In December 2020, Bitcoin soared to its all-time high. This record-breaking price rise amidst global pandemic crises was surprising for everyone. In this article, we will cover the fundamental details on Bitcoin mining including what is it, how many bitcoins are there, and how are left to be mined in 2021.
In 2021, Bitcoin is set to create new record benchmarks. With its price expected to reach $ 50,000, surprising patterns are awaited to be revealed.
What is Bitcoin Mining?
Bitcoin is a decentralized system where you can transfer funds from one account to another without any involvement of central authority.
Bitcoin mining is the process wherein a miner adds a transaction record to Bitcoin’s public ledger of previous transactions. This ledger of transactions is referred to as Blockchain. It is named so because of its unique pattern that follows a chain of blocks. This blockchain serves as a confirmation to the rest of the network that a transaction has been executed. The Bitcoin mining process enables miners to update the ledger but with limited power.
How Many Bitcoins Are There Now in Circulation?
Bitcoin is a limited asset. The maximum number of bitcoins that can ever exist is only 21 million. From this, approximately 90% of coins have been already mined. The existing inflation for the Bitcoin network stands at 1.8% and is this will continue to retreat over time because of declining block rewards. This process is halving and is known to indicate the subsequent reduction of block rewards by 50% every four years.
Presently, there are 18,580,537.5 bitcoins in existence. However, this number is subject to change every 10 minutes with the mining of new blocks. With the addition of each new block, 6.25 bitcoins are appended to the network.
How Many Bitcoins Are Left To Be Mined?
Currently, there are 2,419,462.5 bitcoins left to be mined. Surprisingly, 18 million Bitcoin were mined within 10 years. However, for mining remaining ones it could take another 120 years.
How Many Bitcoins Are Lost?
There is no precise answer to this. According to an estimate, 3-4 million Bitcoins have been lost forever. Determining the exact figures for this is not possible because a lost Bitcoin on Blockchain appears the same as one in circulation. Some projections can be made on this based on the analysis of unmoved addresses in Blockchain.
Aided by institutional investment, retail adoption, and on-chain metrics, Bitcoin has paved a new path for itself. In the coming years, it is expected to follow new price patterns. Despite inherent risk investing in Bitcoin is set to yield appealing rewards. To assist crypto trading in India, there are several inr crypto exchanges (Android and iOS) offering exceptional services at a good exchange rate. So, it is the right time to bet on Bitcoin. Put your trading skills to test and enter the crypto market.