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How many bitcoins are there? Bitcoin supply explained


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With the original release of Bitcoin on the 9th of January 2009, a digital revolution began, but did you know that this cryptocurrency juggernaut has a finite end in sight? Welcome to the intricate world of Bitcoin's supply, a key driver of its value and an ever-present discussion amongst enthusiasts and skeptics alike. As of early 2024, the Bitcoin circulating supply stands at a staggering 19,591,231, inching ever closer to its cap of 21,000,000 coins1. This hard ceiling begs the question: What happens as we approach the full mining of Bitcoin's total supply, and how will it affect the digital economy? Dive with us into a realm of Bitcoin statistics, Bitcoin data, and Bitcoin facts to uncover the consequences of this supply conundrum.

Key takeaways

  • Bitcoin's supply is intentionally capped at 21 million coins to prevent inflation and mimic precious metal scarcity.
  • The current circulating supply of Bitcoin is a definitive factor in understanding its market value and potential growth.
  • Bitcoin's block reward currently stands at ₿3.125, emphasizing the increasing scarcity as these rewards continue to halve approximately every four years.
  • The adoption of Bitcoin, both as an asset and a currency, has expanded rapidly, with significant milestones such as being legalized as tender and the launch of Bitcoin ETFs.
  • The rising complexity and costs in Bitcoin mining are akin to the shifting economics of traditional resource extraction, posing challenges and influencing Bitcoin analysis.
  • Understanding the concentrated distribution of Bitcoin ownership is crucial for Bitcoin investors and market strategists.

Unveiling Bitcoin's market cap and circulating supply

As you delve into the financial ecosystem of cryptocurrencies, a prominent figure to consider is the Bitcoin market cap, a testament to its dominance and the underlying potential behind the original cryptocurrency. Delving deeper, the circulating supply of Bitcoin, which stands at ₿19,591,231 as of January 6, 20241, holds the key to understanding market fluctuations and investment opportunities.

The current snapshot of Bitcoin's circulating supply

The intersection of the Bitcoin supply cap and the actual coins in circulation creates an intricate dance of supply and demand. With a capped total supply of ₿21,000,0001, a closer look reveals a wrinkle in the narrative: only 5-10% of the circulating supply of Bitcoin is actively traded4, and an astounding 20% is believed to be lost forever5. This scarcity is further compounded by the increased rate at which illiquid supply is growing, currently 2.2 times higher than the rate of new Bitcoin issuance4. It’s clear that the majority of Bitcoin isn't passing hands frequently, which may underpin the asset's value stabilization.

Understanding market capitalization in the context of Bitcoin

When grappling with the concept of Bitcoin’s market cap, it's essential to grasp that this metric isn't merely about current value but also reflects the cryptocurrency's future potential. Market capitalization reached a significant milestone in February 2021 when it soared to $1 trillion for the first time1. This, paired with various metrics indicating an all-time low of available supply, suggests that the Bitcoin market is tightening4, fostering a bullish outlook for future prices. Such a scenario is further bolstered by the impending approval of a Bitcoin spot ETF4 that promises to attract substantial investor interest, potentiating upward price trajectories.

In sum, the intricate balance between the circulating supply of Bitcoin, the inevitability of the Bitcoin supply cap, and the calculated speculation surrounding the Bitcoin market cap presents an intriguing landscape for investors and observers alike. Careful analysis and understanding of these elements are paramount as the arena continues to evolve.

The finite nature of Bitcoin's total supply

When Satoshi Nakamoto created Bitcoin, a cornerstone of its design was the Bitcoin total supply, an upper limit that was hard-coded into the protocol, capping the number of tokens at a mere 21 million6. This pivotal decision not only introduced the world to a new form of digital scarcity but also set the stage for a financial revolution, as Bitcoin's 21 million cap6 mirrors the finite nature of precious metals like gold, while operating in a fully digital space. Let's delve into the rationale and ramifications of this architectural cap and how it reinforces Bitcoin's value proposition in an increasingly digitized economy.

