The calculation of the total number of Bitcoins perplexes even specialists. The cryptocurrency generation system operates on a specific algorithm that implies continuous scaling. Many users are interested in the overall number of remaining coins and the likelihood of mining for personal use. More than eighty percent of coins have already been mined, and the remaining twenty percent may take decades to mine.
How Many Bitcoins Have Been Mined?
Calculating the number of mined coins is feasible, considering certain factors. Knowing the amount mined in previous periods allows for estimating the daily mining rate of the cryptocurrency. Afterward, approximate calculations are performed.
To determine the precise currency in circulation, the number of days for coin generation since 2009 is taken into account.
This method applies to Litecoins and other coins released, following a unified principle with variations in size and mining durations. Projects with a limited currency release are rarely initiated.
Bitcoin Quantity
After the launch of Bitcoin, developers set its maximum limit to twenty-one million. The reasons for choosing this figure remain with the developers. Users are given a finite point to focus on for currency mining.
The blockchain has a relatively simple structure. For mining, it is essential to know the following:
- New tokens are generated continuously (every ten minutes).
- Earnings are distributed equally among all cryptocurrency mining participants.
- Fifty tokens are allocated for each BTC block. The maximum possible earnings every four years decrease by half.
The misconception that the quantity of mined coins can increase with more powerful computing devices and mining pools is erroneous. Speeding up the mining process in this way is impossible, as claimed by developers because the Bitcoin concept operates differently.
The annual sum decreases, while the BTC mining speed remains constant.
Factors Affecting Mining
Several factors influence the volume of mined tokens. This amount varies and is independent of the number of Bitcoins already obtained and mining farms.
Each miner is provided with an equal number of coins corresponding to their computational power. To increase performance, factors such as:
- Mining is not cost-effective on a regular computer; the income won't cover even the electricity costs. Professional equipment needs to be purchased.
- Building a complete farm requires high-performance graphics cards to process data with maximum computational power.
- A farm demands significant investments and is challenging to relocate. Equipment may break during transportation. However, the mining speed on the farm is considered maximum compared to other methods. If necessary, the equipment can be sold in parts without income loss.
- ASIC – practical equipment that contains everything necessary for mining. Repair is almost impossible in case of a breakdown.
It is essential to consider the existence of mining pools, which can be used to obtain the necessary power and corresponding participation rewards. Mining a substantial amount of BTC is possible, but significant investments are required.
When Will the Last Token be Mined?
With each stage per year, fewer coins are mined. This sum decreases by half. The final point of cryptocurrency mining can be calculated using the formula provided by developers.
The system was designed for maximum efficiency and is calculated for 33 seasons, equivalent to 132 years. The last token is expected to be mined around 2140. Most miners will cease operations by 2036.
When the last block is mined, the coin will continue to exist without new chains appearing in a static position. Miners will then focus on mining other cryptocurrencies.
The Necessity of Limiting the Number of Coins
The quantity of Биткоинов is limited by developers. This decision is influenced by factors such as:
- competitiveness with real assets;
- psychology;
- market demand for cryptocurrencies;
- and inflation reduction.
Limiting the number of coins increases their value, making mining accessible to everyone. In practice, mining will continue for many years, which is acceptable for many.
Mining BTC or LTC: What's Better?
Giving a definitive answer is challenging. It depends on the mining goals and equipment capacity. When choosing a coin, many parameters need consideration: growth prospects, risks, long-term or short-term storage.
The number of Bitcoin chains is continually increasing, and token values are rising. Precise forecasts about the future of BTC in the cryptocurrency market are currently challenging to provide.
