MINING NEWS
How many bitcoins are there and how many are left to mine?
Each farm operates in a facility.
BITCOIN is the original cryptocurrency and by far the world's biggest - but how many are there?
Cryptos are created by virtual mining - a process in which computers solve an incredibly difficult maths equation and are rewarded with cryptocurrency.
But how much Bitcoin is there in the world and how many are left?
Here's what you need to know.
How many bitcoins are there?
There are currently 18,925,137 bitcoins in existence.
That means almost 19 million have been mined.
The number typically changes about every 10 minutes as new blocks are mined.
How many Bitcoins are left to mine?
When Bitcoin was first created by Satoshi Nakamoto in 2009, the founder put a hard limit of just under 21 million on the total number of bitcoins there could be in the world.
In fact, the exact limit is 20,999,999,9769.
They did this by putting a cap in the algorithm, meaning computers will no longer be able to solve the equation - mine Bitcoin - once 20,999,999,9769 are mined. With the current total of just over 18.9million, that leaves 2.1 million bitcoins left to be mined.
They did this by putting a cap in the algorithm, meaning computers will no longer be able to solve the equation - mine Bitcoin - once 20,999,999,9769 are mined.
With the current total of just over 18.9million, that leaves 2.1 million bitcoins left to be mined.
Or, more specifically, 2,074,836.
What is cryptocurrency mining?
Mining is a complex and energy-intensive process, which requires a lot of computer power.
It involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.
For each problem solved, one block of Bitcoins is processed.
In addition, the miner who is first to solve the problem is rewarded with a new bitcoin.
These new coins are then stored virtually through an online database called the blockchain.
How many bitcoin will be created?
The maximum amount of bitcoins that can ever exist is 21 million.
To be precise, a total of 20,999,999,9769 bitcoins will be created in total.
How many bitcoins are lost?
The exact number cannot be calculated.
However, it is estimated that 3-4 million bitcoins are lost forever.
That's because owners of the coin have forgotten their password, misplaced hardware wallets and more.
Once your bitcoin is gone, it's really gone.
How many bitcoins are mined daily?
It is estimated that 900 new bitcoins are mined per day.
On average, 144 blocks are mined daily and each contains 6.25 Bitcoins.
When will the last bitcoin be mined?
It is believed that the last bitcoin will be mined in 2140.
No new bitcoins will enter circulation after the mining of the last one.
What happens when all 21 million bitcoins are mined?
Currently, miners earn their income via the block reward.
When all 21 million bitcoins are mined, there won't be a block reward to pay the miners.
In fact, the exact limit is 20,999,999,9769.
Instead, they will be rewarded with transaction fees.
Bitcoin suffered a collapse this afternoon before bouncing back in less than 15 minutes.
The currency collapsed below $40,000 for the first time since early August 2021, during a long and painful summer slump.
Keep up to date with the top cryptos in January 2022.
