How many Bitcoins are produced every day?

The daily production of Bitcoin stands at around 900 BTC, which corresponds to approximately 144 blocks mined per day, assuming a steady average block time of ten minutes.

Sep 27, 2024 at 05:06 pm

1. Understanding Bitcoin Production:

Bitcoin is generated through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and create new blocks. Each block contains a fixed number of Bitcoins, known as the block reward.

2. Block Reward History:

The block reward for mining a block has undergone several halvings over time. Every 210,000 blocks mined (approximately every four years), the block reward is halved.

• Initial block reward: 50 BTC (2009)
• Halvings: 25 BTC (2012), 12.5 BTC (2016), 6.25 BTC (2020)
• Current block reward: 6.25 BTC

3. Time to Mine a Block:

The time it takes to mine a block varies based on the computing power of the network. However, the average block time, known as the target block time, is roughly ten minutes.

4. Daily Bitcoin Production:

Assuming a consistent average block time of ten minutes, around 144 blocks are mined per day. Multiplying the current block reward of 6.25 BTC by 144 blocks yields the following daily production:

Daily Bitcoin Production = 6.25 BTC/block * 144 blocks/day = 900 BTC

5. Historical Bitcoin Production:

As of August 2022, around 19.2 million Bitcoins have been mined out of the total supply of 21 million. The remaining 1.8 million Bitcoins will be mined over the coming years through a decreasing block reward.

6. Projection for Future Production:

The next Bitcoin halving is estimated to occur in May 2024, reducing the block reward to 3.125 BTC. Based on current industry trends and technological advancements, the daily Bitcoin production is anticipated to gradually decrease after the halving.