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The scarcity of Bitcoin is among the most crucial features, which is why it is also important to know the number of Bitcoins left for mining. The relevance of a limited supply has never been more apparent compared to the present scenario, as central banks across the globe continue to print fiat money at an alarming rate. So if you are concerned about how many bitcoins are left to mine, then this article will solve your doubt.
Assets like gold are valuable because no matter how high the value increases, a small amount can be mined regularly. Similarly, cryptos like Bitcoin are valuable as there is a limited number of Bitcoin that can be mined in a lifetime. The market cap of Bitcoin is presently nearly 10% of the gold’s market capitalization. This implies that Bitcoin is still highly undervalued as it has ample upside potential.
Each year, only half a million of BTC are mined, yet 2 million BTCs are stated to be lost forever. There can never be beyond a specified quantity of Bitcoin that is available in the market at any point in time. As a result of that, this is the hardest and is the most sound currency across the globe.
Number Of Bitcoins Left For Mining
The present supply of BTC is nearly 19 million, mining approximately 90% of the complete supply. So to answer your doubt on how many bitcoins are mined per day, on an average 900 BTCs are mined every day.
There are a few ways to follow the circulating supply of Bitcoin. The best Bitcoin tracker is Messari, which has a wealth of data on the present supply. Blockchain.com offers the same data but in graphical form.
As far as the number of Bitcoins left for mining is concerned, there will only ever be 21 million BTCs in existence. This is a rigid supply and there will never be more BTC coins formulated. Presently, approximately 2,163,000 Bitcoin left for mining as per the report. If you are thinking about when will all bitcoins be mined, It is being predicted that the last bitcoin will be mined in 2140, and that will make Bitcoin fully deflationary. There will be no more BTCs developed after this point; however, they will be divisible.
While 90% of the total Bitcoin was mined in roughly 13 years, the remaining 10% is likely to take another 119 years, as per several projections and reports. That is because of bitcoin halving. According to CEO & Co-Founder, Vauld Darshan Bathija,
“This number (the year 2140) was arrived at taking into consideration the average time taken to verify and create blocks, which is supposed to be 10 minutes. So, every 10 minutes, a certain number of bitcoins are introduced into the supply, but this supply is designed to be reduced by 50 per cent every four years (known as Bitcoin halving). What’s driving the economics behind BTC right now is the supply limitation, which makes it scarce.”
Again according to Anshul Rustaggi, Founder, Totality Corp.,
“Bitcoin is estimated to be mined by early 2140, however, the mining of BTC will depend on the demand for validation and the desire to do this validation by the miners. Since the BTC mining reward keeps halving, unless the price of BTC keeps increasing, miners will not be incentivized enough to do the validation which in turn negatively affects demand.”
Presently, not a lot of operations of BTC have been developed on the same. However, Rustaggi added,
“We are now seeing the ecosystem of developers building on top of BTC like Lightning Network. We will see more developers creating ecosystems on top of BTC as it has a large community and ready adoption. There is a possibility that we see some NFT projects developed on BTC in the near future. This will accelerate the demand for BTC validation.”
The Idea Of Bitcoin Mining
The data on the number of Bitcoins left for mining will be of no use if you don’t know about Bitcoin mining. Bitcoin is a form of digital currency that is formed in the process called mining. Anyone can be a miner and purchase computer hardware that solves complicated mathematical equations to create bitcoins and release them into the market.
The miners who solve these complicated equations authenticate transactions on the BTC blockchain. Miners are then rewarded for keeping the BTC ledger up to date and validating transactions with this crypto. Every 4 years the number of Bitcoins created per block is cut in half. Presently the mining reward is 6.25 Bitcoin for every block. In 2024 it will decrease to 3.125 BTC for every block.
Bitcoins Left For Mining: Conclusion
Now you may wonder what will happen when all Bitcoins will be mined completely. Simple, there will be no Bitcoins left for mining. The big worry about all of the BTC being mined is that there will be zero security budget. The network of Bitcoin pays out $3.3 billion in BTC every year to secure it, at approximately, at a value of $10,000 per BTC.
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