As of July 5, 2024, there are approximately 19.72 million Bitcoins in circulation. This number continues to rise as miners validate new blocks, a process that occurs roughly every 10 minutes, adding freshly minted Bitcoins into the supply. The circulating number of Bitcoins is tracked by various platforms such as CoinMarketCap, which monitor these changes.
What’s the maximum number of Bitcoins?
Bitcoin’s total supply is fixed at 21 million BTC. This limit is embedded in Bitcoin’s protocol and is crucial for its decentralized and deflationary nature. The cap on the number of Bitcoins ensures scarcity, which has contributed to its valuation and long-term appeal as a digital asset.
How many Bitcoins are left to be mined?
With 19.72 million BTC already circulating, only 1.28 million Bitcoins remain to be mined as of mid-2024. Although this might seem like a small amount left, all remaining Bitcoins won't be mined until around the year 2140, due to the decreasing mining rewards through the process known as Bitcoin halving. These halving events occur approximately every four years, gradually reducing the rate at which new coins are added to the network.
Bitcoin mining timeline and halving process
Bitcoin's mining schedule operates on a predictable timeline. Here's a simplified overview of how the halving events affect Bitcoin’s creation:
| Year | Reward per Block | Estimated Bitcoins Left |
|---|---|---|
| 2024 | 3.125 BTC | 1.28 million BTC |
| 2028 | 1.5625 BTC | 0.64 million BTC |
| 2140 | Nearly zero | All 21 million mined |
Every four years, the reward for validating a new block is cut in half. In the early days, miners earned 50 BTC per block, but as of 2024, the reward has shrunk to just 3.125 BTC per block. The decreasing rewards will continue until the final Bitcoin is mined, projected to occur around 2140.
Why does mining take so long?
Bitcoin mining slows over time due to halving events. Initially, miners earned substantial rewards, but since the launch of Bitcoin in 2009, the reward has been halved multiple times:
- 2009–2012: 50 BTC per block
- 2012–2016: 25 BTC per block
- 2016–2020: 12.5 BTC per block
- 2020–2024: 6.25 BTC per block
- 2024–2028: 3.125 BTC per block
The slowing mining rate is intentional, gradually stretching the process until all Bitcoins have been mined. This ensures controlled supply growth, preventing inflation and securing Bitcoin’s long-term value.
How many Bitcoins does Satoshi Nakamoto own?
Though the exact figure is unknown, it's widely believed that Satoshi Nakamoto, the mysterious creator of Bitcoin, owns approximately 1.1 million BTC. At current market prices, this amounts to an astonishing value of around $59.85 billion. Nakamoto’s holdings are untouched, contributing to the intrigue surrounding their identity.
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Who is Satoshi Nakamoto?
Satoshi Nakamoto is the pseudonym used by the individual or group who developed Bitcoin. In 2008, they published the Bitcoin whitepaper, introducing the concept of a peer-to-peer digital cash system. Satoshi’s vision was realized in January 2009 when they launched the Bitcoin network and mined the very first block, known as the genesis block.
While Nakamoto was heavily involved in Bitcoin’s early development, they stepped away from the project between 2010–2011, and have not been publicly heard from since. Their absence has sparked numerous theories and debates, but their identity remains one of the greatest mysteries in modern technology.
Satoshi Nakamoto’s role in Bitcoin’s history
- 2008: Released the Bitcoin whitepaper, laying the foundation for decentralized digital currency.
- 2009: Launched the Bitcoin network and mined the genesis block.
- 2010–2011: Gradually withdrew from public involvement, leaving the project to the early Bitcoin community.
Even without Satoshi’s continued guidance, Bitcoin has grown into a global phenomenon, leading the cryptocurrency market and sparking the creation of countless other blockchain-based assets.
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