Last Updated on September 22, 2023 by cryptocreed
The cryptocurrency market holds many mysteries. Some tokens erupt, and others never make it to the surface. But one question remains – how many Bitcoins are left?
It’s 2023 it’s never been easier to buy BTC but does it mean it’s harder to create one? Well, we’re about to see this article, so stay tuned to learn more about the fan-favorite.
How Many Bitcoins Are There?
At the time of this article, the Bitcoin supply stands at 19,489,287.5. That’s right, nearly 19.5 million coins exist in circulation. Every day, traders swap a staggering amount of this digital currency, pushing its daily trading volume to nearly $13 billion. That’s no small feat.
In fact, Crypto News Flash reported that the Bitcoin Network outpaced Visa in transactional value in 2022. “Quote a statement, huh,” you might say, but these are hard numbers, showcasing Bitcoin’s remarkable traction and potential as both a store of value and a transactional currency.
Given these statistics, it’s clear that Bitcoin continues to play a major role in the global financial ecosystem.
How Many Bitcoins Are Left To Mint?
Out of the capped 21 million Bitcoins, approximately 1.5 million remain to be minted. Though it may seem like we’re approaching the limit, don’t hold your breath. Bitcoin’s built-in deflationary mechanism ensures that the final Bitcoin won’t see the light of day until around the year 2140.
This is due to the “halving” events, which reduce the number of new Bitcoins created and earned by miners by half, thereby slowing the rate at which new tokens enter circulation. So, while we’re close in numbers, we’re far in time from reaching the Bitcoin cap. And it won’t happen during our lives (so unfortunate!), but our grand-grand-children may live to see it!
What is Bitcoin halving, and how does it regulate Bitcoin’s supply?
Bitcoin halving is “the main” event in the Bitcoin network, designed to regulate its supply by cutting the block rewards for miners in half. Scheduled to occur approximately every four years, or more precisely, every 210,000 blocks, the next halving is set for 2024, or next year between February and June. Contrary to what the term “halving” may imply, it doesn’t mean slashing Bitcoin prices. Not in the slightest. Instead, it directly impacts the number of new Bitcoins entering the market. Currently, the network produces 1 Bitcoin every 10 minutes, but post-halving, this rate will halve.
So, what are the consequences? First, mining Bitcoin becomes a more expensive endeavor. Miners receive fewer Bitcoins for the same amount of work, requiring more advanced and costlier mining rigs to maintain their profitability. Despite the challenges, this usually leads to an increase in the price of Bitcoin. Due to the reduced supply of new coins entering the market, demand often drives the price higher, which creates an inflationary effect on the asset’s value.
How many Bitcoins were stolen?
Does it surprise people anymore? In a world where anything valuable becomes a target, Bitcoin is no exception. According to CNN, a staggering $3.8 billion worth of Bitcoin was stolen in 2022 alone. Given its digital nature and the appeal of its rising value, Bitcoin attracts not just investors but also cybercriminals.