Bitcoin has become a popular form of currency, and many people are interested in how to get their hands on some.
There is a finite number of bitcoins that can be mined, but how many have been mined so far?
This article will teach you how to answer this question by using math.
What Are Bitcoins and How Many Bitcoins Are There?
Bitcoin is a form of cryptocurrency that is used as an alternative to traditional currencies, such as the US dollar.
Bitcoin was created in 2009 by Satoshi Nakamoto and there will only be 21 million (or less) Bitcoins mined in total.
The supply cap makes it more valuable than other forms of currency because you can't just create new bitcoins and flood the market.
While there will only be 21 million bitcoins, the exact number of how many are currently in circulation is unknown.
This number is capped because there is a finite number of bitcoins that can be mined, which makes the value more stable.
This design makes bitcoins a good investment opportunity because they are deflationary.
This means that bitcoins will become more valuable as the supply decreases.
How Many Bitcoins Have Been Mined Out Currently
The current (July 2021) number of mined-out bitcoins is 18,776,000.
The first Bitcoin was mined out in January of 2009.
This means there are 2,224,000 Bitcoins left to be mined.
It is estimated that the last Bitcoin will be mined out around the year 2140. It will take around 130 years for all the bitcoins to be mined out.
That is because the block reward halves every four years.
How Can You Start Mining Bitcoin?
Mining bitcoins is how new coins are created and how transactions on the blockchain network are validated.
Mining requires a computer to be hooked up with special hardware or software in order for it to work properly.
Miners will use their computers, either solo or as part of mining pools (groups), to solve cryptographic puzzles in order to validate transactions on the blockchain.
The more miners, or computing power that is used for mining purposes, the greater capacity there is for solving these puzzles.
In order to do this, you'll need the following:
- a computer with good processing power and a graphics card
- a Bitcoin wallet (to store your Bitcoins)
- hardware for mining, such as an ASIC
- electricity (to power your Bitcoin mining equipment)
Is it Profitable to Mine Bitcoin Today?
Mining bitcoins today is still profitable given how valuable they are.
As long as you're willing to invest in the right equipment and take time, then mining bitcoins is still a worthwhile activity.
A word of caution, however: mining bitcoins can be quite expensive in terms of how much power you'll need to invest. It's also important not to buy the wrong equipment (e.g., GPUs instead of ASICs) because this can lead to a lot of wasted time and money.
In the early days, these calculations were easier because Bitcoin was worth less.
But now, how much you'll earn is largely based on how competitive the mining market has become and how much computing power you'll be able to put towards mining.
That means how profitable it is to mine bitcoins today will largely depend on the equipment you choose to use.
This means how much money you make may be a lot less than what others are earning because of how competitive the market has become.
Conclusion
The total number of Bitcoins will be capped at 21 million coins.
Right now, there are about 18.77 million Bitcoin in circulation around the world and it takes a tremendous amount of computing power to mine for new Bitcoins.
It's estimated that all 21 million bitcoins will be mined by 2140, but as long as demand remains high and supply stays low, they'll continue being valuable until then!