Bitcoin supply approaching 20 million: The final million will take another 114 years to mine

Out of a fixed maximum supply of 21 million coins, more than 95% of all bitcoin that will ever exist is now in circulation.

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What to know:

• The number of BTC in circulation is approaching the milestone of 20 million.
• More than 95% of all bitcoin that will ever exist is now in circulation, highlighting how advanced bitcoin is along its predetermined supply curve.
• At the current pace, 99% of bitcoin’s total supply will be mined by January 2035.

Bitcoin BTC$68,105.70 is on the brink of reaching a major symbolic milestone with the issuance of its 20 millionth coin.

According to the Clark Moody Dashboard, 19,996,979 BTC have been mined, leaving just roughly 3,000 BTC remaining before the 20 millionth bitcoin is reached, roughly seven days away at current issuance rates. Once that threshold is crossed, more than 95% of the fixed 21 million supply will be in circulation, with just 1 million coins left to be mined over the next century.

Satoshi Nakamoto hard coded the 21 million cap into bitcoin’s protocol to create a form of money with absolute scarcity, contrasting sharply with fiat currencies that can be expanded by central banks. Although Satoshi never fully explained the specific number, the fixed limit established credibility around predictable supply. For bitcoin maximalists, the cap is foundational. Any suggestion of changing it is seen as undermining Bitcoin’s core value proposition as “hard money.”

Bitcoin’s scarcity is often compared to gold or oil. But while commodity supply can respond to higher prices through increased production or new discoveries, bitcoin’s issuance cannot accelerate. Its supply curve is transparent and immutable.

Issuance has slowed through halvings, which cut miner rewards roughly every four years, pushing inflation below 1%, with about 450 BTC mined daily. At this pace, 99% of supply will be mined by January 2035. The final full bitcoin is expected around 2105, with fractional issuance continuing until about 2140.

After that, miners will rely entirely on transaction fees. For supporters, the 20 million milestone reinforces bitcoin’s scarcity narrative as new supply dwindles. While for miners it underscores the long term shift toward a fee driven revenue model that will ultimately determine the network’s security and economics.

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