Quick Answer 🔍How many Bitcoins are mined per day in 2024?
About 900 Bitcoins are mined per day.
Everyone has heard about Bitcoin, the first decentralized cryptocurrency, but have you ever wondered how many Bitcoins are mined per day worldwide?
Bitcoin overthrew all limits and many flaws of the traditional banking system and many other cryptocurrencies have followed it into existence.
With time, many businesses worldwide have started accepting payments through Bitcoins, and countries began making policies to support the digital currency system.
The significant advantage of Bitcoin is its ability to be accepted anywhere in the world without paying any extra cash in exchange fees and related complications.
Specific crypto wallets are better than others, as well as some crypto platforms are more suitable than others.
The move toward many establishments accepting Bitcoin greatly impacts the number of coins that are mined each day.
It stands as a free currency that doesn’t fall under government rules or institutional controls.
But, how many bitcoins are mined a day?
The quick answer is: about 900.
… the full answer is a lot more complicated.
You will likely understand almost everything related to Bitcoin mining and related facts by the end of it.
The Bitcoin Timeline
- Bitcoin white paper was published on 2008, October 31, by Satoshi Nakamoto, whose true identity is still unknown.
- On January 3, 2009, Bitcoin went live with mining its genesis block that allowed the first transaction to start the blockchain.
- In 2009, the Bitcoin price was barely above zero.
- Bitcoin reached $1, equivalent to the US dollar, in February 2011. During the period, Bitcoin grew from $1 to $30
- In 2013 Bitcoin made 6,600% gains and displayed rates equivalent between $13 and $1100
- In January 2017, Bitcoin price touched the $1100 mark, and surprisingly, it went all the way to $20,000 by December 2017
- In November first week of 2021, Bitcoin reached $68,000, an all-time high record.
What is Bitcoin Mining?
Bitcoin mining is a typical process by which new Bitcoins join circulation. The first processor that finds a solution to the problem receives the next Bitcoin block, and the process continues.
Bitcoin mining requires refined hardware(advanced computers) to solve extremely complicated computations and mathematical problems.
The computers that mine Bitcoins will receive newly minted coins as a reward. Bitcoin is a digital asset, the first of its kind, and it comes with a finite supply of 21 million.
It cannot be created as a new paper currency legally generated by Governments and institutions.
People refer to Bitcoin as “Digital Gold,” implying that Bitcoin must be mined like gold. This article will look deeper into the most recent Bitcoin mining statistics 2024.
Bitcoin mining impacts the number of Bitcoins mined per day.
How Many Bitcoins Are Mined per Day in 2024?
Quite a few articles and graphs on the internet provide statistics regarding Bitcoin mining data, and most of them will tell you that about 900 Bitcoins are mined per day.
However, cryptocurrency is all about privacy which ensures that nobody can calculate the exact count of Bitcoins mined in a day.
Most figures depend upon PC processing power and hash rate from mining pools (where Bitcoins are mined).
According to the statistics, China owns (or did own) five crypto mining pools responsible for almost half of the hash rates.
The closest figure for analysis is taken from such Bitcoin mining pools and how much they hashed in the previous day.
Monthly Bitcoin Energy Consumption in Terawatt-Hours (TWh)
How Much Profit Can Be Achieved from Bitcoin Mining?
According to BTC mining difficulty metrics, it is challenging to mine the remaining 2.2 million Bitcoins available. The cost of mining them is increasing day by day.
Does this possibly impact how many bitcoins are mined per day? It certainly does.
Bitcoin Mining firms have to set up costly hardware capable of processing the mining.
Experts believe that Bitcoin will reach $100,000 shortly based on the current stock-flow analysis.
“Mining is price sensitive to seek out the lowest-cost power. And the lowest-cost power tends to be renewable because if you’re burning fossil fuels, it has extraction, refinement and transport costs,” Adam Back, Blockstream CEO.
Key Bitcoin Mining Stats
- The US has a 35.4% Bitcoin mining hashrate.
- 400% increase in Bitcoin prices in the first quarter of 2021.
- Around 900 Bitcoins are mined per day.
- 65% of Bitcoin mining pools were located in China in 2020.