The architectural decision behind the 21 million cap

Intriguingly, there is no public explanation by Satoshi Nakamoto for choosing this particular number as the cap for Bitcoin's total supply; however, it’s a widely accepted concept that artificial scarcity adds to the allure and potential value of an asset. As of now, an impressive 93% or approximately 19.5 million bitcoins have been brought into existence through the mining process. With miners presently adding around 164,250 bitcoins to the supply each year, the available quantity for new entrants continues to dwindle.

The impact of Satoshi Nakamoto's vision on bitcoin's scarcity

The recent Bitcoin halving in April 2024 is another vital aspect of Satoshi Nakamoto's Bitcoin creation, which has slashed the rate at which new bitcoins are introduced by half, yet again accentuating the scarcity. This phenomenon is not unfamiliar to the world of natural resources: just as the supply of gold can only decrease over time due to its finite nature in the physical realm, Bitcoin mimics this scarcity digitally. Unlike fiat currencies, which can be printed ad infinitum, Bitcoin's rigid supply constraints ensure that its quantity can never be inflated, fortifying its intrinsic value. Moreover, the lost bitcoins – potentially amounting to several million – due to forgotten access or irretrievable wallets, elevate Bitcoin's scarcity to levels akin to those of historical artifacts. The impact of Satoshi's decision resonates deeply with the crypto community, as it is estimated that the last bitcoin will be mined only in the distant year 2140, by which mining incentives will have fully shifted towards transaction fees.

Just as the wild passenger pigeon became extinct due to excessive demand over the dwindling supply, Bitcoin operates within a predetermined framework that ensures its digital rarity. The inelasticity of Bitcoin's total supply, an aspect engineered by design, means the asset's price is responsive to market demand while the supply algorithm remains impervious to change. It's clear that Satoshi Nakamoto's creation, with its embedded scarcity and the transition to a fee-based miner incentive model, has laid the groundwork for an intriguing financial ecosystem—one that sparks curiosity and motivates both seasoned investors and novices alike to comprehend the true nature of digital scarcity and value.


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How many Bitcoin are there?

As of May 25, 2024, the Bitcoin circulating supply has reached approximately 19.57 million, leaving a diminishing reserve of about 1.43 million bitcoins yet to be mined before hitting the hard cap of 21 million. Despite the precise mechanisms in place, questions such as "how many Bitcoin are left?" become increasingly pertinent as halving events, which occur roughly every four years, continue to slash block rewards by 50%, thereby prolonging the introduction of new bitcoins into the market.

Moreover, it's not just about how many new coins are minted; the narrative of Bitcoin also involves those that are irretrievably lost. An estimated 20% of the total bitcoins mined so far may be permanently inaccessible due to lost private keys or owners passing away without imparting wallet information, which invariably affects the Bitcoin circulating supply. Despite these losses, miners and investors keep a keen eye on the horizon, fully aware that once the 21 million cap is reached, no additional coins will be created, and income will pivot purely to transaction fees.

This complex interplay between the creation of new bitcoins and the finality of lost ones portends significant changes for those involved. Miners may need to adjust their operations, while investors might revisit their strategies in response to the fixed supply limit. Furthermore, the entire Bitcoin ecosystem may undergo an evolution as it responds to the finality of the supply limit, potentially affecting the cryptocurrency's functionality and the broader financial landscape.

Bitcoin mining mechanics: An insight into new Bitcoin creation

As of May 25, 2024, the Bitcoin network has a computation capacity of approximately 665 exahashes per second (EH/s). This represents a significant milestone indicating the extensive network of miners contributing to the mining process and ensuring the security and integrity of the blockchain. This high hashrate underscores the robustness and resilience of the Bitcoin network, making it more secure against potential attacks.

Miners worldwide engage in solving complex mathematical problems to validate transactions and add new blocks to the blockchain. This process is crucial for maintaining Bitcoin's decentralized nature and securing the network.

Understanding the process behind Bitcoin mining

Bitcoin mining is not just about creating new bitcoins but also maintaining the decentralization and security of the entire system. As of May 2024, the Bitcoin network consumes an estimated 176 terawatt-hours (TWh) of electricity annually, which is approximately 0.5% of the global electricity consumption. Miners are incentivized by block rewards, which currently stand at 3.125 bitcoins per block following the recent halving in April 2024. This reward system ensures that while contributing to the security and continuance of the network, miners also facilitate the circulation of new bitcoins.

