case, no one owns those coins, and it remains unclaimed on the network itself. At this point, no more bitcoins will be created. The lost coin phenomenon reduces the number. After the first 210,000 blocks were mined, there were 11 million. So, in reality, we are not left with all 17 million bitcoins that have been mined so far. Bitcoins and has since halved twice. According to Chainalysis, five million bitcoins belong to just 1,600 wealthy people. Here is a snapshot of their research findings: In reality, out of 17,246,188 million mined bitcoins, we are left with only 3 million coins. To put that into perspective, there arent enough freely available bitcoins for each person in New York.
On the other hand, technical incompetency shown by a Coinbase-like exchange is another reason for the lost bitcoins. Everyone wants to own Bitcoin, and thats because its rare.
Couple that with an ever-diminishing supply and there is simply not that much bitcoin left on the open market. Bitcoin source code outlines how the mining rewards should be distributed and when these distributions occur. As such, the theoretical Bitcoin money supply chart looks like this, the 21 million mark is an approximation. The mining reward halving occurs every 210,000 blocks. In theory, the short answer is right if we refer specifically to the maximum potential number of coins that there could ever be within the Bitcoin network. The remaining, bitcoins not in circulation are in a pool dedicated to rewarding miners for maintaining the integrity of the network. Only 21 million bitcoins will ever exist which means there are just.7 million bitcoins left to be created, or mined. Chainalysis, a blockchain analysis company that specializes in building trust in blockchains, reported that around 4 million bitcoins are lost and are irretrievable. Miners receive more than just the block rewards when they create new blocks. In simple terms, bitcoin is created by a process called mining. While there will only be 21 million coins in the Bitcoin network, unless an unlikely radical change is made, a weird fractional banking scheme is introduced.