How many bitcoins are there?

What is Bitcoin Mining?

During mining, new bitcoins are created. It uses computer hardware to solve complex mathematical problems. In this process, the first person to find the solution to the math problem is rewarded.

You will be rewarded with Bitcoin blocks. However, you will only receive them if you are the first person to solve the mathematical problem. The whole process takes about 10 minutes, then it is restarted.

These computational tasks are used to verify the transactions of the currency. Many people are now interested in mining, as Bitcoin has increased in value greatly recently. The mining process becomes more difficult with every Bitcoin mined. This is because there is only a certain number of Bitcoin available for miners.

How many Bitcoins are there?

We established at the beginning that there is a limited number of bitcoins in the world. Only 21 million Bitcoin can exist in total. Currently, (November 2022) around 18.9 million bitcoin have been mined, with around 2.1 million still missing. So, the bitcoin currently in circulation has already been mined. Bitcoin mining is getting harder and harder.

On the one hand, this is because fewer and fewer bitcoins are available, and on the other hand, more and more people are certainly taking part in this process. Since it is ultimately about computing power, a correspondingly strong hardware is a basic requirement. For a private individual with effective mining hardware, it currently takes around 4 to 5 years on average to mine one bitcoin.

If you are interested in digitally mining Bitcoin yourself, you will have to expect a high investment right from the start. The necessary hardware is currently difficult to get hold of and relatively expensive at the same time. However, if the Bitcoin price continues to grow strongly, this could still be a lucrative business.

Is Bitcoin Mining Still Worth It?

In the ever-evolving landscape of cryptocurrency, whether Bitcoin mining remains a profitable venture lingers in the minds of many. Over the past years, the mining game has evolved. The once relatively straightforward process has grown in complexity, with a surge in miners vying for the coveted rewards that the network offers. This surge, however, has led to an exponential increase in the computational power required for successful Bitcoin mining.

Enter the realm of specialized hardware, where the “Application Specific Integrated Circuit Miner” (ASIC) reigns supreme. This technological marvel has become the miner's tool of choice, equipped with the prowess to navigate the intricate algorithms that secure the Bitcoin network. But with great power comes a considerable price tag, and herein lies a crucial factor to consider.

As the years pass, ASIC hardware undergoes metamorphosis, each iteration outshining its predecessor. To stay competitive, miners find themselves entwined in a constant dance of upgrades and investments. It's a testament to the ever-evolving nature of this digital gold rush.

Yet, the story doesn't end with hardware alone. A significant determinant in the equation of profitability is the formidable force of electricity costs. Bitcoin mining dances hand in hand with electricity consumption, and the spiraling energy prices have emerged as a formidable adversary. Profitability hinges on a delicate balance – where rewards must triumph over energy expenditures and hardware costs, forming a triumphant trifecta.

Imagine, if you will, a scenario where your abode generates solar power and a trusty battery cache holds the excess energy. Here, the allure of Bitcoin mining starts to shimmer like a distant star. The synergy of renewable energy and mining potential paints a compelling picture of self-sufficiency and decentralized empowerment.

And yet, there's a plot twist in this digital odyssey. Enter the Bitcoin Halving – a scheduled event that slashes miner rewards with surgical precision. Like clockwork, these halvings usher in a new era of scarcity, leaving miners with fewer Bitcoin nuggets for their efforts. This delicate dance between reward reduction and potential price shifts can sway the scales of profitability.

So, is the allure of Bitcoin mining still captivating, like a siren's call? As with any voyage, the answer resides within a spectrum of variables, each intricately woven into the fabric of this financial frontier. The evolution of technology, the dance with energy costs, and the symphony of halvings and price fluctuations – they all choreograph the ballet of Bitcoin mining's profitability.

In the end, the choice to embark on this digital expedition rests not merely on a financial equation but on a tapestry of passion, innovation, and belief in the decentralized future that cryptocurrencies promise. As the miners march on, each with their ASIC pickaxe and determination in hand, they tread the path of innovation, sculpting the narrative of tomorrow, one hash at a time.

How else can I get into Bitcoin?