From Mining Rewards to New Bitcoins

Your understanding of Bitcoin mining would be incomplete without knowing the pivotal role of block rewards in the creation of new bitcoins. Diving into the synergy between renewable energy and cryptocurrency, over a quarter of the electricity fueling this industry stems from hydropower. Not only does this enhance the sustainability of the mining operations, but it also acts as a substantial revenue stream for hydropower plant owners. With the help of federal assistance as outlined by Section 242 of the Inflation Reduction Act, the construction of new hydropower facilities at existing dams will likely bolster this energy-efficient endeavor.

The most recent halving event occurred in April 2024, slashing the block reward to approximately 3.125 bitcoins. This halving counters inflation and fortifies the scarcity that accentuates Bitcoin's value. Every successfully mined block, which occurs on average every 10 minutes, not only introduces new bitcoins into circulation but also propels the decentralization and functionality inherent to Bitcoin's design.

The Evolution and Impact of Bitcoin Mining

With insights such as these, the dialogue surrounding Bitcoin mining broadens, and the incentives remain clear: while embodying financial discipline through controlled supply, the mining process continues to evolve, demonstrating efficiency and sustainability as it steers towards the ultimate mining milestone expected circa 2140. Miners will need to adjust their operations, and investors might revisit their strategies in response to the fixed supply limit. The entire Bitcoin ecosystem may undergo significant changes, potentially affecting the cryptocurrency's functionality and the broader financial landscape.

Bitcoin halvings: Defining moments in Bitcoin's issuance timeline

Occurring approximately every four years, Bitcoin halving events are central to the Bitcoin issuance model, designed to reduce the block rewards that miners receive by half. What does this mean for you as a participant in the cryptocurrency arena? These halvings significantly slow down the rate at which new bitcoins are created, thereby meticulously engineering the scarcity that can lead to increased demand and price over time.

The last Bitcoin reward halving took place in April 2024, marking the fourth such event since Bitcoin's inception. Each halving cuts the number of new bitcoins miners can produce, which not only impacts the miners but also has historical precedence for affecting the market price of Bitcoin. With approximately 29 more halvings anticipated before Bitcoin's issuance comes to a final halt, understanding these events can give you a clearer picture of Bitcoin's future supply outlook. As the market absorbs the effects of the April 2024 halving, the anticipation builds for how these events will shape Bitcoin's continued evolution and influence on the broader financial landscape.

The Transfer from Block Rewards to Transaction Fees

Considering the relentless approach toward a fully mined supply, with over 19.7 million bitcoins already unearthed, the anticipation of the last halving event, expected around the year 2140, illuminates a future where the Bitcoin ecosystem may depend solely on transaction fees. As the block rewards continue their descent and ultimately vanish, the Bitcoin network is expected to seamlessly shift its incentive structure from rewards-based to fee-based, sustaining miner operations. The implications of this shift are far-reaching, as it signifies a transition away from minting new bitcoins to a heightened reliance on the transaction fees that will eventually become miners' primary source of income.

While the immediate past reflects a modest contribution from fees, with transaction fees making up about 0.1375 BTC per block recently, the scenario is predicted to evolve with the ecosystem's growth. This evolution points to a future where the value of transaction fees may escalate to supplement the diminishing block rewards, a transition fortified by Bitcoin's low transaction costs—a stark contrast to traditional remittance services that charge up to 10 percent per transaction. The long-term prospects for Bitcoin's revenue model are underlined by a dual advantage: the historical pattern of increased market capitalization, which currently exceeds $1.3 trillion, combined with the introduction of economical second-layer solutions like SegWit and the Lightning Network, which allow for minimal fees independent of the transaction amount.

The inevitable transformation from block rewards to transaction fees stands as a testament to Bitcoin's adaptive economic principles. As block rewards inevitably trend towards zero and the final bitcoins are mined, the ecosystem is forecasted to uphold the miners' incentives through robust transaction fees, painting a picture of a self-sustaining network empowered by its participants. This paradigm shift carries profound implications for investors, users, and miners alike, underscoring the significance of understanding Bitcoin's maturing landscape and its intricate balance between supply, demand, and incentivization mechanisms.

