There were 19,573,975 bitcoins in existence as of Dec. 18, 2023. Since the cryptocurrency has a limit of 21 million, there were 1,426,025 bitcoins left to be rewarded.
In fact, one of the chief characteristics of Bitcoin (BTC) is its limited coin supply. Bitcoin inventor Satoshi Nakamoto, the anonymous name used by the creator(s) of the Bitcoin cryptocurrency, designed the cryptocurrency with a cap to limit the supply. This increases its scarcity over time, which tends to increase demand and price.
New bitcoins are added to the Bitcoin supply approximately every 10 minutes, which is the average amount of time that it takes to create a new block on the Bitcoin blockchain. By design, the number of bitcoins minted per block is reduced by 50% after every 210,000 blocks, or about once every four years.
Key Takeaways
The maximum total supply of Bitcoin is 21 million.
The number of Bitcoins issued will likely never reach 21 million due to the use of rounding operators in the Bitcoin codebase.
No additional bitcoins will be generated when the Bitcoin supply reaches its upper limit. Bitcoin miners will likely earn income only from transaction fees.
Will the Number of Bitcoins Ever Reach 21 Million?
The total number of bitcoins issued is not expected to reach 21 million. That's because the Bitcoin network uses bit-shift operators—arithmetic operators that round some decimal points down to the closest smallest integer.
This rounding down may occur when the block reward for producing a new Bitcoin block is divided in half, and the new reward amount is calculated. That reward can be expressed in satoshis, with one satoshi equaling 0.00000001 bitcoins. Because a satoshi is the smallest unit of measurement in the Bitcoin network, it cannot be split in half. When tasked with splitting a satoshi in half to calculate a new reward amount, the Bitcoin blockchain is programmed—using bit-shift operators—to round down to the nearest whole integer. This systematic rounding down of Bitcoin block rewards in fractions of satoshis is why the total number of bitcoins issued is likely to fall slightly short of 21 million.
After the 2024 halving, there will be 29 more halvings until the final reward of one satoshi is awarded if the halving rate remains at four years.
With the number of new bitcoins issued per block decreasing by half approximately every four years, the final bitcoin (realistically the final satoshi) is not expected to be generated until 2140 (it might be earlier). The number of new bitcoins minted per block was 50 when Bitcoin was first established and has since decreased to 6.25 as of May 2020—the next halving to 3.125 is expected sometime in 2024.
Although a maximum of 21 million bitcoins can be minted, it's likely that the number of bitcoins circulating remains substantially below that number. Bitcoin holders can lose access to their bitcoins, such as by losing the private keys to their Bitcoin wallets or passing away without sharing their wallet details. A June 2020 study by the crypto forensics firm Chainalysis estimated that up to 20% of the Bitcoin already issued may be permanently lost.
What Happens After All 21 Million Bitcoin Are Mined?
After the maximum number of bitcoins is reached, even if that number is ultimately slightly below 21 million, no new bitcoins will be issued.
Bitcoin reaching its upper supply limit is likely to affect Bitcoin miners, but how they are affected depends in part on how Bitcoin evolves as a cryptocurrency. Bitcoin transactions will continue to be pooled into blocks and processed, and Bitcoin miners will continue to be rewarded, but likely only with transaction processing fees.
If Bitcoin in 2140 essentially serves as a store of value rather than for daily purchases, then it's still possible for miners to profit—even with low transaction volumes and the disappearance of block rewards. Miners could charge high transaction fees to process high-value or large batches of transactions, with more efficient "layer 2" blockchains like the Lightning Network working with the Bitcoin blockchain to facilitate daily bitcoin spending.
How Many Bitcoins Have Been Mined?
As of Dec. 18, 2023, 19.57 million bitcoins have been mined, leaving about 1.45 million bitcoins to release. The total bitcoin supply is capped at 21 million.
How Long Does It Take to Mine 1 Bitcoin?
The time it takes to mine one bitcoin depends on the amount of the block reward or how many new bitcoins are paid to crypto miners for generating a new block. The current block reward is 6.25 bitcoins, and a new block is produced approximately every 10 minutes. Thus, about 0.625 bitcoins are mined per minute—although the blockchain doesn't award coins by the minute. When the reward halves in 2024, about 0.3125 bitcoins will be mined per minute.
What Happens to Mining Fees When Bitcoin's Supply Limit Is Reached?
Bitcoin miners will likely continue charging mining fees when it reaches its limit. Mining is the process of verifying transactions and opening new blocks, which will still need to be done. So, because mining fees will be the only reward, they may increase to compensate miners for their expenses.
