The maximum number of bitcoins that will ever exist has been capped at 21 million. With 19.11 million already in circulation, about 90 percent of bitcoins have already been mined. The remaining two million will be created over the next few years through the process of “mining”.
Bitcoin is a digital cryptocurrency launched in 2009 by an unknown person or group under the pseudonym of Satoshi Nakamoto. The bitcoin network is based on a technology called blockchain, which is a kind of digital ledger that records all bitcoin transactions.
New bitcoins are created through a process called “mining,” in which computers solve complex math problems to confirm and add new transactions to the blockchain. Read more about how cryptocurrency works here.
The number of bitcoins spent as mining rewards is halved every four years. Known as “halving,” this event reduces the amount of new bitcoin created over time and ultimately slows down the overall production of the cryptocurrency. The next halving is expected to occur in 2024, with the mining reward reduced from the current 6.25 to 3.125 bitcoins per block.
Experts estimate that the last bitcoin will be mined in 2140. After that, there will be no more new bitcoins and the network will be supported solely by transaction fees.
However, the actual number of bitcoins in circulation is likely to be significantly less than the maximum number of 21 million. Many bitcoins have been lost or made inaccessible over the years, whether due to forgotten passwords, destroyed hard drives, or other circumstances.
Bitcoin’s future development remains uncertain as the cryptocurrency remains volatile and affected by regulatory decisions. Nevertheless, Bitcoin has gained popularity in recent years as digital gold and as a potential store of value. The limited total supply of 21 million bitcoins adds to this perception and gives the cryptocurrency a scarcity that sets it apart from traditional currencies.
Source: Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
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