Bitcoin supply nearing 20 million: The last million will take an additional 114 years to extract.

From a capped total supply of 21 million coins, over 95% of all bitcoin that will ever be created is currently in circulation.

BTC: Circulating Supply (Glassnode)

Key points:

• The circulating BTC supply is nearing the 20 million mark.
• Over 95% of the total bitcoin that will ever be created is now in circulation, demonstrating the progression of bitcoin along its fixed supply trajectory.
• If the current mining rate continues, 99% of bitcoin’s overall supply will be extracted by January 2035.

Bitcoin BTC$68,105.70 is on the verge of hitting a significant symbolic benchmark with the issuance of its 20 millionth coin.

Data from the Clark Moody Dashboard indicates that 19,996,979 BTC have been mined, leaving approximately 3,000 BTC until the 20 millionth bitcoin is mined, expected to occur in about a week based on current issuance rates. Crossing this threshold will mean that over 95% of the limited 21 million supply will be in circulation, with only 1 million coins remaining to be mined over the next century.

Satoshi Nakamoto embedded the 21 million cap within bitcoin’s protocol to establish a form of currency with absolute scarcity, significantly differing from fiat currencies that can be expanded by central banks. While Satoshi did not fully clarify the rationale behind the specific number, the fixed limit provided assurance regarding predictable supply. For bitcoin advocates, this cap is essential. Any proposal to alter it is perceived as a threat to Bitcoin’s fundamental value proposition as “hard money.”

Bitcoin’s scarcity is frequently likened to that of gold or oil. However, while commodity supplies can respond to rising prices with increased production or new discoveries, bitcoin’s issuance is unable to accelerate. Its supply curve remains transparent and unchangeable.

Issuance rates have decreased via halvings, which reduce miner rewards approximately every four years, driving inflation below 1%, with roughly 450 BTC mined each day. At this rate, 99% of the supply is projected to be mined by January 2035. The last complete bitcoin is anticipated around 2105, with fractional issuance expected to continue until approximately 2140.

Following that, miners will depend solely on transaction fees. For proponents, the 20 million milestone strengthens bitcoin’s scarcity narrative as the new supply diminishes. For miners, it emphasizes the long-term transition towards a revenue model driven by fees, which will ultimately influence the network’s security and economic framework.