Wondering how many bitcoins are left now and how many are left to mine? Let’s unlock all the secrets about the number of bitcoins!
Bitcoin, the first-ever cryptocurrency, has been one of the frontrunners in changing the conventional notions towards finance. Cryptocurrency, as a concept, is quite appealing when we think of interacting with money without depending on banks or any centralized financial institution. Therefore, people are eager to learn about Bitcoin and find new opportunities for gaining ownership of a substantial number of Bitcoins.
However, it is important to know the answer to “How many Bitcoins are left.” In addition, you should also know about the number of Bitcoins mined till now. The concept of limited supply is a characteristic highlight of Bitcoin and could be extremely confusing for beginners. Let us dive deeper into the details of the limited supply feature of Bitcoin with basic insights into Bitcoin mining.
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Why Should I Worry About The Number of Bitcoins?
The first concern in answering “how many Bitcoins are there left” directly points to Bitcoin mining. Bitcoin works on one fundamental principle, and that is Bitcoin mining, a process for the creation of new Bitcoins through solving mathematical puzzles. Miners compete with each other for solving mathematical puzzles to verify transactions before adding them to the Bitcoin blockchain.
The first miner to complete a puzzle successfully would receive rewards in the form of newly minted Bitcoins. So, it is reasonable to find answers for “how many Bitcoins are mined per day,” especially when you look at the popularity of Bitcoin. As a matter of fact, there is a specific cap on the number of Bitcoins that could be in existence. The limited supply in the case of Bitcoin is 21 million, which means that there could be only 21 million Bitcoins in total.
If you draw some parallels between Bitcoin and gold, the concept of limited supply definitely contributes to market capitalization. The value of gold depends on the fact that you can mine only small quantities of gold every year. Looking closely at the market capitalization of Bitcoin, it has surpassed the value of gold by considerable margins. Why? Irrespective of the pricing of Bitcoin, you can have only a specific number of Bitcoin that will exist in total. As a result, the limited supply concept not only answers “How much Bitcoin is still available?” but also improves the scarcity of Bitcoin. Let us try to find the answers to the number of Bitcoins available for mining right now.
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How Many Bitcoins Can You Mine?
As you have noticed, Bitcoin has placed a cap of 21 million on its total supply. So, the scarcity of Bitcoin easily surpasses that of gold as you have an infinite supply of gold mines. However, the total Bitcoin supply does not provide any answer for how many Bitcoins are lost. In the present times, the major question points out the existing Bitcoin supply in circulation.
With a clear impression of the existing supply of Bitcoin, you can find out how many Bitcoins are left now. As of August 2021, the supply of Bitcoin was more than 18 million. You could find a clear estimate of the circulating supply of Bitcoin through different ways. For example, you can use the Bitcoin tracker on Messari for discovering some insightful metrics, including the current supply. On top of it, you can also access sources like Blockchain.com for information on the existing supply of Bitcoin in the form of graphs.
How Much Bitcoin is Still Available?
After identifying the existing supply of Bitcoin in circulation, simple mathematics can help in finding out the number of Bitcoins left now for mining. You have around 18.7 million Bitcoins in circulation presently and a total supply cap of 21 million. So, it is clearly evident that the answer for “How many Bitcoins are left” is 2.3 million. Considering the fact that Bitcoin came in 2009, the circulating supply of Bitcoins expanded massively within 10 years. However, the time for mining the rest of the Bitcoins would be considerably higher.
The phenomenon of ‘Bitcoin halving’ is a formidable highlight for estimating the supply of Bitcoin. It can help in calculating the possible answer to ‘how many Bitcoins are lost.’ Additionally, you can also find the number of Bitcoins you can mine in the future. According to Bitcoin halving, the number of Bitcoins minted for every block reduces by half at a gap of four years. As of now, the reward for mining Bitcoin for every block is estimated now at 6.25 Bitcoin. With time, the reward for mining Bitcoin would drop to around 3.125 Bitcoin for each block.
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Other Important Statistics about Bitcoin Mining
The next important question in the mind of beginners is “how many Bitcoins are mined per day.” The closest answer for the same would be 900 Bitcoins. On the other hand, people are also frequently worried about questions like “how many Bitcoins are lost.” As a matter of fact, there is no specific way to find out the number of list of Bitcoins. It is difficult to separate a wallet that contains Bitcoin of long-term holders or a wallet containing ‘lost’ Bitcoin. Therefore, it is quite difficult to find out the number of Bitcoins lost.
However, it is also important to take note of another crucial detail while finding out the number of lost Bitcoins. The 1 million Bitcoins mined by Satoshi Nakamoto, founder of Bitcoin, are actually an example of lost Bitcoins. The 1 million Bitcoins have not shown any movement since the last decade. Furthermore, there are also many other instances of trivial losses in a number of Bitcoins due to people throwing away their hard drives. So, it is quite difficult to get a clear estimate for “how many Bitcoins are lost” as all the stories of Bitcoin loss never make it to mainstream news.
What is the Number of Remaining Bitcoins?
With a clear impression of the possibility of lost Bitcoins, we can find a clear estimate of the number of remaining Bitcoins. As a matter of fact, you can find out “How much Bitcoin is still available?” by using a simple calculation. First of all, let us assume the total existing supply of Bitcoin at 18.7 million.
Now, let us remove the total quantity of lost coins in the amount of 1.4 million for the sake of argument. So, you would end up with 17.3 million Bitcoin remaining in circulation now. On the other hand, it is also unreasonable to assume that 17.3 million is a clear answer for the remaining Bitcoins.
You should also note that the quantity of available Bitcoins also depends considerably on the headcount of sellers in comparison to buyers. In the case of bear markets, investors would prefer to sell Bitcoin in bulk. Therefore, bear markets imply higher availability of coins for purchasing. On the other hand, investors hold and purchase Bitcoin in the case of bull markets, thereby reducing the circulating supply.
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On a final note, it is quite clear that there is around 2.3 million Bitcoin that have not been mined. With a total supply cap of 21 million and the concept of Bitcoin halving, Bitcoin is enhancing scarcity. The demand for an asset in limited supply would definitely increase, and Bitcoin is leveraging the concept for increasing demand for Bitcoin, thereby elevating its price.
However, the inaccuracies in estimates about the number of lost Bitcoins create doubts about “How many Bitcoins are left.” As the interest in Bitcoin mining grows further, people want to explore more about the opportunities at their disposal. Learn more about Bitcoin and mining in detail and capitalize on the value of cryptocurrency in the best way possible.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!