Jul 15, · Whereas the market cap of Bitcoin (BTC) is $,,, and its circulating supply is just 16,, BTC. The supply of Bitcoin will never ever even be close to what LTC supply currently is because Bitcoin’s maximum supply is capped to 21,, BTC. 21 Million BTC is the maximum number that will ever exist. Since bitcoins can only be created by being mined, all the bitcoins in existence are all bitcoins that have been mined. The total is 18,, BTC. How Many Bitcoin Blocks Are There Today? There have been , blocks mined. Nov 27, · Chinese authorities have seized over $4 billion in crypto assets. The funds were part of a major Ponzi scheme that exploited over two million people. To date, 15 people have been convicted. Chinese police have seized a total of , Bitcoin—a total 1% of the Bitcoin total supply—over the PlusToken Ponzi scheme, as reported by The Block.
Total supply btcControlled supply - Bitcoin Wiki
Some detractors of the protocol claim that miners will be forced away from the block rewards they receive for their work once the bitcoin supply has reached 21 million in circulation.
But even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions.
The reason is that every bitcoin transaction has a transaction fee attached to it. These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars per block, especially as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy , where transaction fees are assessed much like taxes. It's worth noting that it is projected to take more than years before the bitcoin network mines its very last token.
In actuality, as the year approaches, miners will likely spend years receiving rewards that are actually just tiny portions of the final bitcoin to be mined. The dramatic decrease in reward size may mean that the mining process will shift entirely well before the deadline.
It's also important to keep in mind that the bitcoin network itself is likely to change significantly between now and then. Considering how much has happened to bitcoin in just a decade, new protocols, new methods of recording and processing transactions, and any number of other factors may impact the mining process. Bitcoin Magazine. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Bitcoin Basics.
Bitcoin Mining. How to Store Bitcoin. Bitcoin Exchanges. Bitcoin Advantages and Disadvantages. Bitcoin vs. Other Cryptocurrencies. Bitcoin Value and Price. Cryptocurrency Bitcoin. This chart shows the number of bitcoins that will exist in the near future. The Year is a forecast and may be slightly off.
This is one of two only known reductions in the total mined supply of Bitcoin. Therefore, from block onwards, all total supply estimates must technically be reduced by 1 Satoshi.
Because the number of bitcoins created each time a user discovers a new block - the block reward - is halved based on a fixed interval of blocks, and the time it takes on average to discover a block can vary based on mining power and the network difficulty , the exact time when the block reward is halved can vary as well. Consequently, the time the last Bitcoin will be created will also vary, and is subject to speculation based on assumptions.
If the mining power had remained constant since the first Bitcoin was mined, the last Bitcoin would have been mined somewhere near October 8th, Due to the mining power having increased overall over time, as of block , - assuming mining power remained constant from that block forward - the last Bitcoin will be mined on May 7th, As it is very difficult to predict how mining power will evolve into the future - i. The total number of bitcoins, as mentioned earlier, has an asymptote at 21 million, due to a side-effect of the data structure of the blockchain - specifically the integer storage type of the transaction output , this exact value would have been 20,, Should this technical limitation be adjusted by increasing the size of the field, the total number will still only approach a maximum of 21 million.
Note: The number of bitcoins are presented in a floating point format. However, these values are based on the number of satoshi per block originally in integer format to prevent compounding error. Therefore, all calculations from this block onwards must now, to be accurate, include this underpay in total Bitcoins in existence. Then, in an act of sheer stupidity, a more recent miner who failed to implement RSK properly destroyed an entire block reward of The bitcoin inflation rate steadily trends downwards.
The block reward given to miners is made up of newly-created bitcoins plus transaction fees. As inflation goes to zero miners will obtain an income only from transaction fees which will provide an incentive to keep mining to make transactions irreversible.
Due to deep technical reasons, block space is a scarce commodity , getting a transaction mined can be seen as purchasing a portion of it. By analogy, on average every 10 minutes a fixed amount of land is created and no more, people wanting to make transactions bid for parcels of this land.
The sale of this land is what supports the miners even in a zero-inflation regime. The price of this land is set by demand for transactions because the supply is fixed and known and the mining difficulty readjusts around this to keep the average interval at 10 minutes.
The theoretical total number of bitcoins, slightly less than 21 million, should not be confused with the total spendable supply. The total spendable supply is always lower than the theoretical total supply, and is subject to accidental loss, willful destruction, and technical peculiarities.
One way to see a part of the destruction of coin is by collecting a sum of all unspent transaction outputs, using a Bitcoin RPC command gettxoutsetinfo. With some quick math, however, we can estimate the max number of people who are Bitcoin millionaires.
Since there are BTC in circulation, there are a maximum of people holding bitcoins. Slushpool has about , miners. Assuming all pools have similar numbers, there are likely to be over 1,, unique individuals mining bitcoins. It is hard to know for sure, though. New blocks are added approximately every 10 minutes.
The further out we try to predict when specific halvings will occur, the harder it is. Over years, a lot can change, and so it may happen sooner or later, perhaps even by more than year. The block reward will be a mere 0. Currently the block reward is 6. 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.