Anticipating the Final Bitcoin: Analyzing the Long-Term Supply Curve

As you explore the trajectory of Bitcoin, it's intriguing to contemplate the era when the final Bitcoin will be mined. Reflecting on this significant event sheds light on the contours of the Bitcoin supply curve, a tool that illuminates the anticipated scarcity and economics of the cryptocurrency market. With the Bitcoin supply limit fast approaching, let's delve into what the future holds for this digital asset.

What Happens After the 21 Millionth Bitcoin?

Decoding Bitcoin's finite nature reveals an endgame sculpted by algorithmic precision. Once the cap of 21 million bitcoins is reached, no additional coins will be produced, transitioning the miners' main revenue stream from block rewards to transaction fees. Over 75% of Bitcoin coins have remained unmoved for over a year, which suggests a collective anticipation of increased value, as there will be no new arrivals after the final Bitcoin to influence the supply.

Projecting the timeline for the last Bitcoin to be mined

The Bitcoin supply curve is inexorably marching towards a plateau. With about 19.7 million Bitcoins already in circulation and the supply rate diminishing after each halving, we're moving closer to a pivotal milestone. The anticipated final Bitcoin is expected to be mined by the year 2140, a forecast based on the current protocol and the systematic halving events that continue to halve miners' block rewards roughly every four years. The implications are profound for miners, as the post-mining era will pivot towards transaction fees to incentivize the validation of transactions.

Understanding the economic implications

The long-term trajectory we're witnessing with Bitcoin—factoring in the supply limitation, the prediction of the final Bitcoin's emergence, and the impact of halvings on the market—underscores the unique economic framework driving this cryptocurrency. As Bitcoin matures and more investors and users engage with its marketplace, understanding these dynamics becomes crucial in anticipating its future landscape and your place within it.

Key development:

  • Current Block Rewards: After the most recent halving in April 2024, the block reward is now 3.125 BTC per block.
  • Electricity Consumption: The Bitcoin network consumes about 176 terawatt-hours (TWh) of electricity annually, approximately 0.5% of the global electricity consumption.
  • ETFs and Institutional Involvement: Bitcoin ETFs have seen significant inflows, with U.S. spot Bitcoin ETFs holding around 1.1 million Bitcoin, contributing to market dynamics and liquidity.

Lost Bitcoins: The forgotten fortune

The trail of lost bitcoins is as old as Bitcoin itself, weaving through the history of digital currency like a cautionary thread. From forgotten passwords to hard drives discarded before their treasures were recognized, a staggering amount of cryptocurrency lies unreachable. Chainalysis estimated that the total sum of forgotten wallets across blockchains to be worth a substantial $140 billion18. These lost fortunes, such as that of Stefan Thomas with his 7,002 bitcoins once valued at nearly half a billion dollars, emphasize the volatile nature of this asset and its dependence on secure storage18. With around 20% of the total Bitcoins in circulation presumed lost19, the implications on market supply and individual wealth are profound.

How many Bitcoins are misplaced?

Quantifying the exact amount of misplaced bitcoins is an exercise in uncertainty. Yet, certain startling figures illustrate this digital enigma. For example, the IronKey believed to hold Stefan Thomas' Bitcoin lost fortune is currently estimated at close to $235 million18. Similarly, in 2013, James Howells' misfortune became a cautionary tale when he lost 8,000 bitcoins, valued at $1.4 million at that time, a sum that would now be worth exponentially more20. Unciphered, with their team of approximately 10 staffers and outside consultants, are at the forefront of trying to reclaim such lost fortunes by hacking into decade-old IronKey models, a testament to the lengths individuals are willing to go to recover their misplaced bitcoins18.

Bitcoin Investment Implications Tied to Supply Limitations

The noteworthy increase in Bitcoin's price in the months leading up to and following halving events suggests potential opportunities for significant returns. Historical data indicates a 13% and 25% price increase in the 30 days before the 2016 and 2020 halving events, respectively, with annual returns soaring to 124% and 303% for those years. Investors have also observed the ripples of Bitcoin's halving influencing other cryptocurrencies, exemplified by Ether's 469% climb during the 2020 halving period.

