Dec 17, · There are only 21 million bitcoins that can be mined in total. Once bitcoin miners have unlocked all the bitcoins, the planet's supply will essentially be tapped out. . Feb 13, · How many Bitcoins are currently in circulation as of ? As of , there are just over 18 Million Bitcoins in existence. However, not all of them are actually usable. Among those 18 million, approximately 4 million bitcoins are lost whereas, around 1 million were stolen in various hacks and heists such as that of through Mt. Gox. The total supply of BTC is limited and pre-defined in the Bitcoin protocol at 21 million, with the mining reward (how Bitcoins are created) decreasing over time. This graph shows how many Bitcoins have already been mined or put in circulation.
Number of bitcoins in circulation over timeHow Many Bitcoins Are There? How Many Left to Mine? ()
Among these whales is the founder of Bitcoin, Satoshi Nakomoto , whose public address is home to about 1 million bitcoins which are roughly worth 10 billion US dollars. As of today, about 5 million of bitcoin belong to around whales.
By design, the bitcoin blockchain is built to only release a fixed number of bitcoins and that through as well through mining. With time, the rewarded bitcoins are halved, and this process is known as bitcoin halving. At the time of inception, among the first-ever blocks that were mined, the block reward stood at a whopping 50 BTC. However, at that time, it had merely any monetary value associated with it. The mining reward is structured to decrease after every , mined blocks.
Since the combination of block difficulty and solving time is somewhere around ten minutes, therefore, it takes around 4 years to reach the halving point. Based on these calculations, every four years, the reward is cut into half until there is essentially no reward for bitcoins. That is, in about years from now, in the year , the nodes will have effectively mined all 21 million bitcoins reaching the maximum supply.
On average, one Bitcoin is mined every 10 minutes, and the rigs involved in creating a new block split the reward amongst themselves. Currently, this reward is currently set at The speed of mining depends very much on the equipment you are using. Currently, in , the mining rewards is set at Since the launch in , it has halved two times already in , and now set to half in July of this year reducing the reward further to 6.
Currently, the total mined bitcoin or in existence is somewhere around 18 Million. Since a new block is added every 10 minutes to the blockchain, and each block as of now produces The calculation of per day mining is pretty simple.
We know, there are 60 minutes per hour and 24 hours per day giving a total of minutes and since it takes 10 minutes to mine one block, therefore, in a day blocks are mined. To calculate the current per day mining rate, you just multiply by the current reward size. This means per year, we mined , BTC and after the halving in June, this rate will reduce to per day and , BTC mined per year.
You might find yourself wondering why Satoshi Nakomoto thought it would be good to limit the supply of Bitcoins. The concept behind this is to establish an automatically adjusted balance of supply and demand. The concept of Bitcoin emerged as a strong opposition or more so a remedial structure of transactions to the centralized banking system. One major flaw of the conventional banking system is the ability of the bank to curb or dilute the supply of money in the market, therefore, controlling the purchasing power, inflation and economic conditions along with it.
Bitcoin, on the other hand, aimed to establish a decentralized form of a network where no entity could influence in of itself the supply of the bitcoins, therefore, creating an automatically adjusting supply of bitcoins through capped supply and diminishing rewards. If for instance, the supply was not capped, the chances of bitcoin gaining substantial rapport as a store of value and investment vehicle would not have been possible. In fact, given its infinite supply, people would have continued to mine as much as they want.
Similarly, if the supply was indeed capped but the mining block reward did not decrease geometrically, but rather remained constant, it would have taken merely 8 years for the supply cap to have reached. Had it ended in 8 years, the early adopters would have mined all the BTC and left nothing for the rest of the enthusiasts, slowly killing the idea of digital currency along with it.
So, to put things into perspective, Satoshi Nakomoto definitely did put in great thought into selecting the right timeframes, declining the mining rate and choosing to put a finite limit on the supply for Bitcoin. Now you may ask, the code is open-source, someone can just tweak that limit. You can change the supply but if the majority of the nodes do not accept the change, it will result in hard fork , leading to some or most of the nodes choosing to stay with the original chain and the new forked chain ultimately dying out due to lack of interest.
There are 30 more halvings before it goes to 0. If we divide 6. Right now, miners earn most of their income via the block reward. When all 21 million bitcoins are mined, there won't be a block reward to pay to miners. When a Bitcoin user sends a BTC transaction, a small fee is attached.
These fees go to miners and this is what will be used to pay miners instead of the block reward. There are BTC left to be mined until the next block reward halving. So they are well beyond Bitcoin billionaires! At the time of writing, there are a little over 57 million litecoin LTC in existence.
The Litecoin block halving is projected to be in August Most coins are exact copies of Bitcoin's source code. Bcash is a fork of Bitcoin with a few things taken out. Litecoin is also a fork of Bitcoin with the block time and mining algorithm changed. There are a little over million ether ETH in existence. There is no real cap on the total number of ETH than can come into existence like there is with Bitcoin.
Eth is not a fork or clone of Bitcoin like Litecoin is. New bitcoins are mined every 10 minutes. The amount of time it takes a miner to mine a bitcoin will depend on how much mining power he has. Bitcoin has been around since You can see the tiny amount of data included in that first block below:. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity.
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Bitcoins Left to Be Mined. Total BTC in Existence. By looking at the age of all UTXO's we can make some educated guesses about which coins are "lost" or "stuck". Stories like these are common and by knowing about them we can keep an informal minimum tally on lost coins.
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