Bitcoin is nearing a key milestone as the total number of coins mined approaches 20 million, bringing the network closer to exhausting most of its fixed supply.
Out of bitcoin’s maximum cap of 21 million coins, more than 95% have already been issued. The cryptocurrency was trading around $71,225 as the network moved closer to producing its 20 millionth bitcoin.
Data from the Clark Moody Dashboard shows that 19,996,979 BTC have been mined so far, leaving only about 3,000 coins before the 20 million threshold is reached. At the current rate of issuance, the milestone could be achieved in roughly a week. Once that level is crossed, just 1 million bitcoin will remain to be mined over the coming century.
Bitcoin’s pseudonymous creator, Satoshi Nakamoto, embedded the 21 million supply cap into the protocol to create a form of money defined by strict scarcity. The hard limit stands in stark contrast to fiat currencies, whose supply can be expanded by central banks. Although Nakamoto never fully explained the choice of the exact number, the fixed cap established a predictable monetary policy that has become central to bitcoin’s appeal.
For many bitcoin advocates, the supply cap is a core principle. Proposals to alter it are widely seen as contradicting bitcoin’s identity as a form of “hard money.”
Bitcoin’s limited supply is often compared to commodities like gold or oil. However, unlike physical resources—where higher prices can lead to increased production or new discoveries—bitcoin’s issuance cannot speed up. Its supply schedule is predetermined and transparent.
The pace of new supply has slowed significantly due to the network’s halving events, which reduce miner rewards roughly every four years. As a result, bitcoin’s inflation rate has fallen below 1%, with roughly 450 BTC currently mined each day.
If this pace continues, about 99% of bitcoin’s total supply will be mined by January 2035. The final whole bitcoin is expected to be produced around 2105, with increasingly smaller fractional amounts continuing to be issued until around 2140.
At that point, miners will rely entirely on transaction fees for revenue. For supporters, the approach of the 20 million milestone highlights bitcoin’s scarcity narrative, while for miners it underscores the long-term transition toward a fee-based revenue model that will ultimately shape the network’s security and economics.
