Historic milestone achieved
On March 9, 2026, Bitcoin mining crossed a significant threshold, with the network surpassing 20 million coins mined out of its fixed total supply of 21 million BTC. This milestone was reached at block height 940,000, with the last block in this stretch mined by the Foundry USA pool. As Bitcoin edges closer to its hard cap, less than 1 million coins remain to be mined, signalling a profound shift in the network’s monetary issuance.
+ Read more: Bitcoin: The definitive guide to the world’s first cryptocurrency
Seventeen years and two months after the genesis block in January 2009, over 95% of Bitcoin’s total supply has been introduced to the market. However, the final tranche of coins will be released at an ever-slowing pace due to Bitcoin’s programmed halving mechanism, meaning it could take more than a century for the last one million BTC to enter circulation.
The mechanics of Bitcoin’s supply schedule
Bitcoin’s supply schedule is embedded in its code by its pseudonymous creator, Satoshi Nakamoto, who capped the total issuance at 21 million coins. Coins are created as block rewards for miners who validate transactions and add blocks to the blockchain.
Starting with an initial subsidy of 50 BTC per block in 2009, Bitcoin has undergone a series of programmed halving events roughly every four years (every 210,000 blocks). These halvings cut the block subsidy in half, thus slowing the creation of new coins over time:
| Event | Date | Block Reward (BTC) | Daily Issuance (Approx.) |
| Genesis | Jan 2009 | 50 BTC | 7,200 BTC |
| 1st Halving | Nov 2012 | 25 BTC | 3,600 BTC |
| 2nd Halving | July 2016 | 12.5 BTC | 1,800 BTC |
| 3rd Halving | May 2020 | 6.25 BTC | 900 BTC |
| 4th Halving | April 2024 | 3.125 BTC | 450 BTC |
| 5th Halving | ~April 2028 | 1.5625 BTC | 225 BTC |
Following the latest halving in 2024, roughly 450 BTC are mined per day compared to around 900 BTC prior. The next halving is scheduled for approximately April 2028, after which block rewards will halve again, progressively leading to slower issuance until the 21 million supply is fully met circa 2140.
Economic and network implications
This front-loaded issuance schedule means the vast majority of Bitcoin is already in the hands of the network’s participants. The remaining supply will be exhausted over many decades, accentuating Bitcoin’s characteristic scarcity. Unlike traditional fiat currencies, which can be inflated by central banks, Bitcoin’s capped supply is enforced by computer code and consensus rules, which miners and network participants uphold.
In addition to mined coins, around 230.09 BTC remain unspendable due to design considerations such as the genesis block subsidy and unspendable script outputs. Furthermore, there are millions of bitcoins likely lost forever by users who have misplaced their private keys, effectively shrinking the circulating supply available for trade and use.
As block rewards dwindle, miners’ income will come increasingly from transaction fees rather than newly issued bitcoins, signalling a major economic shift in the mining ecosystem over the next century. This change highlights Bitcoin’s robust design and its incentives to maintain security despite diminishing new coin issuance.
Perspectives from experts and early innovators
Thomas Perfumo, Kraken’s Chief Economist, highlights Bitcoin’s “programmable scarcity” and predictable issuance as key factors setting it apart from other asset classes. He points out that while short-term market prices fluctuate with macroeconomic trends, Bitcoin’s long-term value is driven by its hard-money characteristics and growing global adoption.
“As an ultimate possibility, any currency could be settled in terms of Bitcoin. If Bitcoin becomes the dominant payment system, the total value of the currency should be equal to the total value of all the wealth in the world. Each coin could potentially be worth millions.”
— Hal Finney, Bitcoin Pioneer (2009)
Looking ahead
Crossing the 20 million mined coins mark is a reminder of Bitcoin’s unique monetary design, a digital asset whose supply is not subject to human whims but set in code. With just under one million coins left to be mined over the next 114 years, Bitcoin’s scarcity narrative grows ever stronger and its economic model evolves toward fee-based mining rewards.
This milestone is both a celebration of nearly two decades of Bitcoin’s network security and issuance discipline, and a look toward its legacy as a capped digital currency potentially shaping the future of money.