The Bottom Line
Will Bitcoin function like pocket change or bars of gold in 2140? The Bitcoin ecosystem is still developing, making it possible that Bitcoin itself will continue to evolve over the coming decades. However Bitcoin evolves, no new bitcoins will be released after the limit of 21 million coins is reached. This supply limit is likely to have the most significant impact on Bitcoin miners, but it's possible that Bitcoin investors could also experience adverse effects.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read ourwarranty and liability disclaimerfor more info. As of the date this article was written, the author does not own cryptocurrency.
After all 21 million bitcoin are mined, which is estimated to occur around the year 2140, the network will no longer produce new bitcoin. The block subsidy will go to zero but miners
miners
A miner is a person who extracts ore, coal, chalk, clay, or other minerals from the earth through mining. There are two senses in which the term is used. In its narrowest sense, a miner is someone who works at the rock face; cutting, blasting, or otherwise working and removing the rock.
The process of mining Bitcoin rewards miners with new bitcoins for each block of transactions they successfully add to the blockchain. However, once the maximum supply of 21 million bitcoins is reached, these block rewards will cease.
Despite its software nature, Bitcoin's embedded source code and halving events prevents the supply of Bitcoin to surpass 21 million in total. Bitcoin blocks hold transactions and offer rewards to miners, which diminish over time. The 21 million cap emerges from block rewards and their systematic halving events.
If Bitcoin miners were to suddenly stop mining altogether, several significant consequences would occur: 1. Transaction Processing Delays: Without miners, transactions would not be processed, leading to significant delays in confirming transactions.
Bitcoin halving is when the reward for bitcoin mining is cut in half. Halving takes place every four years. The next halving is expected to occur sometime in 2028. The halving policy was written into bitcoin's mining algorithm to counteract inflation by maintaining scarcity.
When all bitcoin have been mined, miner revenue will depend entirely on transaction fees. The price and purchasing power of bitcoin will adjust to the lack of new supply. The scarcity of Bitcoin will make it more attractive to investors and users.
Because Bitcoin is so powerful and has so much potential, Bitcoin's projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin's long term value could reach over $100,000 to as much as one million dollars per BTC in the future.
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.
Notably, Cathie Wood, CEO of Ark Invest, predicted that bitcoin could reach an astounding $1.48 million by 2030. Obviously, the world's oldest cryptocurrency has come a long way since its first recorded price of less than a cent.
3 years in the main scenario as the profitability duration of the Antminer S9 was estimated to be 3.39 years by [De Vries and Stoll, 2021] . 1.5 years should be a more realistic lifespan estimate of the majority of ASIC miners.
Only 21 million bitcoins can ever be mined — but projections say the last won't be mined until around 2140. A major constraint on how many bitcoins there are is the block reward halving process — and a halving event is expected in April 2024.
After the last bitcoin has been mined, miners will no longer receive bitcoin rewards for adding blocks to the blockchain. But that doesn't mean miners will become obsolete. They will continue verifying transactions to maintain bitcoin's network.
The next Bitcoin halving is set for ~April 19, 2024, bringing opportunities and uncertainties for the Bitcoin community. This event, built into Bitcoin's foundational code, changes the rewards for miners and could significantly influence Bitcoin's value and role within the broader ecosystem.
After the halving, the rate of issuance of new bitcoin as well as the rewards for successful bitcoin miners are cut in half. There can only be 21 million bitcoin, and fewer new tokens entering circulation could impact bitcoin prices. That's why the halving is watched closely by miners and investors alike.
More than half of the experts Finder surveyed expected the price to increase after a so-called "BTC halving event" in April 2024. A halving event refers to a period every few years when the reward for mining Bitcoin transactions is cut in half.
What Is the Bitcoin Hard Cap? The Bitcoin hard cap is the maximum number of bitcoin that can ever be created, which is set at 21 million BTC. Bitcoin's supply limit, known as the hard cap, is a key feature of Bitcoin's monetary policy, designed to create scarcity and prevent inflation.
The reason for the limited number of bitcoins (21 million) is to create scarcity and maintain the value of the cryptocurrency. Once all bitcoins are mined, miners will no longer receive block rewards, and transaction fees will be the primary incentive for mining.
Summary. Bitcoin Market Cap: There is a limited supply of bitcoins that can ever exist, with a total cap of 21 million. Currently, over 19 million bitcoins have been mined and are in circulation, leaving approximately 1.5 million left to be mined.
From the above table, it can be determined that the amount of Bitcoin mined and the block reward drops by half at every Bitcoin halving event. Over 99% of Bitcoin will have been mined by 2032 and crypto analysts estimate that by the year 2140, 100% of the total amount of Bitcoin will be mined.
Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.
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