How Many Bitcoins Have Been Mined?368

As of March 8th, 2023, approximately 19,320,912 bitcoins have been mined, which represents 90.55% of the total supply of 21 million bitcoins that will ever exist. The remaining 10.45% of bitcoins, or about 2,179,088 bitcoins, are yet to be mined.

The rate at which bitcoins are mined is controlled by the Bitcoin network's difficulty adjustment algorithm, which is designed to keep the average block time at approximately 10 minutes. The difficulty of mining a block is adjusted every 2,016 blocks, or about every two weeks. The difficulty is increased when the average block time is less than 10 minutes, and it is decreased when the average block time is greater than 10 minutes.

The number of bitcoins mined per block has also changed over time. When Bitcoin was first created in 2009, miners were rewarded with 50 bitcoins per block. This reward was halved to 25 bitcoins per block in 2012, and it has been halved again every four years since then. The next halving is expected to occur in 2024, when the block reward will be reduced to 6.25 bitcoins.

The total supply of 21 million bitcoins is a hard limit that is written into the Bitcoin code. This means that no more than 21 million bitcoins will ever be created. The hard limit was put in place by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, to prevent inflation and to ensure the scarcity of the currency.

The fact that there is a limited supply of bitcoins is one of the things that makes it so valuable. As the number of bitcoins in circulation increases, the value of each individual bitcoin is likely to increase. This is because the demand for bitcoins is expected to continue to grow as more people adopt the currency.

In conclusion, as of March 8th, 2023, approximately 19,320,912 bitcoins have been mined, which represents 90.55% of the total supply of 21 million bitcoins that will ever exist. The remaining 10.45% of bitcoins, or about 2,179,088 bitcoins, are yet to be mined.

2024-11-13

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