How Many Bitcoins Are There In The World Now?
Bitcoin is the first and most popular cryptocurrency that has been around for a decade. During this time, millions of BTC coins were issued. The Bitcoin system works according to a predetermined algorithm laid down by the creator, which makes it possible to determine the mined amount of coins with maximum accuracy.
During the development of Bitcoin, a limited emission was laid in it, and the generation of new coins is carried out according to a certain plan. Using these factors, experts can calculate trends in the value of bitcoin at different intervals, predict when the last bitcoin will be mined and how it will turn out for miners and investors.
How many bitcoins were mined?
The first mentions of bitcoin appeared on October 31, 2008 in an article describing the new decentralized payment facility and posted on behalf of Satoshi Nakamoto.
But the first block of transactions was formed on January 3, 2009, and as a result the first 50 bitcoins were mined.
The bulk of the first bitcoins, from the first block to 36,228 blocks, were mined on a single computer, which apparently belonged to the creator of the cryptocurrency Satoshi Nakamoto. It is difficult to say how many bitcoins Satoshi Nakamoto has today. The author of the most detailed study to date, Sergio Damian Lerner, claims that the creator has more than a million coins on the account.
Now such accumulation seems unrealistic. This is due to the fact that the system reduces the issue of new coins every 210,000 blocks. This line is crossed every 4 years. So, since the beginning of the operation of bitcoin:
- 1050,000 BTC was mined for the unit;
- With a remuneration of 25 BTC – 5250,000 BTC;
- the remuneration is now 12.5 BTC and by 2020 2625,000 BTC will be generated.
How many bitcoins are mined per day?
The closer the number of coins extracted approaches its maximum, the more difficult it is to extract.
If at the start of the launch it was possible to mine bitcoins even on the usual not too powerful PC, then with the increasing complexity of the network in order to get a few coins, the miner needs to have a high-power cryptocurrency farm and spend a lot of time on setting and mining.
Generation of new coins cost miners more and more, but the overall algorithm remains the same. The complexity of the network is regulated in such a way that on average 6 blocks are formed in one hour, one block every 10 minutes. To calculate how many bitcoins are mined per day, you need to calculate how many blocks are mined per day and multiply by the current reward for the signature of the block.
Now for one added block miners receive 12.5 BTC, therefore, 1,800 new coins are generated per day.
Once the reward is half that in 2020, 900 coins will be generated in one day. At the start of the launch, as many as 7,200 bitcoins were mined in a day.
How many bitcoins are left?
Bitcoin has a maximum emission of 21 million coins.
Due to the use of eight decimal points, the final number of coins will be 20,999,999, 976 BTC.
Knowing how many bitcoins can be generated, it is easy to calculate how many coins are still not mined. At the time of writing, about 18,000,000 BTC has been mined, and according to the miners, another 3,000,000 BTC is left to mine, representing 17.12% of the total.
Why is bitcoin emission limited?
Bitcoin is functioning according to a well-planned schedule, and the number of coins generated will never exceed the 21 million mark.
The frequency at which new blocks are generated is constant and unchanged, and the reward for adding a block decreases every 4 years by 50%. All these measures serve to prevent coin inflation. Mathematically, the choice of a maximum emission of 21 million. based on the ratio of the rate of gold production and the need for it.
In economic systems under the control of the central government body, currencies are produced commensurately with the number of goods and services produced in the country. This model of economy allows to control the level of inflation of state currencies and stabilize their value.
In the case of decentralized currencies that do not have a central authority, inflation is regulated according to the general consensus of the network by a cryptographic algorithm. This algorithm determines the time and number of coins issued, thereby preventing a decrease in the value of the cryptocurrency due to the oversaturation of the market. Any attempts to hack the system and change the maximum emission rate will be cryptographically rejected because they are not consistent with the network consensus.
Most experts agree that limited emissions are a positive factor influencing bitcoin’s growth prospects. Thus, a convenient means of payment creates an increased demand due to its limitations. It is also worth bearing in mind that the principle of cryptographic wallets makes it impossible to restore access to the data and coins that are stored on them. This creates an additional deficit and reduces the number of bitcoins in circulation. According to various data, at least 4 million people have been frozen on wallets. Bitcoins. Some of them are frozen by the owners themselves, the other – irretrievably lost.
When will the last bitcoin be mined?
A well-planned release algorithm allows you to calculate the moment when the last bitcoin will be mined. The extraction of bitcoins can be conditionally divided into cycles of four years long, during which a fixed number of coins are mined. At the same time, with each new cycle, the number of coins produced is halved.
Thus, the extraction algorithm can be expressed by a mathematical formula:
A+A/2+A/4+A/8+.. A/2x, where x is the number of cycles expressed in degree.
The system is designed to ensure that the extraction is carried out for as long as possible. By its end, miners will receive the lowest possible amount of bitcoin for the found block, and for the year will be mined only 0.0021 BTC.
It will take 33 seasons or 132 years. Thus, the last coin will be generated in 2140, when the signature will be selected to 6929999 block. The last 1% of coins will be mined for 100 years, and 99% of them will be issued by 2036.
Many people are interested in the question of what will happen to miners when bitcoin mining becomes impossible. There are fears that with low mining rewards, users will lose interest in mining and this will inevitably lead to the collapse of the network, because the operation of the entire system is supported by communication nodes. According to the creator’s idea, the half of the reward will be compensated by the value of the coin, and when the last bitcoin is mined, miners will be interested in verifying transactions because of the commission of the system.
A total of 21 million will be released worldwide by 2140. bitcoins, of which most have already been mined. 99% of all coins will be generated by 2036. Every four-year year issue of coins will be reduced until it reaches the value of 0.0021 BTC.
It is impossible to predict with certainty what exactly will happen to bitcoin when all the coins are in use. A lot can change in more than 100 years, but most experts agree that the limited emission of bitcoin and a clear algorithm to prevent inflation have a positive impact on its value.