Bitcoin mining can be laborious, costly, and yet not very lucrative. If you are still interested in acquiring them, there are different options:

Exchanges for cryptocurrencies

So, if you have some cash on the side that you would like to invest, you can acquire Bitcoin or other cryptocurrencies via exchanges. This is already widespread and next to mining, probably the best known way to get cryptocurrencies.

The market is now full of providers that offer trading platforms for their customers. We have already taken a closer look at some major exchanges and tested them in detail for you:

• Bitpanda
• Binance
• Coinbase
• Kucoin

Peer-to-peer networks

These networks are another option to get cryptocurrencies. However, a trading platform does not act as an intermediary, but you get in touch directly with other interested parties. The network helps you find a person who wants to sell you the desired number of cryptocurrencies.

This sounds good in theory, but it leads to a trust problem. In actual exchanges, you need to be sure that you can trust the other person. This is also the main reason why most people prefer exchanges as their first choice.

No Deposit Bonus

Some of our casino providers have a no-deposit bonus in Cryptocurrencies on sale. All you have to do then is clear this bonus and can call it your property. You then have the opportunity to continue playing to increase your cryptocurrencies even further or to transfer them directly to your wallet.

TrustDice offers the most lucrative bonus in this respect. There, you randomly receive $1-5 per day for five days, which you can use for casino games.

Faucets

Faucets are free coupons that can be used to purchase cryptocurrencies. These are sometimes available without conditions, other times behind a questionnaire or similar tasks. We can also warmly recommend TrustDice in this direction.

As can be seen in the picture, the operator offers different faucets, with the number being constantly expanded. The best part? After a simple registration, these vouchers without conditions can be requested every six hours. The respective currency will be credited to your wallet and you can use it to play or transfer it directly to your personal wallet. It really doesn't get any better than this!

What is Bitcoin Halving?

The Bitcoin Halving, a pivotal event occurring every four years, is an integral facet of the coin's monetary policy. During this event, miner rewards are cut in half, resulting in fewer Bitcoins being received for the mining of a new block. This reduction also influences the total number of newly minted Bitcoins.

This total follows an exponential decrease with each Halving, ultimately reaching the maximum cap of 21 million Bitcoins. Given an average block time of 10 minutes, this milestone is projected to be achieved around the year 2040. Initially, a block reward stood at 50 Bitcoins. In 2012, it was halved to 25 Bitcoins, followed by reductions to 12.5 Bitcoins in 2016 and 6.25 Bitcoins in 2020.

When is the Next Bitcoin Halving?

The next Bitcoin Halving is expected to take place on April 17, 2024. This will further reduce the block reward from 6.25 to 3.125 Bitcoins. While the full impact of this event remains uncertain, many crypto enthusiasts eagerly anticipate its arrival. What's clear is that this won't be the final Bitcoin Halving. In the coming years, we can anticipate the following milestones:

• 5th Bitcoin Halving in 2028: Reward of 1.5625 Bitcoins per block
• 6th Bitcoin Halving in 2032: Reward of 0.78125 Bitcoins per block
• 7th Bitcoin Halving in 2036: Reward of 0.390625 Bitcoins per block

By the time the 8th Halving approaches, with the total supply of 21 million Bitcoins reached in 2040, the block reward will be reduced to zero. This ensures that the maximum supply isn't surpassed and that Bitcoin maintains its status as a deflationary currency.

Impact of Bitcoin Halving on the Crypto Market

While no one can predict precisely how the Bitcoin Halving will affect the crypto market, experts anticipate another bull run. This projection is rooted in the fact that Bitcoin is a scarce digital asset, and the Halving accentuates this scarcity. With each Halving, the rate of new Bitcoin creation diminishes. Consequently, supply becomes scarcer as demand remains steady or potentially grows due to the increasing acceptance of cryptocurrencies.

This phenomenon has historically led to extended periods of bullish market sentiment following a Bitcoin Halving. It's likely that a similar pattern will unfold this time. The exact timing of this bull run is uncertain; it could take several months or even one to two years, assuming, of course, that these predictions materialize. Historical trends suggest this outcome is plausible.

Can New Bitcoins Enter Circulation?

