What is the total number of bitcoins that can be mined?
Stephen CoremansDec 26, 2021 · 3 years ago1 answers
Can you explain the concept of the total number of bitcoins that can be mined in detail?
1 answers
- Dec 26, 2021 · 3 years agoThe total number of bitcoins that can be mined is 21 million. This limit was set in the original Bitcoin whitepaper and is enforced by the Bitcoin protocol. Currently, around 18.5 million bitcoins have been mined, leaving approximately 2.5 million bitcoins yet to be mined. The rate at which new bitcoins are created is halved approximately every four years in an event called the halving. This means that the rate of bitcoin production decreases over time, leading to a finite supply. The last bitcoin is projected to be mined in the year 2140. It's important to note that the total number of bitcoins that can be mined does not include lost or inaccessible bitcoins, which can happen due to various reasons such as lost private keys or forgotten passwords. These lost bitcoins contribute to the overall scarcity of bitcoin and can never be recovered.
Related Tags
Hot Questions
- 79
How can I protect my digital assets from hackers?
- 70
How can I minimize my tax liability when dealing with cryptocurrencies?
- 51
How does cryptocurrency affect my tax return?
- 50
Are there any special tax rules for crypto investors?
- 45
What are the best practices for reporting cryptocurrency on my taxes?
- 38
What is the future of blockchain technology?
- 23
What are the advantages of using cryptocurrency for online transactions?
- 11
What are the tax implications of using cryptocurrency?