How Many Bitcoins Are There in 2024 & How Many Are Left?
Before investing in Bitcoin, many “crypto-curious” folks want to know how many Bitcoins are there in 2024. As of this year, the total number of BTC mined has reached a significant milestone of around 19.7 million, yet there remains a finite number of BTC left to be mined. This scarcity is central to BTC’s allure, driving speculation and investment in the world’s first decentralized digital currency.
In this article, we’ll break down how many BTC are left to be mined, how many are currently in circulation, understand the impact of lost coins, and examine the pivotal events that shape the current and future supply of
Price
Trading volume in 24h
Last 7d price movement
Buy Now!
How Many Bitcoins Are There? A Summary
As of 2024, roughly 19,742,637 BTC are in circulation, leaving just over 1.25 million BTC to be mined before the cap of 21 million is reached. By 2139, when the final BTC is expected to be mined, the entire supply will be in circulation. Let’s explore the key factors that have shaped BTC and will continue to influence its future.
Key Highlights
Understanding Bitcoin’s Finite Supply
BTC’s most defining characteristic is its finite supply. Unlike traditional currencies, which can be printed endlessly, the Bitcoin blockchain operates on a strict monetary policy embedded in its code. This predetermined scarcity is a crucial element that differentiates BTC from any other form of money, giving it a unique place in the financial world.
“Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value” — Eric Schmidt, Former CEO of Google
The 21 Million Cap Explained
BTC’s supply is capped at 21 million coins, a supply limit hard-coded into its protocol by its mysterious creator, Satoshi Nakamoto. This capped supply ensures that no more than 21 million BTC will ever exist, making Bitcoin inherently deflationary. The rationale behind this decision was to mimic the scarcity of precious metals like gold, providing a hedge against inflation and a store of value that cannot be manipulated by central banks or governments.
Why Bitcoin’s Supply is Limited
The 2008 financial crisis exposed the vulnerabilities of traditional financial systems, sparking the creation of Bitcoin. The crisis highlighted the dangers of inflationary policies and excessive money printing by central banks. In response, Satoshi Nakamoto created Bitcoin, a decentralized digital currency with a fixed supply, to avoid these pitfalls. By capping the total number of coins, BTC remains scarce, increasing its value as demand grows while supply stays fixed. This cap also builds trust in the system, preventing the excessive minting that plagues traditional currencies.
Calculating How Many Bitcoins There Are
Understanding the total number of Bitcoins in existence requires diving into the mechanics of BTC mining, circulation, and the factors that influence these numbers. From the first block mined in 2009 to the present day, the journey of Bitcoin’s supply has been a fascinating one, influenced by both technological and economic factors.
How Many Bitcoins Have Been Mined So Far?
As of 2024, 19,742,637 BTC had been mined, inching ever closer to the 21 million cap. This number represents over 94% of the total supply, leaving just under 1.25 million BTC yet to be discovered. Each mined BTC brings us closer to the final coin, a process that has captivated both miners and investors for over a decade.
10-Minute Minting System
Bitcoin’s network is designed to create a new block approximately every 10 minutes, rewarding miners with freshly minted BTC for their efforts. This consistent and predictable minting process is central to Bitcoin’s monetary policy, gradually releasing new coins into the market while maintaining a steady rate of inflation. The 10-minute interval was chosen to balance the time it takes to confirm transactions with the security of the network, ensuring that the blockchain remains both secure and efficient.
What is Bitcoin Mining Difficulty?
The Bitcoin mining difficulty is a measure of how hard it is to find a new block in the blockchain. This difficulty adjusts approximately every two weeks to ensure that blocks continue to be mined roughly every 10 minutes, regardless of the number of miners or the total computational power (hash rate) in the network. As more miners join the network, the difficulty increases, making it harder to mine new BTC and ensuring the gradual release of the remaining supply.
How Many BTC Are in Circulation in 2024?
In 2024, there are 19,742,637 BTC in circulation, representing the vast majority of the total supply. However, not all of these coins are actively circulating. A significant portion is believed to be lost forever due to forgotten private keys or other mishaps, which we will cover further on. Lost Bitcoin effectively reduces the number of BTC that are accessible and tradable, adding to Bitcoin’s scarcity.
The Rate of New BTC Entering the Market
The rate at which new BTC enter the market is meticulously controlled by the Bitcoin protocol. After the 2024 halving, the reward for mining a new block has been reduced to 3.125 BTC. This halving event, which occurs every four years, ensures that the number of new Bitcoins entering circulation continues to decrease, making each coin increasingly scarce over time. As a result, the influx of new Bitcoins has slowed significantly, reinforcing Bitcoin’s deflationary nature and driving demand among investors.
