Bitcoin Mining: Only 21 million bitcoins can be made in the world, do you know why?

Bitcoin was created with the limit that only 21 million bitcoins could be mined worldwide. Of this limit, 83 percent of the coins have already been mined and 97 percent of the bitcoins will have been mined in the next decade. The question is, can bitcoins be mined even after the limit?

Only 21 million bitcoins can be mined in the world.

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The cryptocurrency bitcoin has come a long way since its existence in 2009.

However, one thing that has not changed is the hard limit for bitcoin mining.

Satoshi Nakamoto, who is believed to be the creator of bitcoin, put an upper limit of 21 million (21 million) in the source code of bitcoin as well as its mining, which means that no more than 21 million bitcoins can be mined. or cannot be brought into circulation.

Nakamoto did not clarify why the limit was placed at 21 million, but many consider this to be an advantage for the cryptocurrency as it will allow a limited supply of bitcoin to keep its price stable for many years. .

How many bitcoins have been mined so far?

So far 18.78 million bitcoins have been mined.

That is, about 83 percent of all the bitcoins that will ever live in the world have been mined so far and this part is in circulation.

Meaning now only about 2 million bitcoins are left for mining.

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By when will every bitcoin have been mined?

If everything remained the same, 97 percent of bitcoins would have been mined in a decade.

But the remaining three percent of the coins will be mined in the next one century.

Accordingly, the last bitcoin will be mined around 2140.

The reason behind the slowing down of mining is a process called halving.

The rate at which bitcoins are generated, this process reduces that rate by 50 percent every four years.

How does bitcoin benefit from this hard limit?

The simple calculation is - the lesser the thing, the higher its value.

Yes the price depends on the demand.

Since there will be only 21 million bitcoins in the crypto world, but the number of investors will increase as interest increases, that is, demand will increase.

And if the demand increases, then the price of this cryptocurrency will also increase.

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Can the hard limit be changed?

If you look in theory then yes it is possible.

But for this the consent of the people will have to be taken at a very large level.

Most bitcoin investors would be willing to reduce the cost of their bitcoin capital, but it's hard to imagine that anyone would want to make a loss in their crypto investments.

How has the journey of bitcoin been in the last few years?

Economists are still studying the effect of hard limits on bitcoin, but a decade after its launch, its price has risen unexpectedly.

In 2009, 50 bitcoins could be generated from mining a block, but at that time its cost was low.

A year later, in 2010, a person paid 10,000 bitcoins to buy two pizzas.

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In 2012, that is, four years after its launch, the process of 'halving' took place for the first time, after which 25 bitcoins were generated from each block.

This increased the value of this coin.

By the end of 2013, it was priced at $200.

The second 'halving' occurred in 2016, when mining a block started generating 12.5 bitcoins.

After the next 'halving' in 2020, 6.25 bitcoins started being generated from a block.

The price of bitcoin was around $10,000 in the early months of last year and it crossed $65,000 in April, after which it saw a sharp decline. However, in August 2021, this currency again managed to touch the level above 50,000. The more difficult the mining of bitcoin has become, the more its price has jumped.