Bitcoin is a digital currency that operates without the involvement of a central bank. For example, the Federal Reserve System is in charge of the US currency system, and Bitcoin has no single person or organization that is responsible for it.
Most people know how many Bitcoins are left to be released, but calculating all the details often baffles even some economists. The system works according to a predetermined algorithm, constantly expanding and decreasing quarterly emissions.
Perhaps the main reason for the popularity of BTC is the rapid increase in the market rate. A large number of investors from around the world pay attention to this asset. However, the entire cryptocurrency network is designed in such a way as to prevent the release of unlimited coins, so the prices can be naturally balanced.
The peculiarity lies in the fact that the closer the community comes to the last coins that remain to be mined, the more difficult it is to get them. The difficulty of mining changes from time to time.
In this article, you can find out how much currency has been mined for today, as well as how many Bitcoins are left to be found if the maximum number of coins in the world is set.
How Many Bitcoins Are There in Total?
Since the emergence of such a payment instrument as BTC, Internet users have rushed to engage in mining, which allows them to earn this digital coin. With the growing popularity of cryptocurrency mining, the question of when BTC will run out and what is the total number of these coins has become relevant.
When considering the amount of Bitcoins left to be mined, you must consider that there is a hard cap of 21 million units. Each received coin is solvent. Currency, unlike conventional monetary units, is backed not by gold and debt, but exclusively by supply and demand. In some cases, the currency is provided by the price of the product, which is set by the seller, as well as the price offered by the buyer.
It is essential to understand that the specifics and algorithm of BTC operations suggest, that the number of BTC in the world is limited. The answer to how much Bitcoin is left is “not much”, so those who want to get them should hurry up. This specificity is inherent in most cryptocurrencies that work based on algorithms invented by the creators of BTC.
With a gradual approach to the maximum limit, the complexity of mining cryptocurrency and, accordingly, its cost will increase. However, this parameter does not have a direct correlation with the residual amount of not mined cryptocurrencies.
At the same time, this feature of the cryptocurrency market does not stop Internet users who are regularly joining the ranks of miners and those who want to buy BTC for resale. People are attracted by the prospect of making money on crypto. However, the commercial success of this type of earnings will largely depend not on the actions of a particular investor or miner, but the general trends of the cryptocurrency market.
How Many Bitcoins Have Been Mined?
Currency generation is a specific method of making money on the Internet. Both ordinary citizens and large legal entities carry it out, united in pools to improve the efficiency of production in general. The process of creating new coins is called mining. Several complicated actions and tasks in mathematics are taken as a basis.
A considerable amount of resources is involved in generating Bitcoins, and innovative technical devices are continually being developed. Realizing how much Bitcoin is left, miners use all available resources for mining.
Bitcoins - How Many Left?
According to various reliable BTC researchers and market information sites, 18.5 million units have been mined and are classified as "in circulation." This is more than 88% of the cryptocurrency supply limit of 21 million coins. It’s easy to calculate how many more Bitcoins are left - miners have left to extract 2.5 million BTC.
More than 3.5 thousand new mined coins are added to the crypto network every day. Each subsequent coin requires more and more computing power from users.
The Deadline for All Bitcoins to Be Mined
Since the number of BTC is limited, the life of cryptocurrency is inevitably shrinking nowadays. The total amount of Bitcoins left will not exceed 2.5 million coins, which means that just mining will not work all the time. A specific final figure allows you to increase the value at times, which cannot be said if the production of electronic money was endless.
In the first four years, 10.5 million coins were issued. For the next four - less than half of that amount. So, the quantitative production of cryptocurrency decreases with each selected period of time. This means that there will come a time when money will no longer appear.
With calculations on how many Bitcoins are left to be mined, you need to remember about the 10-minutes time frame for mining a block. If we estimate the number of remaining blocks and divide this number by 10, then it turns out that the number of 21 million will be reached in 2140, that is, more than a century later.
What Happens When All 21 Million Bitcoins Are Mined?
There are fears that after the last BTC is mined, the system will stop working correctly. After all, miners are deprived of their primary motivation - block rewards. However, it is unlikely to happen.
Miners make money not only by calculating hashes but also for processing user transactions. This bonus is currently tiny, at less than one per cent. However, in the future, this figure is likely to increase, due to which the system performance will be maintained at the proper level.
It is important to note that due to the decrease in the turnover of BTC as a payment instrument, the number of miners on the market will also begin to fall. As a result, ideological representatives of the crypto community and users for whom the new level of income is acceptable will remain to serve the network.
Since crypto mining is considered by many to be a source of basic income, most users will not be able to accept the fact that from now on their expensive equipment will be idle. Probably, after the last Bitcoin is mined, active miners will choose another "victim" to maintain the network, which will transfer their computing power.
It is noteworthy that new projects do not stop appearing in the cryptocurrency market. Since mining has become a job, as BTC goes into the shadows, a race will start searching for a better alternative. During this period, a new wave of popularity of crypto mining will likely emerge on the market.
Of course, some miners will be (and are now already) pushed out of the market. As it becomes more and more difficult every day to mine new BTC, miners are forced to use the latest powerful hardware to efficiently mine Bitcoins.
So, even the end of new coins doesn’t mean that the system will collapse or the asset will lose its value. Although new coins will stop appearing, the old ones will not go anywhere and will continue to be in circulation on the market, and as before, traders can sell and buy them.