Pro Tip: To learn more about Bitcoin and how it works, you may want to check out our beginner’s guide to Bitcoin to give you a good foundation of knowledge before investing. Want to know if Bitcoin is worth your while in 2024? Check out our Bitcoin 2024 investment guide to get a better idea of whether a Bitcoin investment is for you.
The Mining Process and Its Impact on BTC Availability
The process of mining is central to Bitcoin’s creation and availability. It’s a key principle that makes BTC both scarce and valuable.
How Bitcoin Mining Works
Bitcoin mining, also known as the Proof of Work consensus mechanism, is the process of verifying transactions and adding them to the blockchain. Miners use powerful hardware, such as ASICs (Application-Specific Integrated Circuits), to solve complex mathematical puzzles known as hash functions. These puzzles require significant computational power to solve, and the first miner to find the correct solution earns the right to add a new block to the blockchain. In return, the miner receives a reward in the newly minted BTC, currently 3.125 BTC after the 2024 halving.
This process serves two main purposes. First, it secures the Bitcoin network by ensuring that each transaction is valid and not a double-spend. Second, it controls the issuance of new Bitcoins, gradually releasing them into circulation according to a predictable schedule. The difficulty of mining adjusts approximately every two weeks to maintain the average block time at about 10 minutes, regardless of the total computational power on the network. This adjustment ensures the network remains stable and secure, even as the number of miners and the overall hash rate fluctuates.
The Role of Halving Events in Bitcoin’s Economy
Halving events are crucial milestones in the Bitcoin ecosystem, occurring approximately every four years. During a halving, the reward for mining a new block is cut in half, effectively reducing the rate at which new Bitcoins enter the market. This reduction not only slows the rate of inflation but also increases Bitcoin’s scarcity, which can impact BTC’s price.
Historically, each halving event has been followed by notable price increases. The most notable halving happened in 2016, reducing the reward to 12.5 BTC. This event was followed by the historic bull run of 2017, with Bitcoin’s price soaring to nearly $20,000.
The most recent halving in 2024 further reduced the block reward to 3.125 BTC. While it’s still early to fully assess its long-term impact, initial trends suggest that the reduced supply continues to support Bitcoin’s deflationary narrative, contributing to price stability and potential future increases. As each halving event decreases the influx of new BTC, it reinforces Bitcoin’s position as a scarce asset, driving both demand and speculative interest.
Where Can You Buy Bitcoin?
Buying Bitcoin is easier than ever. Whether you prefer using a centralized exchange or a peer-to-peer marketplace, there are numerous options available to purchase Bitcoin. Popular exchanges like OKX, Binance, and Kraken (best for US users) offer user-friendly interfaces and robust security features. Additionally, peer-to-peer platforms like Paxful provide an alternative for those who want to trade peer-to-peer directly with others.
Lost Bitcoins and Their Impact on the Total Supply
While the maximum supply of Bitcoin remains fixed at 21 million, a significant portion of that supply has been lost forever. These lost Bitcoins, often due to forgotten private keys or misplaced wallets, reduce the actual number of coins in circulation. Although they don’t alter the hard cap, the scarcity created by these lost coins can have a profound impact on the market. With fewer Bitcoins available, the reduced supply can drive demand higher.
Estimating the Number of Lost Bitcoins
Estimating the exact number of lost Bitcoins is challenging. Experts believe that a significant portion of the total supply is inaccessible. Research by Chainalysis suggests that anywhere from 2 to 4 million Bitcoins could be permanently lost. This generally happens through forgotten passwords, destroyed hard drives, lost private keys or other mishaps. Bitcoins can also be lost in the event of a holder’s death when a copy of their private key cannot be found. There was a case in 2013 of a man accidentally throwing away a hard drive with 8,000 Bitcoins in 2013 – now worth an estimated $474 million.
How Lost Bitcoins Affect the Market
The loss of millions of Bitcoins has a direct impact on the market by reducing the actual supply available for trading and investment. This scarcity can lead to increased demand for the remaining accessible Bitcoins, potentially driving up their price. In a market where availability is limited and demand is strong, lost Bitcoins contribute to the perception of Bitcoin as a deflationary asset, which can further fuel speculative interest and long-term investment.
How Many Bitcoins Will There Ever Be?
