Has Bitcoin been mined yet?

Contents

『One』How long will it take for Bitcoin to be mined

1. It is expected to be mined in 2140, with a total of 24 million coins.

2. The concept of Bitcoin (BitCoin) was first proposed by Satoshi Nakamoto in 2009, and the open source software designed and released according to Satoshi Nakamoto’s ideas and the P2P built on it The internet. Bitcoin is a P2P form of digital currency. Peer-to-peer transmission means a decentralized payment system.

『紴』When will Bitcoin be mined

  1. It is expected to be mined in 2140, with a total of 21 million coins.

  2. According to the relevant literature of Bitcoin, in 2140, 2100 Bitcoins will be produced and will not grow any more. According to the principle of Bitcoin, after 33 halving periods, the mining output of each block will reach 0.58 satoshi, which is less than the smallest unit of one satoshi. The interval between each halving is 210,000 blocks. The total production time (2140 years) given in the above literature is calculated from the production time of 10 minutes per block. (210000*10/60/24/365=3.9954 years*33=132 years, from 2008 when Bitcoin was created, 132 years later is 2140).

    However, the “production time per block is 10 minutes” used in the above calculation method is an ideal state, and this assumption is only true when the computing power and difficulty of the entire network do not change. Looking at the Bitcoin blockchain, it is not difficult to find that the computing power of the entire Bitcoin network has been growing for a long time, and the mining difficulty has also increased. Therefore, it is not difficult to conclude that the above calculation does not hold, and there is a huge error.

The drawback of the above method is that it is impossible to accurately predict the changes in the computing power of the entire Bitcoin network, and it is impossible to accurately predict Bitcoin mining speed. The 11.3-day data used in the above calculation method is only the average value from May, 2013, April 5, 2014, and its representativeness is open to question. You can build a more accurate mathematical model based on the results of big data analysis and mining machine production.

『Three』How many bitcoins have not been mined

The latest statistics show that 18.5 million bitcoins have been mined out of 21 million bitcoins , there are still less than 2.5 million bitcoins that have not been mined.

Compared with traditional financial industry targets, the advantages of Bitcoin itself, coupled with the scarcity and deflation properties, will make Bitcoin rise year by year. The transformation of wealth in the future is in the field of digital currency, and it is also the best opportunity for ordinary people to turn around. Mining is also the least costly and least risky way to participate.

The global financial crisis broke out in 2008. On November 1 of the same year, a person calling himself Satoshi Nakamoto published the Bitcoin white paper “Bitcoin: A Peer-to-Peer Electronic” on the P2P foundation website. The Cash System”, stating his new vision for electronic money – Bitcoin was born. On January 3, 2009, the Bitcoin genesis block was born.

Product features:

Compared with fiat currency, Bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. It is possible to participate in the creation of bitcoin, and it can be circulated all over the world. It can be bought and sold on any computer connected to the Internet. No matter where they are, anyone can mine, buy, sell or receive bitcoin.

And outsiders cannot identify user identity information during the transaction process. On January 5, 2009, Bitcoin, which is not controlled by the central bank and any financial institution, was born. Bitcoin is a digital currency consisting of strings of complex codes generated by a computer, and new bitcoins are made through a preset program.

[4] Are you finished with bitcoins?

Only 21 million bitcoins can be mined in total. (2021.2)
Once bitcoin miners have released all their bitcoins, the planet’s supply will basically dry up (2140).
As of February 24, 2021, 18.638 million bitcoins have been issued, and 2.362 million have not yet been put into circulation, and new bitcoins are reduced by 50% every four years. While there can only be a maximum of 21 million bitcoins, with no private key indication left to anyone because people lost their private keys or died, the actual number of bitcoins available in circulation may actually be less than millions.
Once all bitcoins have been mined, miners can still process transactions for a fee.

Extension information:
The concept of Bitcoin (Bitcoin) was originally proposed by Satoshi Nakamoto on November 1, 2008, and was officially born on January 3, 2009.
The open source software designed and released according to the ideas of Satoshi Nakamoto and the P2P network built on it. Bitcoin is a P2P form of digital currency. Bitcoin transaction records are open and transparent. Peer-to-peer transmission means a decentralized payment system.
Unlike most currencies, Bitcoin is not issued by a specific currency institution. It is generated by a large number of calculations according to a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all the transaction behavior, and the use of cryptography ��Designed to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be artificially manipulated by mass-producing Bitcoin. The cryptography-based design allows Bitcoin to be transferred or paid only by the true owner. This also ensures the anonymity of currency ownership and circulation transactions. The total number of bitcoins is limited. The currency system used to have no more than 10.5 million in 4 years, and then the total number will be permanently limited to 21 million.
In June 2021, El Salvador passed the El Salvador Bitcoin Law bill that will make Bitcoin legal tender in the country. On September 7, Bitcoin officially became the legal tender of El Salvador, becoming the first country in the world to give digital currency legal status.
On September 24, 2021, the People’s Bank of China issued a notice to further prevent and deal with the risks of virtual currency trading speculation. The notice states that virtual currencies do not have the same legal status as fiat currencies.
On November 10, 2021, the price of Bitcoin hit a new all-time high, approaching $69,000 per piece for the first time.
In January 2022, Bitcoin continued to fall below $42,000, hitting levels not seen since September last year.

『Wu』 How many bitcoins are not mined?

It doesn’t matter how many bitcoins are not mined, the smallest unit of bitcoins can be one billionth. So don’t worry about the quantity.

『Lu』Is it true that the rumours that bitcoins will be mined soon?

Recently, there is indeed news that the 17 millionth bitcoin has been mined, and the final circulation is about 21 million indivual. Blockchain data indicates that every 210,000 blocks are halved, so the mining process will get slower and slower. . The first bitcoins were mined in early 2009. In fact, even if you have the relative device driver hardware, the possibility of picking it is extremely small. Anyway, this thing has nothing to do with my half dime. I didn’t want to participate in mining too much.

『柒』Why Bitcoin has not been mined yet

The Bitcoin system relies on adjusting the difficulty factor to ensure that Bitcoin is not mined too quickly.
Every 10 minutes, the miners of the whole network jointly calculate a problem and compete for the accounting rights and bitcoin rewards. If the computing power of the entire network continues to grow, Bitcoin will be mined very quickly.
In order to ensure the stability of Bitcoin to dig a block in about 10 minutes, Satoshi Nakamoto designed the difficulty for miners to obtain Bitcoin by mining to dynamically adjust every 2016 blocks (about 2 weeks). The difficulty is such that the expected time to generate a block is 10 minutes.
The current difficulty coefficient is about 480PH/s, which is about 68 billion times that of the genesis block. That is to say, with the current computing power, the miners of the whole network need to go through about 3000 trillion hash operations to Find a qualifying answer and generate a new block.

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