Bitcoin is the world’s first and most popular cryptocurrency. You can look at it as a type of online cash that can be used for purchasing products and services, and even betting. Since it first entered the market back in 2009, Bitcoin has opened the doors for the creation of many other cryptocurrencies, of which there are now nearly 6,000. Bitcoin is created by mining, a complex process in which miners use their computer processing power to complete blocks of verified transactions, which are then added to the blockchain.
One of the most common questions on this topic is: “How many Bitcoin are there?” If you are wondering that too, we’re happy to tell you that’s exactly what we will discuss in the following article. Let’s cut straight to the point and talk numbers:
The number of Bitcoins that will ever be mined is limited to 21 million. The currency was developed by Satoshi Nakamoto, who decided to set the upper limit in the source code. That means that no more Bitcoins can be mined or brought into circulation. Although there was no explanation as to why the maximum number of bitcoins is set to this limit, many believe it was meant to keep the currency’s price steady for a long time.
How Many Bitcoins Have Already Been Mined?
Twenty-one million might sound like a number that’s hard to reach, but that’s not really the case when it comes to Bitcoin mining. According to recent statistics, by the middle of August 2021, 18.8 million bitcoins have been mined and are currently circulating worldwide, meaning that more than 80% of this crypto has already been discovered. So if you wanted to know how many Bitcoin are left, the answer is just over two million. Now, you might think this means Bitcoin mining has come to its final stage, but that isn’t the case yet, and the chronology is a bit more complicated than that.
The Mining Process
As we have previously mentioned, Bitcoin is created by mining. Once they verify a transaction, miners are rewarded with a chunk of Bitcoin. The process has changed over time and continues to change, affecting Bitcoin’s value and its trading. When it was first launched, the reward miners would get per block mined was 50 bitcoins. In 2013, this decreased to 25 bitcoins, and then halved again in 2016.
As the number of bitcoins in circulation increases, the mining rewards get lower, which is called Bitcoin halving. In 2021, things continued to change, and as of May 2020, miners gain 6.25 Bitcoin for every block they successfully mine. This trend will continue until the very last Bitcoin has been mined, which is expected to happen somewhere around 2140. If you are interested in mining or wish to buy Bitcoin, it is essential you understand how the trends are shifting and what can be expected in the years to come.
How Many Bitcoin Miners Are There?
There are approximately one million active Bitcoin miners at present. Whenever someone sends a Bitcoin somewhere, that’s called a transaction. The miner’s goal is to group those transactions in “blocks” and add them to a public record known as the blockchain. When a new block of transactions is added to the blockchain, miners need to ensure the information is accurate and no Bitcoin is duplicated.
Even though the story behind Satoshi Nakamoto hasn’t yet been revealed, the Bitcoin founder is said to own more than one million bitcoins, which is around 5% of the total number of Bitcoins in circulation. The value of these Bitcoins currently surpasses $50 billion, which is an astonishing figure.
What Will Happen When the Last Bitcoin is Mined?
Now that we know how many bitcoins have been discovered and how many are left, there’s a new question: What will happen after? We probably won’t be around to witness the last Bitcoin being mined, but there are some things we already know for sure.
There will be no block rewards.
Once all the 21 million bitcoins are discovered, there will be no more mining or mining rewards. In other words, when the Bitcoin hard limit is reached, things will surely change, and it remains to be seen what that will mean for the miners.
Bitcoin price will increase.
Bitcoin halving already creates turbulence in the market, and the value of the crypto keeps on increasing. As the price increases, miners will be getting higher transaction fees.
Investors could become more interested.
As the value of Bitcoin increases due to scarcity, the cryptocurrency trading market might become even more attractive to potential investors.
Whether you’re just a crypto enthusiast or plan to become a Bitcoin investor, you should know that the Bitcoin network swiftly changes, and there are lots of elements that can affect it. As the amount of Bitcoin in circulation increases, its value remains unstable, so keep a close eye on the blockchain.
How long does it take to mine one Bitcoin?
Currently, there is no way to mine just one Bitcoin. Miners – or more often, miner pools – are mining one block at a time and are rewarded with 6.25 Bitcoin per block. One block takes from ten to twenty minutes to mine, so theoretically speaking, you can earn 6.25 Bitcoin within that time frame.
Who owns the most Bitcoin?
Satoshi Nakamoto, the mysterious creator of Bitcoin, owns most of it. He is estimated to possess around one million bitcoins. As we now know the answer to “How many bitcoins are there in total?” we can understand how impressive this figure is.
What was the lowest price of Bitcoin ever?
When it started its journey back in 2009, Bitcoin was worth $0. The first significant increase occurred in 2010 when it jumped from around $0.0008 to $0.08. It reached its all-time high in April 2021, going above $63,000.