The recent halving in April 2024 marked a strategic period for investors. ETFs, such as those offered by ProShares, are designed for investors looking to capitalize on this event's propensity to boost cryptocurrency valuations. Consequently, as scarcity is accentuated due to the halving, combined with miner behaviors such as elevated selling prior to the event, the value of Bitcoin may receive substantial reinforcement.

Strategic Considerations and Market Dynamics

Amid these strategic considerations, it's pivotal to recognize the underlying complexities and operational constraints of Bitcoin mining, which echo those found in gold excavation. This reinforces the scarcity principle that bolsters both assets' store-of-value characteristics. With market inefficiencies and the significant time lag between a halving event and its comprehensive impact on prices, astute investors must consider this lag as a window for strategic investment decisions.

Long-Term Supply and Investment Strategies

Paying close attention to upcoming crypto market milestones and assessing the scarcity-induced implications on supply and demand will arm investors with the knowledge to make well-timed investment choices. The long-term trajectory of Bitcoin, factoring in supply limitations and halving impacts, underscores the unique economic framework driving this cryptocurrency. Understanding these dynamics is crucial for anticipating Bitcoin's future landscape and the strategic positioning within it.

The expected evolution of the Bitcoin network post-mining era

Understanding the shifts that follow the completion of Bitcoin mining is essential. Imagine a future where the current block reward of 3.125 bitcoins, which results in the creation of roughly 0.3125 bitcoins per minute, will no longer be the incentive for miners. This scenario is not merely hypothetical; with only approximately 1.3 million bitcoins left to be issued before reaching the cap of 21 million, the culmination of Bitcoin mining is on the horizon.

As we move towards the completion of Bitcoin mining, miners will shift their reliance from block rewards to transaction fees. This transition is expected to significantly redefine the network’s economics. Historically, each halving event has punctuated Bitcoin's lifespan with significant price rallies, making these events critical to understanding the market's dynamics.

It's important to embrace the nuances of a Bitcoin era devoid of new tokens. The final bitcoin is not expected to be mined until around 2140, and no additional bitcoins will be created thereafter. Coupled with the fact that up to 20% of all issued bitcoins may already be permanently lost, we are seeing the early formation of an ecosystem underpinned by scarcity and sustained by transaction fees. As block rewards wane, transaction fees will likely surge to cover miners' expenses, ensuring the security and functionality of the network.

In the post-mining era, the sustainability of mining operations will hinge on the balance between transaction fee rates and network activity. Miners will need to adapt to earning primarily through transaction fees, which will dominate their revenue once block rewards are phased out. This change is critical for maintaining the network’s security and integrity, as miners play a crucial role in validating transactions and preventing fraudulent activities.

For investors and enthusiasts, the transition to a fee-based incentive model presents both challenges and opportunities. Understanding the long-term trajectory of Bitcoin, factoring in supply limitations and the impacts of halvings, is crucial for strategic financial decisions. The halving events, which reduce block rewards by 50% every 210,000 blocks, ensure that new bitcoins become progressively rarer, heightening interest and demand as we move closer to the final coin being mined.

As your journey through the complex landscape of Bitcoin's supply concludes, it’s evident that the intricate design of its issuance is a cornerstone of its economic model. With 19.7 million bitcoins in circulation and just over 1.3 million left to enter the market, the race towards the 21 million cap is a definitive feature sustaining its value and demand. The transition towards transaction fees as a miner's primary incentive post-final bitcoin could reshape the landscape of network security and integrity. This built-in scarcity, reminiscent of natural resources, presents both challenges and opportunities for investors and miners alike.

Understanding the finite nature of Bitcoin's supply, the halving process, and its effects on the market cap and mining landscape is critical as you navigate your financial decisions in the cryptocurrency arena. The path towards the final bitcoin is not just a chronological countdown but a testament to the resilience and adaptability of the Bitcoin network and its community. With careful attention to the delicate balance of supply and demand, your strategic participation in the world of Bitcoin can be informed, proactive, and potentially rewarding.