- 152 million Bitcoin wallets exist.
- $6 billion daily online transactions from Bitcoin alone.
- 2 pizzas were bought using 10,000 BTC in 2010.
- It will take another 120 years to circulate the remaining 2.2 million Bitcoins.
- More than 400,000 daily Bitcoin transactions were marked in the first quarter of 2021.
- Bitcoin price is expected to increase by 1500% by the next 10 years.
- Almost 20% of Bitcoins are lost forever and cannot be mined.
How Many Bitcoins Are Mined per Day & Related Statistics
1. The US Has a 35.4% Bitcoin Mining Hashrate
Bitcoin mining has a connection with global energy prices. According to the IP address stats from hashers, the US possesses the most number of Bitcoin mining pools as of August 2021.
Earlier, China dominated the country-wise list for a long time, from September 2019 to June 2021.
Bitcoin mining happens with hashing, and hashing requires energy. So we can say that, with more hashing, more Bitcoins are mined.
So the mining cost for Bitcoin will be higher in countries where energy is expensive. Interestingly, Countries in Africa and Latin America are more active in Bitcoin buying and selling than some developed nations globally.
About a year ago, China was way ahead of other countries regarding hash rates. The crypto crackdown in Beijing took a lot of Bitcoin miners offline overnight.
Apparently, the crackdown partially helped America dominate the Bitcoin mining industry and become the leader after a long period.
Texas, a state in the US, has the least energy rates, which becomes an advantage for Bitcoin miners who work in low-margin enterprises where energy is the variable cost.
Another thing that supports Bitcoin miners in the US is their Crypto-friendly policies that give sufficient support for implementing the Bitcoin mining infrastructure.
2. 400% Increase in Bitcoin Prices in The First Quarter of 2021
According to TechCrunch, it held that $10,000 was the digital asset rate a year ago, which has become up by $20,000 during the first quarter of 2021.
There was a 66% growth rate for Bitcoin price rate during February, which boosted Bitcoin mining.
Bitcoin price increased by 400% within a year, and holders are happy to sell their shares for an exciting profit.
3. 65% of Bitcoin Mining Pools Were Located in China in 2020
When the Bitcoin miners combine their computers to make a network, a Bitcoin mining pool is created.
The participants have rewarded a portion of the mined Bitcoins during the mining process based on their contribution to locating another block.
The University of Cambridge statistics show that China was the unicorn of Bitcoin mining till 2020.
Apart from Bitcoin mining, other cryptos are also active in America.
For example, in North America, 21 percent of Ethereum, 37 percent of ZCash, 28 percent of LTC, and 34 percent of Monero mining pools.
4. 152 Million Bitcoin Wallets Were There in November 2021
Bitcoin wallets are created by people to buy, access, and sell Bitcoins. The November 2021 stats show more than 79 million people on the Blockchain.com platform.
Another platform, Coinbase.com, has more than 73 million wallets, and both together, the count results in 152 million Bitcoin wallets in November.
It is 31 percent more(roughly 20 million more users) than the previous year and about 155 percent more than in 2018(about 58 million more users).
According to the latest stats of New York Digital Investment Group, about 22 percent of Americans(almost 46 million people) owns Bitcoin.
Some of them depend upon various financial advisers to manage their accounts.
About 1 in every 5 clients own Bitcoin, and about 80 percent of them are interested in learning more about Bitcoin mining and investment.
5. $6 Billion Daily Online Transactions from Bitcoin Alone
Studies show that Bitcoin can process around seven transactions in a second, and on average, Bitcoin Cash can process 116 transactions per second.
Visa processes around 24,000 transactions per second.
According to stats, there are $6 billion daily online transactions in the world from Bitcoin alone, and only two payment networks surpass it(Visa card with $30.3 billion and Master Card with $16.2 billion).
6. 2 Pizzas Were Bought Using 10,000 Btc in 2010
According to Yahoo stats, Probably the first Bitcoin transaction in history was buying two pizzas with 10K Bitcoins. Laszlo Hanyecz bought 2 pizzas from Papa John’s and paid Bitcoins.
