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How many Bitcoins have been mined?

How many Bitcoins have been mined?

There is a total supply of 21 million Bitcoins and after all of them are mined, no more Bitcoin will ever be created. So how many Bitcoins are left? How many Bitcoins have been mined? First, lets talk about what Bitcoin mining is.

Here is an infographic about Bitcoin mining from weusecoins.

how many bitcoins have been mined

(source)

What miners do is very much like bookkeeping. Miners help keep a record of all the transactions with their hardware. Bitcoin mining is called so since their hardware is working for a financial reward. The miners computers quickly run different numbers trying to solve the problem. As Bitcoin becomes more mainstream, more mining power is required. Whoever solves the entire block is rewarded 12.5 Bitcoin, the current reward. Every 210,000 blocks, the reward for solving the problem is halved. Bitcoin mining is very resource intensive, this is intentional as it helps keep the price of Bitcoin steady. Mining exists to keep Bitcoin secure. Security is extremely important as more and more are buying Bitcoin. Because of miners validating the Bitcoin Blockchain, it is near impossible to hack. Now, you are probably wondering how many Bitcoins have been mined.

So how many Bitcoins have been mined? So far about 16.5 million Bitcoins have been mined. This leaves 4.5 million Bitcoins left to be mined as there are 21 million Bitcoins total. When will the last Bitcoin be mined? It’s hard to estimate the exact year, but the current estimate is 2140. The reason the date is so far from now is the reward halving function and increasing difficulty. When the last Bitcoin is mined, the miners will be rewarded solely in the fees that are collected from transactions.

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