As your journey through the complex landscape of Bitcoin's supply comes to an end, it’s evident that the intricate design of its issuance is a cornerstone of its economic model. With 19,573,975 bitcoins in circulation and just over 1.4 million left to enter the market, the race towards the cap of 21 million coins is a definitive feature that sustains its value and demand. The halving events, reducing the block reward by 50% every 210,000 blocks, ensure that new bitcoins will become progressively rarer, heightening interest as we move closer to the last coin being mined around the year 2140. This built-in scarcity, reminiscent of natural resources, presents both challenges and opportunities for investors and miners alike.

With every miner's reward halving, such as the recent one in April 2024, the number of bitcoins rewarded per minute has decreased, solidifying Bitcoin's deflationary attribute. This, paired with the realization that major companies like MicroStrategy and Square, Inc. have significantly invested in bitcoin, underscores the currency's growing prominence and integration into our financial systems. The shift towards transaction fees as a miner's incentive post-final bitcoin could reshape the landscape of network security and integrity. Insights from noted studies suggest that reliance solely on transaction fees might pose challenges requiring novel solutions to maintain miner motivation and network security.

Your understanding of the finite nature of Bitcoin's supply, the halving process, and its effects on both the market cap and the mining landscape is critical as you navigate your financial decisions in the cryptocurrency arena. The path towards the final bitcoin is not just a chronological countdown but a testament to the potential resilience and adaptability of the Bitcoin network and its community. With careful attention to the delicate balance of supply and demand, your strategic participation in the world of Bitcoin can be informed, proactive, and potentially rewarding.


How many Bitcoin are currently in circulation?

As of May 2025, there are approximately 19,703,975 Bitcoin in circulation.

What is Bitcoin's total supply limit?

Bitcoin has a total supply limit of 21 million.

Why was the Bitcoin supply cap set at 21 million?

Satoshi Nakamoto, Bitcoin's creator, set the supply cap at 21 million to create a scarce digital resource, akin to precious metals like gold. This limit is an integral part of Bitcoin's design to prevent inflation and promote value retention.

How is Bitcoin's market capitalization determined?

Bitcoin's market capitalization is determined by multiplying the current circulating supply of Bitcoin by its current market price.

What happens to Bitcoin's supply dynamic as the 21 million cap approaches?

As the cap approaches and fewer new bitcoins are minted, scarcity tends to increase, potentially affecting market demand and price volatility. Miners’ rewards transition from block rewards to transaction fees.

How does Bitcoin mining work?

Bitcoin mining involves the validation of transactions and the addition of those transactions to the blockchain. Miners solve complex mathematical problems to mine new blocks and are rewarded with bitcoins for their computational efforts.

What are Bitcoin halvings and when is the next one expected?

Bitcoin halvings are events where the reward for mining new blocks is halved, thereby reducing the rate at which new bitcoins are created. The most recent halving occurred in April 2024, and the next one is expected around the year 2028.

How can one track the circulating supply of Bitcoin?

The circulating supply of Bitcoin can be tracked via various cryptocurrency analytics platforms like CoinMarketCap or CoinGecko, which provide real-time data.

When is the final Bitcoin expected to be mined?

The final Bitcoin is predicted to be mined around the year 2140, at which point the total supply of 21 million bitcoins will have been reached.

What are the consequences of lost bitcoins?

Lost bitcoins, resulting from lost access to private keys or wallets, reduce the effective circulating supply, potentially increasing the scarcity and value of the remaining bitcoins.

How many Bitcoins are estimated to be lost?

It's estimated that around 20% of the existing bitcoins have been lost due to various reasons, which decreases the actual circulating supply.

What is the implication of the transition from block rewards to transaction fees for miners?

When the last Bitcoin is mined, miners will no longer receive block rewards and will rely entirely on transaction fees as compensation for processing transactions and securing the network.

How might Bitcoin's supply limitations affect investment strategies?

Supply limitations may lead to an increase in Bitcoin's value over time due to its scarcity, influencing investors to consider it a store of value and potentially driving long-term holding strategies.

What are the expected changes to the Bitcoin network after the mining era ends?

Post-mining, Bitcoin is expected to rely solely on transaction fees to incentivize miners. The network may see changes in security, transaction processing, and overall economics as the focus shifts from mining new coins to sustaining the network.

Source Links

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