How Many Bitcoins Are There? When Will the Last BTC Be Mined?

Bitcoin

Bitcoin is currently the most valuable cryptocurrency in the world, and many people are interested in owning even just a small fraction of it. However, it is important to note that the number of Bitcoins that can be mined is finite, with only 21 million coins available in total. This raises the question: how many Bitcoins are there currently, and when will the last one be mined? Let’s explore these questions with CoinMinutes.

How Many Bitcoins Are There?

Bitcoin’s supply is limited to 21 million, set by Satoshi Nakamoto, its creator.

Why Aren’t Bitcoins Infinite?

The limit on the number of Bitcoins ensures that it is a rare and valuable asset that cannot be controlled or manipulated like traditional currencies.

According to the law of supply and demand, by limiting the supply of Bitcoin, the value of each individual Bitcoin will increase. This is because when the demand for Bitcoin increases but the supply remains fixed, the price of Bitcoin is likely to increase as well.

With Bitcoin, the fixed supply, limited to 21 million bitcoins ensures there is no risk of inflation. Inflation is a decrease in the value of a currency due to an increase in its supply. Governments can adjust the amount of traditional currency by printing more money, leading to inflation. But with Bitcoin, the supply is fixed, making it immune to inflationary pressures.

As more bitcoins are mined, the rate at which new bitcoins are created gradually decreases. This is because the Bitcoin protocol is designed to halve mining rewards every 210,000 blocks. The initial reward was 50 bitcoins per block, but this amount has been halved several times and is now at 6.25 bitcoins per block. The reward will continue to halve until it reaches zero, at which point no more new bitcoins can be created.

Currently, Bitcoin is considered similar to gold because both are considered an asset with limited reserves and require a number of steps to mine. However, unlike gold, Bitcoin is not physically mined but uses computing power to do this.

When Will the Last BTC Be Mined?

The world is going crazy with only 21 million BTC to mine. According to the latest update, about 19.5 million BTC have been mined and only about 1.5 million BTC remain unmined. Maybe people think we will dig it all out quickly, but that’s not the truth. 

When Bitcoin v.0.1 was born, Satoshi Nakamoto mentioned the issue of regulating the reward rate for those who mine coins. 

Accordingly, every 4 years the reward rate will decrease by half until all Bitcoins are mined. After all the Bitcoins are mined, miners will receive transaction fees instead of virtual currency. 

Initially, when it first appeared, miners were rewarded with 50 Bitcoins for each new block discovered. By 2012, the reward was reduced to 25 BTC, by 2016, this number was only 12.5 BTC. So from 2021 to the present, each new block mined will be rewarded with 6.25 BTC. With such rules, the last Bitcoin will be mined in about 120 years (around 2140).

What Happens to the Miners When All Bitcoins Are Issued?

As Coinminutes mentioned above, when each miner finds a new block of transactions, it is rewarded with a specific amount of Bitcoin and a small transaction fee. However, when the Bitcoin supply reaches 21 million and the Bitcoins have been mined, the Bitcoin mining fee reward will disappear. Miners can then earn income only from transaction processing fees instead of the combination of block rewards and transaction fees.

FAQs

How many Bitcoins have been mined?

Currently, about 19.5 million bitcoins have been mined and are in circulation, with only about 1.5 million bitcoins remaining to be mined.

How long does it take to mine one Bitcoin?

To mine one Bitcoin, it can take anywhere from 10 minutes to 30 days depending on the hardware and software utilized.

What happens to mining fees when Bitcoin’s supply limit is reached?

When the supply limit of Bitcoins is reached, miners can only earn income from transaction fees without the block reward of a certain amount of Bitcoin.

Conclusion

CoinMinutes has provided an answer to the question of how many Bitcoins exist. The total number of Bitcoins that will ever exist is 21 million, but it will take approximately 120 years more to mine the final one.

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