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How Many Bitcoins Are There? It’s Less Than You Think!

Admin By Admin October 3, 2024 11 Min Read
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How Many Bitcoins Are There? It’s Less Than You Think!

How many Bitcoins are there? And what does the total supply of Bitcoin (BTC) mean? What is the circulating supply of Bitcoin? Bitcoin, the pioneering cryptocurrency, has a unique and fundamental feature: A limited supply. Here we explain the concept of “maximum supply” and how it impacts Bitcoin’s scarcity and value.

Contents
Total supply: The 21 million capCirculating supply: The coins in active useImpact of limited supplyHow is Bitcoin created?Is crypto mining still profitable? What happens when all the Bitcoin is mined?21 Million Bitcoin: UnlockedUnderstanding Bitcoin’s supplyHow is lost Bitcoin factored into the total supply?What is the Bitcoin Halving?In conclusion, how much Bitcoin is there?

Total supply: The 21 million cap

Bitcoin’s protocol dictates a hard cap of 21 million coins. This means that, no matter how much time passes or how popular Bitcoin becomes, there will never be more than 21 million Bitcoin in existence. This finite supply is often compared to precious metals like gold, which also have a limited amount available on Earth.

Circulating supply: The coins in active use

How many Bitcoins are in circulation?  The circulating supply refers to the number of Bitcoin that are currently available for use and trading. This number is always less than the total supply, as not all Bitcoin has been mined yet. As of July 2024, the circulating supply is around 19.7 million.

Impact of limited supply

The limited supply of Bitcoin is a key factor in its appeal to investors. This scarcity, combined with growing demand, can lead to more popularity. It’s a concept often referred to as “digital gold,” with Bitcoin potentially acting as a store of value.

The price of the world’s most popular cryptocurrency is usually spoken about in US Dollars. BTC in USD prices can conveniently be converted into GBP in online converters.

How is Bitcoin created?

Bitcoin is created through a process called mining. Miners use powerful computers to solve complex mathematical problems. This keeps the Bitcoin network functioning. In return, the miners receive newly minted Bitcoin as a reward. 

The rate at which new Bitcoin is created is designed to decrease over time, with the final Bitcoin expected to be mined sometime around the year 2140. 

Is crypto mining still profitable? 

Bitcoin mining remains profitable. Miners receive block rewards and transaction fees for their work, and the potential for Bitcoin’s price to appreciate can offset the halving of block rewards over time. Additionally, joining mining pools and using efficient mining hardware can improve profitability.

However, mining profitability is not guaranteed. Electricity costs, equipment prices, and mining difficulty can significantly impact returns. 

So, how many Bitcoins have been mined? Good question.

What happens when all the Bitcoin is mined?

How many Bitcoins are left for mining? Not all Bitcoin has been mined yet. Bitcoin miners receive block rewards for verifying Bitcoin transactions and adding new Bitcoin blocks to the blockchain. This is how new Bitcoin enters circulation.

The Bitcoin network is designed to function even after all Bitcoin has been mined. Miners will continue to be incentivised to protect the network through transaction fees, ensuring the ongoing operation of Bitcoin as a decentralised currency.

Asher Tan, the CEO of crypto exchange CoinJar, says that there are roughly 19.7 million Bitcoins in circulation. “The limited supply of Bitcoin creates a sense of scarcity, which is a fundamental driver of its value. As demand for Bitcoin increases and the available supply diminishes, basic economic principles suggest that the price will rise. This scarcity-driven appreciation not only affects Bitcoin but also influences the broader crypto market. Bitcoin’s price movements often have a ripple effect on other cryptocurrencies.”

21 Million Bitcoin: Unlocked

What does Tan think will happen to Bitcoin’s price once the maximum supply of 21 million Bitcoins is reached?

“Reaching the maximum supply will mark a significant milestone for Bitcoin. When all Bitcoins are mined – in the year 2140 – there will be no new coins entering circulation. This could further intensify the scarcity effect, potentially driving the price even higher. However, it’s important to note that Bitcoin’s price is influenced by a multitude of factors, and not just the number of Bitcoin in circulation.”

Understanding Bitcoin’s supply

The limited supply of Bitcoin is a fundamental aspect of its design and is a key driver of its potential value. By understanding the distinction between total and circulating supply, and the mechanisms behind Bitcoin’s creation, you can gain a deeper understanding of this groundbreaking cryptocurrency.

Central banks have no control over the Bitcoin supply. Bitcoin operates on a decentralised network, meaning no single entity, including central banks, can manipulate the Bitcoin supply or change the rules of the Bitcoin protocol.

How is lost Bitcoin factored into the total supply?

The question of how many Bitcoins in circulation there are, will also have to factor in the Bitcoin that has been lost over the years. Lost Bitcoin is a thing. Many people have forgotten passwords to their wallets. Some people have even accidentally thrown out devices not realising their Bitcoin was in there. Some people died and didn’t leave instructions for their heirs on how to access the Bitcoin. 

These people whose private keys are irretrievably lost, are still counted in the total supply of 21 million Bitcoin. However, these Bitcoins are effectively removed from circulation and can no longer be used for transactions.

What is the Bitcoin Halving?

The block reward given to Bitcoin miners is halved approximately every four years (or every 210,000 blocks). With a smaller reward for their work, some miners pack up shop and stop mining, deeming it not worth their efforts. This is thought to reduce the rate at which newly mined Bitcoin enters circulation.

After Bitcoin reaches its maximum supply, miners will no longer receive block rewards. However, they will still earn transaction fees for verifying Bitcoin transactions, which will incentivise them to continue protecting the Bitcoin network.

Bitcoin Halving events can make the price of Bitcoin go up. However this isn’t a given, as other macroeconomic factors can also have an effect on price. 

In conclusion, how much Bitcoin is there?

How many Bitcoin are there? 21 million sounds like a lot, but it is not really a lot at all compared to fiat currency. For example, there are thought to be around 82 billion Great British Pounds in circulation, and that’s just one country’s currency. Bitcoin isn’t restricted to just one country.

How many Bitcoins are left? 19.7 million have been mined out of 21 million, so there are still some left to be added to the supply.

Will this create a sense of scarcity? It might. Bitcoin started its life in 2009, and it was priced in cents. In mid-July of 2024, the price was hovering around US$61,000. 

While the limited supply is a crucial factor, it’s not the only one. The future price of Bitcoin will ultimately depend on the interplay of a lot of factors. But it is certainly a fascinating project to watch.

Standard Risk Statement

 

The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results.

 

UK residents are required (in accordance with local legislation) to complete an appropriateness assessment to show they understand the risks associated with what crypto/investment they are about to buy and enabling CoinJar to categorize them as an investor. If you are looking to buy bitcoins uk, this process is especially important. New customers are also required under local regulations to wait 24-hours as a “cooling off” period (from account creation), before their account is active (i.e. to deposit, trade, withdraw etc.).

 

Cryptocurrency is currently not regulated in the UK. It’s vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you’re unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the  Financial Ombudsman Service (FOS) if something goes wrong.

 

Remember:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more. 

https://www.coinjar.com/uk/risk-summary

 

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