• Bitcoin fundamentals remain unchanged in 2022 despite significant events such as a decline in price and market cap, interest rate increases and general economic negativity.
• The circulating supply of Bitcoin is at 19,257,175, with 1,742,825 left to be mined before the maximum supply of 21 million coins is reached.
• Bitcoin has largely maintained consistent 10-minute block times in 2022, with two components comprising the block rewards: newly created coins and transaction fees.

Bitcoin has had a tumultuous year in 2022, with significant events such as a decline in price and market cap, interest rate increases, and general economic negativity. Despite such events, the fundamentals of Bitcoin remain unchanged.

The circulating supply of Bitcoin currently stands at 19,257,175, 91.7% of the capped maximum supply of 21 million coins. There are 1,742,825 coins left to be mined before the limit of 21 million coins is reached. On average, one Bitcoin block is created every 10 minutes, meaning that the Bitcoin supply is increasing approximately every 10 minutes. Even though the market downturn has been severe, with miner capitulation and forced liquidation, defi platform hacks, Bitcoin has largely maintained consistent 10-minute block times in 2022.

The reward for miners when they successfully validate blocks on the network is made up of two components: newly created coins and transaction fees. The number of newly generated coins is regulated by a halving event that takes place every 210,000 blocks (approximately every four years). This event cuts the miner’s reward in half, reducing the amount of new coins they get for mining a block. Transaction fees, on the other hand, are determined by the amount of data included in each transaction.

Despite the significant market events in 2022, Bitcoin’s fundamentals remain strong. The circulating supply of Bitcoin is increasing, and the 10-minute block times have largely been consistent throughout the year. Additionally, the reward for miners is made up of two components: newly created coins and transaction fees. All of these factors show that Bitcoin’s fundamentals remain unchanged despite the significant events in 2022.