Latest Bitcoin Data: Mined Quantity & Remaining Supply Revealed

MetaversePlanet November 21, 2023

0 2 minutes read

Recent data indicates that the supply of Bitcoin, the world’s foremost cryptocurrency by market capitalization, is on the decline.

Bitcoin is characterized by its finite supply, with an estimated cap of 21 million units to be produced via mining.

To date, 21% of Bitcoin’s total supply has been mined and is currently in circulation.

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There are only 1.49 million Bitcoins left to be mined!

How many Bitcoins have been mined to date? How much is left?

Data from CoinMarketCap as of mid-November 2023 shows that over 19.54 million Bitcoins have been mined. With the total supply limited to 21 million, this leaves approximately 1.46 million Bitcoins yet to be mined. Kafkas Sönmez, the Global Growth Director at Gate.io, emphasizes that Bitcoin was deliberately designed with a finite supply.

This scarcity is intended to allow its value to be determined by supply and demand dynamics, with the expectation of its price appreciating over time. New Bitcoins are introduced to the supply approximately every 10 minutes through the mining of blocks, each containing an average of 6.25 Bitcoins.

The amount of Bitcoins rewarded per block is halved approximately every four years, an event known as the Bitcoin halving. The next halving event in the cryptocurrency ecosystem is anticipated in 2024, after which the reward will decrease to 3.125 Bitcoins per block.

0.35 Bitcoins per millionaire

Estimations indicate that as of 2022, there are approximately 60 million millionaires globally. Uğur Güzel, the Global Growth Director at Gate.io, notes that if the existing Bitcoin supply were to be distributed evenly among these millionaires, each would receive roughly 0.35 Bitcoin.

Considering about 6 million of the total Bitcoins mined are estimated to be permanently lost due to reasons such as forgotten passwords for digital wallets, this average would decrease to about 0.25 Bitcoin per millionaire, underscoring Bitcoin’s scarcity and value.

Given its limited availability, it’s plausible that owning even 0.1 Bitcoin could be viewed as a considerable asset in the future. While predictions suggest the last Bitcoin will be mined around the year 2140, there’s also speculation that the total supply may not reach the 21 million cap due to the rounding algorithms employed across the network.

Bitcoin’s future value will be determined by its usage methods

The future value of Bitcoin is poised to be influenced by a myriad of factors, including the percentage of its total supply that will be in circulation in the upcoming years, the accessibility of this supply, the pace of Bitcoin adoption, and its role within financial ecosystems.

When the final Bitcoin is mined, miners will be among the first to experience the ramifications. With the end of mining rewards, their revenue will depend entirely on transaction fees. These factors will play a pivotal role in shaping how the conclusion of Bitcoin’s supply will impact investors.

What are your thoughts on this matter? Feel free to share your opinions in the comments!