The total supply of Bitcoin (BTC) is capped at 21 million. This is a key feature designed into the Bitcoin protocol to create scarcity.
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Circulating Supply
Currently, around 19.5 million bitcoins are in circulation. The remaining bitcoins are yet to be mined.
Mining and Supply
Bitcoins are released into circulation through a process called mining. Miners verify and add new transaction data to the blockchain, and as a reward, they receive newly minted bitcoins.
Halving Events
The rate at which new bitcoins are mined decreases over time through events called “halvings.” Every 210,000 blocks (approximately every four years), the block reward given to miners is cut in half.
Impact of Capped Supply
The capped supply of Bitcoin distinguishes it from traditional fiat currencies, where central banks can print more money, potentially leading to inflation. The limited supply of Bitcoin is intended to make it a store of value.
The diminishing rate of bitcoin creation is coded into the network. It is estimated that it will take until about the year 2140 to mine all 21 million bitcoins.
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It’s important to note that while the theoretical maximum is 21 million, the actual number of usable bitcoins may be slightly lower. Some bitcoins have been lost forever due to forgotten private keys or other irreversible events.
Lost Bitcoins
Estimates vary, but it’s believed that millions of bitcoins are effectively unrecoverable. These lost coins further contribute to the scarcity of the remaining supply.
Checking the Circulating Supply
You can track the approximate circulating supply of Bitcoin using various cryptocurrency data aggregators and blockchain explorers. These platforms provide real-time information based on the latest block data.
Bitcoin’s Economic Model
The combination of a capped supply and a decentralized network makes Bitcoin a unique asset with a distinct economic model. Its scarcity is a key factor driving its value proposition as a digital store of value and a hedge against inflation.
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