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More than 95% of the bitcoin supply that will ever exist is now in circulation, as the network approaches the issuance of its 20 millionth coin.
Bitcoin is nearing a major symbolic milestone as it moves toward the issuance of its 20 millionth coin. According to the Clark Moody Dashboard, 19,996,979 BTC have been mined, leaving roughly 3,000 BTC remaining before the 20 millionth bitcoin is reached.
At current issuance rates, the 20 millionth coin is expected to arrive in about seven days. 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. The fixed limit is intended to contrast with fiat currencies, which can be expanded by central banks. While Satoshi did not fully explain the specific number, the cap established credibility around predictable supply.
For bitcoin maximalists, the cap is foundational. Any suggestion of changing it is viewed as undermining bitcoin’s core value proposition as “hard money.”
Bitcoin’s scarcity is often compared with gold or oil, but the key difference is that bitcoin’s issuance cannot accelerate in response to higher prices. Its supply curve is described as transparent and immutable.
Issuance has slowed through halvings, which cut miner rewards roughly every four years. This has pushed bitcoin’s inflation below 1%, with about 450 BTC mined daily. At this pace, 99% of the supply is expected to be mined by January 2035.
The final full bitcoin is expected around 2105, with fractional issuance continuing until about 2140.
After the final issuance, miners are expected to rely entirely on transaction fees. Supporters view the 20 million milestone as reinforcing bitcoin’s scarcity narrative as new supply dwindles, while it also highlights the long-term shift toward a fee-driven revenue model that will ultimately shape the network’s security and economics.
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