Bitcoin has just crossed a major milestone: more than 20 million of its 21 million coins have now been mined. That means over 95% of the cryptocurrency’s total supply is out in the world, leaving less than one million coins yet to be created.
But don’t expect them to appear anytime soon — the last fractions of Bitcoin, called satoshis, are projected to be mined around the year 2140.
Bitcoin’s supply is built into its code, making it very different from traditional money like dollars or euros. When Satoshi Nakamoto launched the network in 2009, the system was designed to release coins gradually.
Miners earn new bitcoins as rewards for validating transactions and adding them to the blockchain. These rewards started at 50 BTC per block and are cut in half roughly every four years in an event called a “halving.”
The latest halving in 2024 reduced the reward to 3.125 BTC per block, slowing the pace of new BTC entering circulation.
This means the early years saw a faster creation of coins, while the final million will trickle out extremely slowly. Right now, miners produce about 450 BTC per day, half of what they did before the 2024 halving.
As the rewards continue to shrink, miners will increasingly rely on transaction fees rather than new coins to sustain their operations.
Another factor affecting BTC’s supply is that some coins are effectively lost. Some early coins were sent to addresses with no private keys, and estimates suggest between 2 and 3.5 million BTC may never be recovered.
In addition to lost keys, some BTC are unspendable by design — for example, the 50 BTC from Bitcoin’s very first block cannot be spent — taking them permanently out of circulation.
That reduces the number of coins actually available to trade, increasing scarcity and reinforcing BTC’s “hard money” characteristics.
Bitcoin price fluctuations
Despite the slowing issuance, Bitcoin and other cryptocurrencies still move with global markets, investor sentiment, and economic news. Prices can swing daily, showing that even though the supply is predictable, demand and market conditions still drive short-term value.
At the time of writing, Bitcoin is trading in between $69,000 and $70,000.
Over the long term, however, Bitcoin’s fixed supply and transparent issuance schedule are expected to give it a unique edge compared to traditional currencies.
Analysts say that predictability and scarcity are features that people tend to value in money, especially in a world of unpredictable central bank policies and inflation risks.
Looking ahead, the final BTC isn’t just a theoretical number. By 2140, miners will rely entirely on transaction fees to secure the network, which could make sending Bitcoin more expensive but also ensures the system remains operational without new coins.
In short, BTC is moving from a fast-growing experiment to a rare, hard-to-get digital asset. While daily prices will keep bouncing with the world’s economy, its ultimate scarcity is now hard-coded into its DNA, making it a long-term experiment in digital money that no one can change.
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