It is projected that by 2040, the total supply of 21 million Bitcoins will be reached. The fact that many of these Bitcoins are permanently lost is inconsequential to this milestone. It's unlikely that new Bitcoins will enter circulation beyond this point. An increase in the maximum supply would only be possible through a uniform and widespread change to the protocol. Such a change would require the unanimous support of the entire Bitcoin community. Given that the limited supply is a fundamental tenet of Bitcoin, it's improbable that such an alteration will ever occur. To date, there are no indications from the community suggesting a raise in the upper limit is on the horizon.

Bitcoin as a Deflationary Currency

Bitcoin stands as a beacon of deflationary currency in a world dominated by fiat currencies. Unlike their traditional counterparts, Bitcoin's supply is rigidly fixed at 21 million coins. This characteristic comes with a host of advantages, including:

• Enhanced Predictability: With a predetermined supply, Bitcoin offers a level of predictability that is often elusive in traditional financial systems.
• Heightened Independence: Operating outside the grasp of centralized institutions, Bitcoin carries a sense of financial autonomy that empowers its users.
• Investment Potential: The scarcity inherent in its design imbues Bitcoin with the potential to serve as both a means of transaction and an investment vehicle.
• Safeguard Against Devaluation: As a deflationary asset, Bitcoin provides a shield against the erosive effects of inflation, which can erode the value of traditional currencies.
• Appreciation Through Scarcity: The limited supply fuels the potential for value appreciation over time, a phenomenon that echoes the allure of precious commodities.

Given these multifaceted advantages, the surging embrace of Bitcoin comes as no surprise. Yet, it's essential to note that Bitcoin is far from the solitary player in the realm of limited-supply cryptocurrencies. The cryptocurrency landscape is rich with innovation, where various digital assets proudly sport their own unique qualities and aspirations. As the future unfolds, these currencies, including Bitcoin, will continue to carve their distinct paths, collectively shaping the financial landscape of tomorrow.

Other Cryptocurrencies with Limited Supply

Beyond Bitcoin, several other deflationary cryptocurrencies have established their presence in the market. Among the most popular are:

• Binance Coin (BNB)
• Bitcoin Cash (BCH)
• Cardano (ADA)
• Dash (DASH)
• Dogecoin (DOGE)
• Litecoin (LTC)
• Monero (XMR)
• Ravencoin (RVN)
• Tron (TRX)
• Zcash (ZEC)

However, it's important to note that not all well-known cryptocurrencies adhere to a deflationary model. There are also inflationary digital currencies that enjoy widespread popularity. The most prominent example is Ripple (XRP), often dubbed as the “Bitcoin of the banks.” While Ripple doesn't have a fixed upper limit on its total supply, it still ranks among the cryptocurrencies with the largest market capitalization. Many experts predict that XRP will play a significant role in the financial industry in the years to come.

This projection is bolstered by its numerous partnerships with major companies such as Banco Santander, Mitsubishi UFJ Financial Group, and Western Union. Given these collaborations, the potential for Ripple to shape the future of finance is indeed an intriguing possibility.

How many bitcoins are in circulation?

As mentioned above, the Bitcoin number is limited to 21 million. However, this does not mean that this amount will eventually be in circulation. On the contrary, due to the private wallets and high security regulations, there are numerous documented cases where numerous Bitcoin have been lost. It is almost impossible to recover them.

The largest wallet in this direction is attributed to the founder Satoshi Nakamoto, on which a million Bitcoin should be located. But there have been no movements there since 2012. If the owner is deceased, for example, there is a high probability that the Bitcoin will be irrevocably lost.

What does this mean now? The number of Bitcoin mentioned above represents the theoretically possible sum, but in reality there will be significantly fewer coins in circulation.

Conclusion

The maximum number of Bitcoin that can ever exist is 21 million. So far, the community has managed to mine 18.9 million of them, with miners trying day and night to mine the remaining 2.1 million.

However, it is assumed that around 20% of all Bitcoins have already been irrecoverably lost. This can happen due to the loss of the private key or the death of an owner.

If you want to enter the mining business yourself, you should inform yourself in advance and be aware of the costs and risks.

Investing is an easier way to get Bitcoin quickly and profit from possible price increases. If you do not have the financial means to do so, the aforementioned no deposit bonus and faucets are a risk-free option.