bitcoin is about to reach 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 about 3,000 BTC remaining before reaching the 20 millionth bitcoin, approximately seven days away at current issuance rates. Once that threshold is crossed, more than 95% of the fixed supply of 21 million will be in circulation, with only 1 million coins left to be mined over the next century.
Satoshi Nakamoto coded the 21 million limit into the bitcoin protocol to create a form of money with absolute scarcity, in stark contrast to fiat currencies that can be expanded by central banks. Although Satoshi never fully explained the specific number, the fixed limit established credibility around a predictable supply. For bitcoin maximalists, the limit is essential. Any suggestion to change it is seen as undermining Bitcoin’s core value proposition as “hard money.”
Bitcoin’s scarcity is often compared to that of gold or oil. But while the supply of raw materials can respond to higher prices through increased production or new discoveries, the issuance of bitcoins cannot be accelerated. Its supply curve is transparent and immutable.
Issuance has slowed due to halvings, which reduce miner rewards roughly every four years, bringing inflation below 1%, with around 450 BTC mined daily. At this rate, 99% of the supply will be mined by January 2035. The final full bitcoin is expected to be produced around 2105, with fractional issuance continuing until around 2140.
After that, miners will be completely dependent on transaction fees. For its supporters, the 20 million milestone reinforces the bitcoin scarcity narrative as new supply dwindles. While for miners it underlines the long-term shift towards a fee-based revenue model that will ultimately determine the security and economics of the network.
