In September 2022, there were around 2 million Bitcoin (BTC) to minimize, which means that there is currently almost 19 million bitcoin.
In recent years, because of its unique basic design and technology, Bitcoin has been popular as an investment.
Part of the Bitcoin value is its limited supply. There is only 21 million bitcoin, each bitcoin can be divided into 1,000 mm currency (MBTC), 1,000,000 micro coins (μBTC), or 100,000,000 satoshis. It is impossible to make other bitcoin, and the existing bitcoin will not be destroyed and can only be lost.
Over time, over time, 21 million Bitcoin were released to the market. At the beginning of the mining process, many Bitcoin was released, and over time, Bitcoin were released less. It took around 2140 years to minimize all bitcoin and trade.
Let’s understand how many bitcoins have been mined, how the future of the Bitcoin market, and what it means for investors.
In the first half of 2022, how much Bitcoin had been mined?
Most of Bitcoin has mine. In September 2022, 19.07 million Bitcoin were mining, leaving only 1.93 million remaining mining.
Bitcoin is a cryptocurrency, which is issued on the market with the mining process (the following mining process is more). Anyone can be a miner and buy computers that solve complex mathematical equations, which are very important for mining.
When this equation is resolved, they verify transactions on the Bitcoin blockchain. To maintain the classification of bitcoin from the latest and verified transactions, the mining union receives Bitcoin as a gift.
How Many Bitcoins Are Mined Each Day?
In the first half of 2022, around 900 Bitcoin were mined around the world every day.
Every 10 minutes, mining unions verify bitcoin transactions. The current Bitcoin prize verification is 6.25 Bitcoin. Therefore, around 900 Bitcoin enter the market every day. However, every four years, in an incident called “Half”, the mining gift transaction is deducted into two. The last half-event occurred in May 2020, resulting in a block award of 6.25 Bitcoin.
This is because all bitcoin must be mined, and do not need to divide into two to 2140. At the beginning of Bitcoin mining, the prize is BTC 50 BTC, but each Bitcoin is worth a cup.
After all Bitcoin mining, the miners will still receive mining costs to make their equipment run.
Although Bitcoin’s supply is technically 21 million, around 4 million Bitcoin disappear forever. If the owner loses a private key paper or another cooling wallet, or stores bitcoin on a missing hard disk drive, bitcoin may be lost. You need a personal key to send Bitcoin from one wallet to another. Therefore, if it doesn’t exist, it cannot be used or sold to Bitcoin. In the early days of cryptocurrency, much bitcoin disappears, because when the coin is only valuable, the owner is not so careful.
Cooling wallets are the safest way to store bitcoin because they are offline and not in rewards, which may be easily attacked by hackers. However, it is important to put a cooled wallet in a safe place and a personal lock reserve, otherwise Bitcoin will disappear forever.
Besides being lost bitcoin, thousands of bitcoin have been stolen for years. In 2014, Tokyo Crypto Exchange was attacked by hackers who stole 850,000 bitcoin during this period. In 2016, the exchange of bitfinex based in Hong Kong was attacked by hackers, and thieves were eliminated by 150,000 stolen bitcoin. Even though Bitcoin is still on the market, they usually don’t circulate -they don’t want to be caught. Therefore, they no longer sell Bitcoin, but they hide it in their wallet.
Some investors buy most of the investors available to Bitcoin as soon as possible. Investors who have quite bitcoin when buying or selling markets are called “whales”. At present, around 1,600 entities have around 5 million Bitcoin, contributing around 28 % of the total supply.
Since Bitcoin, the creator of Bitcoin (or a group of creators) has held 1 million Bitcoin in the wallet since the establishment of Bitcoin without moving. Although some whales do sell and spend bitcoin, they especially obey most of them, who actually eliminate it from the market.
Although it is difficult to determine the exact amount of BTC in the current circulation, the best calculation is that in September 2022, Bitcoin which circulated was slightly lower than 19 million. This amount cannot explain the loss, of being stolen and holding Bitcoin.
More About Bitcoin Mining
Each transaction that uses Bitcoin and is stored in a classification account called “Blockchain”. This classification account is similar to a bank classification account that tracks the balance and transaction.
To ensure that the blockchain is maintained and accurate, miners use computer equipment to complete complex equations during the mining process. When completing this equation, they will verify transactions on the blockchain.
Why There Is a Limited Supply of Bitcoin
When the founder of Bitcoin designed the agreement, they decided to make BTC supplies limited. The amount of bitcoin has created a request and built-in value for Bitcoin. The restriction section is a currency system in responding to the US dollar (USD), and a limited system supply. Because the US dollar is controlled by the central government (such as the Federal Reserve Bank (Federal Reserve)), The Fed can decide to print more money and take other actions that can cause inflation or other economic problems.
If there is an unlimited BTC supply, then Cryptocurrency will be difficult to get momentum as a valuable asset. Restrictions on supply will produce demand. Likewise, if all BTCs mine in just a few years, Bitcoin’s excitement might disappear quickly. In addition, Bitcoin will not have the opportunity to be established as a decent industry or currency.
What Will Happen After All the Bitcoins Have Been Mined?
After Bitcoin mining is completed -maybe in 2140, if the mining agreement remains unchanged, the new bitcoin will not be introduced to the market. Although miners will still make money from trading costs, these costs may not be enough to allow miners to hope or continue their operations.
If transaction costs increase, Bitcoin may not be encouraged. If the miners no longer maintain network operations, bitcoin can collapse completely or can be transferred to a centralized entity operation.
Some people think that the upper limit of Bitcoin will argue in the next 100 or 2140 years. If Bitcoin is indeed an important part of the global economic system, the restrictions on 21 million coins can be a problem.
In addition, other parts of the Bitcoin blockchain can change in the next few decades, as before. Processing time, transaction fees, hard fork, and other protocol elements can change. Bitcoin may be very different in 100 years. It will be completely disappeared. Or can still walk like today?
Can Bitcoin’s Supply Limit Change?
No, the upper limit of bitcoin cannot be changed. The main reason why the BTC supply limit cannot be changed is that this condition is built into Bitcoin architecture, community governance rules, and mineral incentive systems. The upper limit of 21 million BTC has a positive effect, because it increases the scarcity of coins, thereby increasing their value.
When it is said that the supply of the product is “truly rare”, this means that the product supply is limited; No matter how much request for this, nothing can produce more things. This is part of the Cryptocurrency Charter. The only output value that can be changed is bitcoin. No matter how much energy is spent to minimize BTC, the maximum amount is always 21 million.
The only way to cut this is to reshape cryptocurrency and make new rules and new mining incentives.
But Why Is the Number of Bitcoins Limited?
Many people believe that 21 million Hard Bitcoin hats are side effects of its creator -a conscious or unintentional side effects. “Two initial key decisions: 1) Bitcoin on average new blocks add new blocks to the Blockchain on average; 2) Prizes paid to miners (starting from 50 BTC) will be reduced half -four years. This parameter will occur in 21 million caps Consolidating the BTC structure. When satisfying the hat, it cannot surpass it. Unless Bitcoin becomes a new entity (for example, by combining with other companies), we now know that Bitcoin will die.
Others believe that 21 million restrictions on the supply of BTC are more like coincidences of mathematics, not conscious choices.