Bitcoin Total Supply

• Blockchain Council
• September 09, 2024

How Much is Bitcoin Total Supply?

Bitcoin has a maximum supply cap of 21 million coins. This limit is built into the Bitcoin protocol and cannot be changed. It ensures that Bitcoin remains scarce, similar to precious metals like gold. 

How Much Bitcoin Supply is Left?

As of June 2024, over 19.7 million bitcoins have been mined and are in circulation, which means that approximately 94% of the total Bitcoin supply has already been mined​. This leaves less than 1.3 million bitcoins still available to be mined. The process of mining new bitcoins slows down over time due to the halving events, which occur roughly every four years. During these events, the reward for mining new blocks is halved. The last halving occured in April 2024, reducing the reward to 3.125 BTC per block​.

Is Bitcoin Supply Really Limited?

Yes, Bitcoin’s supply is indeed limited. The design of Bitcoin, as established by its creator Satoshi Nakamoto, sets a hard cap of 21 million coins, meaning no more than 21 million bitcoins will ever exist. This limit is embedded in Bitcoin’s code and plays a crucial role in its value proposition, akin to scarce resources like gold, which have a finite supply. The fixed supply helps prevent inflation, which can devalue currencies over time. The decision to cap the supply aims to provide a predictable investment environment and protect the currency’s value long-term.

How Much Will 1 Bitcoin Be Worth in 2030?

Predicting the exact value of 1 Bitcoin in 2030 is challenging due to the volatility of the cryptocurrency market and numerous influencing factors. However, several analysts and models provide estimates based on current trends and past performance. For example, some projections suggest Bitcoin could reach anywhere between $500,000 and $1 million by 2030, assuming continued adoption and increasing scarcity due to the halving events. These estimates take into account factors like the growing interest from institutional investors, the finite supply, and the increasing difficulty of mining new Bitcoin.

What is the Max Supply of Bitcoin That Will Ever Exist?

The maximum supply of Bitcoin that will ever exist is 21 million coins. This limit is hardcoded into Bitcoin’s protocol by its creator, Satoshi Nakamoto. The design ensures that Bitcoin remains scarce, which is intended to help preserve its value over time. New bitcoins are released through mining rewards, which are halved approximately every four years in an event known as the Bitcoin halving. The final Bitcoin is expected to be mined around the year 2140.

Who Owns the Most Bitcoin?

The largest Bitcoin holder is widely believed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Satoshi is estimated to own around 1.1 million BTC, which were mined in the early days of Bitcoin. These coins remain untouched since they were mined​.

Among public entities, the largest known holder is the U.S. government, which has seized a significant amount of Bitcoin from criminal activities, totaling over 200,000 BTC. 

Among companies, MicroStrategy leads with around 214,400 BTC. Other notable holders include Binance, the largest by an exchange, with significant holdings distributed across several wallets​.

What Happens if Bitcoin Supply Runs Out?

Bitcoin has a capped supply of 21 million coins, and it’s anticipated that the last Bitcoin will be mined around the year 2140. Once all bitcoins are mined, miners will no longer receive block rewards in the form of new bitcoins. Instead, they will rely on transaction fees as their financial incentive to continue validating transactions. This shift could change the dynamics of the network, potentially increasing transaction fees if the demand for Bitcoin transactions remains high.

Will Bitcoin Ever Reach 1 Million?

Predicting the price of Bitcoin reaching 1 million dollars is highly speculative. The cryptocurrency’s value is influenced by a variety of factors including technological advancements, regulatory changes, market demand, and macroeconomic conditions. While some enthusiasts and analysts speculate that Bitcoin could reach such high values due to its limited supply and increasing demand, it remains uncertain and subject to market fluctuations.

How High can Bitcoin Realistically Go?

Bitcoin’s price predictions vary widely due to its volatile nature. For 2024, experts predict a range from $60,000 to $120,000. Factors influencing these predictions include market demand, global economic conditions, and regulatory developments. Some analysts, like those from CoinPedia, are optimistic, suggesting Bitcoin could hit $120,000 in 2024. Others, like ARK Invest, see a longer-term potential, forecasting prices up to $600,000 by 2030.  Looking even further, predictions for 2050 suggest it could go as high as $5.4 million. It’s essential to remember these predictions are speculative and influenced by many unpredictable factors.

How Long Does it Take to Mine 1 Bitcoin?

The time to mine 1 Bitcoin can vary based on the mining hardware’s power and the network’s difficulty. On average, it takes about 10 minutes to mine one block, which currently rewards 6.25 bitcoins. Therefore, mining 1 Bitcoin takes approximately 1.6 minutes under ideal conditions. However, individual miners might experience longer times due to competition and other variables in the mining process​.

Conclusion

As we discussed, Bitcoin’s future price is uncertain and subject to various factors, but many experts have bold predictions. Some believe it could reach as high as $946,000 by 2040 if it follows certain growth trends similar to tech industries in the past. It is important to conduct your own research before investing in a volatile market like cryptocurrency.