How Many Bitcoins Are Left for Mining

Key Takeaways

• Bitcoin’s hard cap of 21 million ensures scarcity, driving long-term value appreciation.
• As of October 2024, approximately 94.5% of all Bitcoins have already been mined.
• The 2024 halving reduced block rewards to 3.125 BTC, slowing new Bitcoin issuance further.
• An estimated 3-4 million Bitcoins are lost, reducing the available supply.

Bitcoin’s limited supply is its defining feature, shaping its value and appeal over time. As of 30 December 2024, approximately 19,918,068 Bitcoins have been mined, representing about 94.5% of the total 21 million Bitcoin supply. 

Around 1,081,932 Bitcoins are left to be found. On average, 450 new Bitcoin is mined per day. With each passing day, the remaining supply diminishes, contributing to Bitcoin’s scarcity and increasing Bitcoins value proposition as a deflationary asset and hedge against inflation.

Understanding Bitcoin’s Supply Limit

Bitcoin’s pseudonymous creator, Satoshi Nakamoto, programmed the protocol to have a strict supply limit of 21 million coins. This cap is hard-coded into the protocol, meaning no more Bitcoin will ever be minted beyond this number. This type of monetary policy contrasts against traditional fiat currencies’ current unlimited printing capabilities.

With every passing halving event, the rate of new Bitcoin entering circulation is cut in half, making each subsequent Bitcoin more challenging and costly to mine.

Block Rewards and Bitcoin Halving: The Impact on Supply

Block rewards are the cornerstone of Bitcoin mining economics, directly impacting the amount of new Bitcoin introduced into the network. When Bitcoin first launched, 50 BTC was mined every 10 minutes. However, every 210,000 blocks (approximately every four years), the block reward is halved in an event known as Bitcoin Halving. 

At Bitcoin’s inception in 2009, miners were rewarded 50 BTC per block, but this reward has been reduced through halving events over time, as discussed below:

• 2009-2012: In Bitcoin’s early days, 50 BTC was awarded per block. 
• 2012 halving: The first halving event in November 2012 reduced the reward to 25 BTC. By this time, approximately 10.5 million BTC had entered circulation.
• 2016 halving: The second halving occurred in July 2016, reducing the block reward to 12.5 BTC. By this point, around 15.75 million BTC were in circulation.
• 2020 halving: The third halving in May 2020 brought the reward down to 6.25 BTC, with approximately 18.375 million BTC in circulation.
• 2024 halving: Most recently, in April 2024, the block reward was reduced to 3.125 BTC, with roughly 19.4 million BTC in circulation.

Estimated Time to Mine the Remaining Bitcoins

Due to Bitcoin’s halving schedule, the total supply will not be fully mined for over a century. Mining will likely continue until around 2140 when the last Bitcoin is expected to be mined. The process, however, will become increasingly slow as the block reward continues to shrink.

Bitcoin Supply Milestones

• By 2028: Over 20.2 million Bitcoin will have been mined, meaning 96% of the total supply will be in circulation.
• By 2032: Bitcoin’s total supply will be around 20.7 million (98.5% mined).
• By 2040: Around 20.95 million BTC will have been mined (99.7% of the supply).

The 99% mining milestone is expected to occur around 2036-2040. After this point, only 0.01% of the total supply, about 100,000 BTC, will remain mined, but at a much slower rate, with miners relying more on transaction fees rather than block rewards.

Impact of Lost or Inactive Bitcoins

While Bitcoin’s maximum supply is 21 million, not all of these coins will be accessible. A significant percentage of mined Bitcoins, estimated between 3 and 4 million BTC, are thought to be permanently lost due to forgotten passwords, hardware failures, or misplaced private keys. 

These lost Bitcoins reduce the actual circulating supply, intensifying the scarcity. Thus, while there may be 21 million Bitcoins, the practical supply available for use and trading is much lower.

Conclusion

Bitcoin’s fixed supply of 21 million coins and the gradual halving process guarantee scarcity over time. With each halving event, Bitcoin becomes harder to mine, slowing the production of new coins and increasing its scarcity-driven value. 

As Bitcoin approaches its 21 million cap, miners will increasingly rely on transaction fees to maintain the network. Additionally, lost or inactive Bitcoins further reduce the actual circulating supply, increasing Bitcoin’s appeal as a deflationary asset and hedge against inflation.

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