issuance

• On January 3, 2009, the genesis block of Bitcoin was mined by Satoshi Nakamoto.
• The initial issuance price was set at 0 BTC.
• However, in October 2010, the first Bitcoin transaction occurred, where it was valued at approximately $0.001 per BTC.

2. Block Reward Issuance

• Bitcoin's supply is controlled through a mechanism called "block rewards."
• When a new block is added to the blockchain, a certain number of new BTC is minted and distributed to the miner who verified the previous block.
• The initial block reward was 50 BTC.
• The block reward is halved roughly every four years.

3. Gradual Increase in Value

• Over the years, the demand for Bitcoin has steadily increased, leading to a rise in its price.
• The price of Bitcoin reached its first significant peak in November 2013, when it surpassed $1,000 per BTC.
• Bitcoin's price continued to rise until it reached its all-time high of almost $69,000 per BTC in November 2021.

4. Total Issuance Volume

• The total supply of Bitcoin is limited to 21 million BTC.
• Out of this, approximately 19.3 million BTC had been mined as of February 2023.
• The remaining Bitcoin will continue to be released gradually through block rewards until the total supply is reached.

Conclusion

The issuance price of Bitcoin was initially set at 0 BTC. As its popularity and demand grew, the price gradually increased, reaching its peak in November 2021. The total issuance volume of Bitcoin is limited to 21 million BTC, with approximately 19.3 million BTC currently in circulation. The remaining Bitcoin will continue to be released gradually through block rewards until the total supply is exhausted.