Approximately 6.25 new bitcoins are mined every 10 minutes (see note on the ‘bitcoin halving cycle’ below), which equates to approximately 900 new bitcoins per day. This roughly translates to around 328,500 bitcoins per year.
As of October 2023, one bitcoin is worth approximately $28,000, so doing the math:
= 328,500 × $28,000
= approximately nine billion US dollars worth of new bitcoin are mined per year (currently).
Let’s put this into some context:
If everyone on Earth (about eight billion people) put just one dollar into Bitcoin PER year, this would equate to almost all of the value of new bitcoins currently mined per year.
Or taking just America (population approximately 330 million), each American would have to put $28 into Bitcoin per year to buy up all the currently mined new bitcoins (per year).
Note on the bitcoin halving cycle (mentioned above) – it’s important to note that the Bitcoin network undergoes a process called “halving” approximately every four years, which reduces the block reward in half. The last halving event occurred in May 2020, reducing the reward from 12.5 bitcoins to 6.25 bitcoins per block (a Bitcoin block is mined every ten minutes). The next halving is expected to happen in 2024, after which the block reward will be 3.125 bitcoins per block.