Thousands of Bitcoin miners race to guess the complex code that makes a block.
Despite the rigorous process, many are willing to consume their time and resources to mine one Bitcoin.
What’s the catch? Thousands of dollars in rewards await.
With its unwavering popularity, how many Bitcoins are mined per day?
The answer to Google’s most-searched question and other interesting facts about the crypto major will be discussed in detail.
How Many Bitcoins are Mined per Day in 2024?
According to the Nasdaq website, an estimated 900 BTC are successfully mined every 24 hours.
What’s up with such a big number? Well, the answer is simple: there is huge money involved.
Bitcoin currently sells at $22,000 apiece. It was even selling at $68,000 at one point in its career.
This makes Bitcoin mining a thriving business despite the ongoing crypto winter.
Bitcoin Mining Rewards
Mining Bitcoin does come with lucrative rewards. In 2009, one successful block that enters circulation instantly gives the miner 50 BTC as sort of a ‘finder’s fee.’
At that time, there were still 20 million coins to be mined.
But as more blocks have been decoded, rarity has made the game more difficult.
Bitcoin halving, or the process where the rewards for every successfully mined BTC are divided into two, happened every four years.
Meaning, the 50 BTC reward in 2009 halved and became 25 BTC in 2012 where only 10.5 million Bitcoins were left to be decoded.
In the following four years, the reward halved to 12.5 BTC with 5.25 million BTC left.
In the latest update in 2020, there is now only 6.25 BTC rewarded for every successful mining, with 2.62 million coins left for discovery.
Bitcoin Mining per Country
Aside from knowing how many Bitcoins are mined per day in 2023, it is also good to know where all of these activities come from.
Let’s examine the top BTC mining countries’ hash rates from 2019 to 2022.
A hash rate measures the amount of computing power exerted to mine a Proof-of-Work cryptocurrency.
Take a look at this data from Statista on the distribution of Bitcoin mining hash rate per country.
2019
- United States – this country accounts for 4.06% of the global Bitcoin hash rate during the year
- China – this country accounts for 75.53% of the global Bitcoin hash rate during the year
- Kazakhstan – this country accounts for 1.42% of the global Bitcoin hash rate during the year
- Canada – this country accounts for 1.06% of the global Bitcoin hash rate during the year
- Russia – this country accounts for 5.93% of the global Bitcoin hash rate during the year
- Germany – this country accounts for 0.9% of the global Bitcoin hash rate during the year
- Malaysia – this country accounts for 3.25% of the global Bitcoin hash rate during the year
- Iran – this country accounts for 1.74% of the global Bitcoin hash rate during the year
2020
- United States – this country accounts for 3.44% of the global Bitcoin hash rate during the year
- China – this country accounts for 72.69% of the global Bitcoin hash rate during the year
- Kazakhstan – this country accounts for 3.49% of the global Bitcoin hash rate during the year
- Canada – this country accounts for 1.06% of the global Bitcoin hash rate during the year
- Russia – this country accounts for 6.05% of the global Bitcoin hash rate during the year
- Germany – this country accounts for 0.38% of the global Bitcoin hash rate during the year
- Malaysia – this country accounts for 4.13% of the global Bitcoin hash rate during the year
- Iran – this country accounts for 3.2% of the global Bitcoin hash rate during the year
2021
- United States – this country accounts for 10.55% of the global Bitcoin hash rate during the year
- China – this country accounts for 53.30% of the global Bitcoin hash rate during the year
- Kazakhstan – this country accounts for 6.17% of the global Bitcoin hash rate during the year
- Canada – this country accounts for 0.9% of the global Bitcoin hash rate during the year
- Russia – this country accounts for 6.91% of the global Bitcoin hash rate during the year
- Germany – this country accounts for 3.09% of the global Bitcoin hash rate during the year
- Malaysia – this country accounts for 5.18% of the global Bitcoin hash rate during the year
- Ireland – this country accounts for 2.59% of the global Bitcoin hash rate during the year
- Iran – this country accounts for 4.15% of the global Bitcoin hash rate during the year
2022
- United States – this country accounts for 37.84% of the global Bitcoin hash rate during the year
- China – this country accounts for 21.11% of the global Bitcoin hash rate during the year
- Kazakhstan – this country accounts for 13.22% of the global Bitcoin hash rate during the year
- Canada – this country accounts for 6.48% of the global Bitcoin hash rate during the year
- Russia – this country accounts for 4.66% of the global Bitcoin hash rate during the year
- Germany – this country accounts for 3.06% of the global Bitcoin hash rate during the year
- Malaysia – this country accounts for 2.51% of the global Bitcoin hash rate during the year
- Ireland – this country accounts for 1.97% of the global Bitcoin hash rate during the year
- Iran – this country accounts for 0.12% of the global Bitcoin hash rate during the year
Mining Profitability of Bitcoin
Let’s dive into the mining profitability of mining Bitcoin expressed in US Dollars per day for one terahash per second.
- 2015 – Bitcoin mining profitability was $2.98 per day for one terahash per second
- 2016 – Bitcoin mining profitability was $1.62 per day for one terahash per second
- 2017 – Bitcoin mining profitability was $0.62 per day for one terahash per second
- 2018 – Bitcoin mining profitability was $0.91 per day for one terahash per second
- 2019 – Bitcoin mining profitability was $0.17 per day for one terahash per second
- 2020 – Bitcoin mining profitability was $0.15 per day for one terahash per second
- 2021 – Bitcoin mining profitability was $0.24 per day for one terahash per second
- 2022 – Bitcoin mining profitability was $0.19 per day for one terahash per second
What Happens When All Bitcoins Are Mined?
All Bitcoins are expected to be mined by the year 2140.
While this is still too far to be a cause of worry, many wonder how miners will make money once all BTC is in circulation.
By 2140, miners’ revenue will solely come from network transaction fees.
The fee will be higher by this time as there will be a significant increase in daily activity on the platform.
Right now, these hardworking workers make roughly $500,000 per day. But their input cost for electricity is also a point of concern.
Conclusion
How many Bitcoins are mined per day? There are 900 BTC that successfully enters the circulation every day.
Bitcoin mining is a lucrative business venture for some, with countries like the United States, China, and Russia leading the market today.