Bitcoin was created in 2009 by a person or group of people using the alias Satoshi Nakamoto. When Satoshi created the Bitcoin code he obviously gave it a great deal of thought. He worked out how many bitcoins there should be and by how much the supply should periodically decreased.
Satoshi calculated 21 million Bitcoins to be a suitable amount for a worldwide currency. That may not seem like enough but you need to remember that a single Bitcoin can be divided into 100 million Satoshis. Also, developers have already said that a single Satoshi could be split even further.
So in the future you could be paying 12.5 Satoshis for a beer in your local bar!
Anyway, although 21 million is the maximum supply of Bitcoin, currently there are only somewhere in the region of 18 million in circulation.
From those 18 million currently in circulation, between 3 and 4 million have been lost forever. That leaves somewhere in the region of 14 million Bitcoin in circulation at the moment.
Currently 900 Bitcoin are mined every day. This means every year there will be another 328,500 coins minted. In 2024 when the block reward is once again cut in half.
This 4 yearly event is known as the halving. This process will continue until the year 2140 when the last Bitcoin will be mined!
What do you think the price of a single Bitcoin will be by then?
The Facts and Figures
- 21 Million Total Supply
- Roughly 18 Million in Circulation
- Between 3 and 4 million coins have been lost
- Currently 328,500 new Bitcoin are mined each year