Based on the current Bitcoin rates, He spent approximately $372 million for 2 pizzas! In 2010, 10K Bitcoins were under $30 net worth.
7. It Will Take Another 120 Years to Mine the Remaining 2.2 Million Bitcoins
Based on the current stats, about 83 percent of all Bitcoins are already in circulation within twelve years of their invention.
According to experts, about 97 percent of Bitcoin will be in circulation.
However, the interesting fact is that the rest of the 3 percent of Bitcoins may take around 120 years to circulate in the market!
The number of Bitcoins mined gets halved every 4 years. So the remaining 2.2 million Bitcoins will be mined by 2140!
8. More than 400,000 Daily Bitcoin Transactions Were Marked in The First Quarter of 2021
The January 2021 statistics show that Bitcoin has registered new heights with more than 400,000 daily transactions.
People are displaying more interest in buying and selling Bitcoins than a year ago.
There has been a significant difference in the transactions count(78,722) compared with January 2018 and 2022.
However, the 400,000 mark came down to 289,000 in September 2021, about 17 percent lower than twelve months before.
Number of Daily Transactions on The Blockchain of Bitcoin
9. Bitcoin Price Is Expected to Increase by 1500% by The Next 10 Years
The Bitcoin owners were excited to see the all-time high rate of Bitcoin with $68,000 for one Bitcoin during the first week of November 2021.
However, the rate crashed in the following months by 40 percent and dropped to $41,000 during the first week of January 2022.
The price further decreased and became $37,228 by January 31, 2022. According to financial investment experts, the global Cryptocurrency will reach $4.9 billion in 2023 with a CAGR of 12.8 percent.
Also, they hope that Bitcoin’s price will increase by 1500% by the next 10 years. This will impact how many bitcoin are mined per day.
The All-Time High Rate of Bitcoin with $68,000 for One Bitcoin During the First Week of November 2021
10. Almost 20% of Bitcoins Are Lost Forever and Cannot Be Mined.
Considering the current rate of Bitcoin, can you imagine that around 20 percent of them are lost and not going to be found ever?
Sadly, it’s the truth.
According to the stats of Chainalaysis, around $190 billion(3.76 million BTC) worth of Bitcoins is never going to be mined.
So what are the ways to lose a Bitcoin? First of all, the founder of Bitcoin, Satoshi Nakamoto, owns around 1.1 million Bitcoins which, according to the experts, he is not going to touch.
Several people who own a good percent of Bitcoin have passed away without sharing the key details of their share.
The complicated Bitcoin encryption makes sure that these shares are never going to be found by another person without the right key.
Similarly, some unfortunate people have lost their Bitcoin encryption/decryption keys, and since there is no “forgot password” option, it is almost certain that once you lose the keys, you lose access to Bitcoin.
The smallest unit of Bitcoin(BTC) is Satoshi. One Satoshi is equal to 0.00000001 BTC. The BTC value changes dynamically in a matter of minutes or hours.
Hence if you are a Bitcoin investor, you probably should stick your eyes on the screen to identify the right moment to buy or sell the Bitcoin.
11. 61% of Bitcoin Mining Users Are Not Bothered About a Specific Religion
About 30 percent of Bitcoin miners earn a household income between $50,000 and $10,0000, and about 43 percent of miners are full-time employed.
According to some interesting stats from Cryptocurrency Hub, most Bitcoin users are aged 25 and 34. And about 61 percent of them don’t consider themselves religious.
12. 66.7% of Cryptocurrency Investors Own Bitcoins
Bitcoin is the oldest and most prevalent cryptocurrency globally, with the largest value of its kind. For one Bitcoin, the price is $37,228 as of the first week of February 2022.
According to the recent stats from Coinbase, there are currently 18.9 million Bitcoins in circulation, available for mining.
Based on the studies, between 2009 and 2019, over $7 trillion worth of Bitcoin has been transferred among Bitcoin traders globally.
About 66.7 percent of Cryptocurrency investors own Bitcoins compared to 28.6 percent holding Dogecoin and 23.9 percent with Ethereum.
When it comes to how many new bitcoins are created every day, although the average might be around 900, it is wholly dependent on the market entry value at the time.
The facts above all contribute to the number.