The total number of Bitcoins that will ever exist is capped at 21 million. This limited supply is a fundamental feature of Bitcoin’s design, ensuring that no more than 21 million BTC will ever be created. This cap is built into the Bitcoin protocol and cannot be altered, making Bitcoin inherently scarce. In fact, Bitcoin is the only commodity on earth that has guaranteed known scarcity, which only enhances its appeal to investors. As of 2024, with nearly 19.75 million Bitcoins already mined, the supply is gradually approaching its limit. Experts predict the final BTC will be mined by 2139. This predictable and unchangeable supply schedule is one of the reasons Bitcoin is often compared to precious metals like gold. Both are valued for their scarcity.
The Future of Bitcoin After the Last Coin is Mined
As Bitcoin edges closer to its 21 million cap, questions arise about what the future holds for the network once the last coin is mined. The end of new Bitcoin mining will mark a significant milestone, but it doesn’t mean the end of Bitcoin. Instead, it ushers in a new phase where the network will rely on other mechanisms to sustain itself and continue securing transactions.
What Happens When the 21 Million Cap is Reached?
When the 21 million cap is reached, no new Bitcoins will be created. This marks the end of block rewards in the form of newly minted BTC for miners. However, the Bitcoin network will continue to function as a decentralized currency and store of value. Additionally, layer 2 solutions like the Lightning Network will play a crucial role in Bitcoin’s future. These solutions increase transaction speed and scalability. They enable more efficient and cost-effective transactions on the Bitcoin network. As layer 2 technologies evolve, they could help sustain Bitcoin’s use and value in a world without new coin issuance.
Mining Incentives After the Last Bitcoin Has Been Mined
Once all 21 million Bitcoins have been mined, miners will rely solely on transaction fees as their incentive to continue securing the network. These mining fees, paid by users to have their transactions processed, will become the primary source of income for miners. As Bitcoin adoption grows, its price is likely to rise, leading to higher transaction fees on the network. During periods of heavy usage, these fees can increase significantly, providing substantial income for miners. This increase in transaction volume and fee revenue should compensate for the loss of block rewards, keeping miners motivated to continue securing the network. Additionally, advancements in layer 2 solutions, like the Lightning Network, may also impact transaction fees, offering miners various ways to maintain profitability.
Conclusion
Bitcoin isn’t just digital gold; it’s a revolution in how we perceive and store value. With its finite supply of 21 million coins, Bitcoin embodies the principles of scarcity and decentralization like no other asset. Each halving event tightens the grip on this scarce resource, driving both its price and its mystique. As we inch closer to the final Bitcoin being mined, the conversation shifts from “How many Bitcoins are left?” to “How will the world adapt?” The answers lie not just in market speculation but in the unfolding narrative of a world waking up to the realities of sound money in an era of infinite printing.
Bitcoin’s future holds the keys to a profound shift in financial power. The cap of 21 million ensures that Bitcoin remains a rare commodity. While its true value lies in the trust it has built as a decentralized, immutable store of value. One thing is clear: Bitcoin’s story is far from over. In fact, it’s just beginning.
See also:
- What is Bitcoin? Bitcoin Explained for Beginners
- What is the Lightning Network? A Simple Explanation
- How Many People Own and Use Bitcoin in 2024
FAQs
How many BTC are currently in circulation?
Can the Bitcoin protocol be changed to allow more than 21 million BTC?
What will miners do once all BTC are mined?
How does the loss of BTC affect its value?
Are there any countries that have adopted BTC as legal tender?
What is the Difference Between the Circulating Supply and Total Supply of BTC?
References:
- Federal Deposit Insurance Corporation. Chapter 1: The Origins of the Financial Crisis. March 2024. https://www.fdic.gov/sites/default/files/2024-03/chap1_0.pdf.
- Eichengreen, Barry, and Peter Temin. “The Gold Standard and the Great Depression.” National Bureau of Economic Research, 2016. https://www.nber.org/system/files/working_papers/w22238/w22238.pdf.
- Board of Governors of the Federal Reserve System. Coin Demand and Supply. https://www.federalreserve.gov/paymentsystems/coin_data.htm.
- Nakamoto, Satoshi. Bitcoin: A Peer-to-Peer Electronic Cash System. Bitcoin.org, https://bitcoin.org/bitcoin.pdf.
- Bitcoin.org. Bitcoin Resources. Bitcoin.org, https://bitcoin.org/en/resources.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Free Bitcoin Crash Course
Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.
