The last whole Bitcoin is expected to be mined in the 2090s. After that, only fractions will be produced until around 2140, when the final satoshi is projected to be created.
That endpoint came a bit closer on Sunday when miners extracted the 20 millionth coin from the network—exactly 17 years, two months, and one week after the first block was mined in January 2009.
The mining pool Foundry USA mined that coin at block height 939,999, receiving a reward of 3.125 BTC. This amount reflects the current payout level set by the April 2024 halving, which reduced daily network production from 900 BTC to about 450 BTC.
Reaching 20 million coins means 95.24% of all Bitcoin that will ever exist is now in circulation. For every 20 coins already mined, only one remains to be created. The final 1 million coins will take roughly 114 years to be fully issued.
However, not all 20 million coins are accessible. According to blockchain analytics firms River Financial and Chainalysis, between 2.3 million and 3.7 million BTC are permanently lost due to forgotten passwords, misplaced private keys, and early holders who never passed on wallet access. Recent estimates suggest about 1.8 million coins were lost during Bitcoin’s earliest years, when the asset had little value and storage was unreliable. An additional 230 BTC is locked forever in the original genesis block and early outputs with unspendable scripts. As a result, the practical supply available for trading or holding is significantly below 20 million.
Miners also face a long-term revenue challenge. The same halving schedule that caps Bitcoin’s supply gradually reduces miner income. Daily issuance will drop below 30 BTC by the 2040s and under 2 BTC per day by the 2060s. Once block subsidies approach zero, transaction fees will become miners’ only compensation for securing the network. Whether these fees can sustain strong network protection remains an open question.
This milestone occurred while Bitcoin traded around $69,282, down nearly 21% year-to-date. Despite pressure from macroeconomic uncertainty and Middle East conflicts, it gained about 3.44% over the past week. The next halving is scheduled for April 11, 2028, which will cut the block reward from 3.125 BTC to 1.5625 BTC.
Frequently Asked Questions
Frequently Asked Questions About Bitcoins 20 Million Milestone
Beginner Questions
What does it mean that 20 million Bitcoin have been mined
It means that 20 million of the total possible 21 million bitcoins have been created and entered circulation We are now over 95 of the way to the maximum supply
Why is there a limit of 21 million bitcoins
It was a core rule built into Bitcoin by its creator Satoshi Nakamoto This hard cap creates digital scarcity making Bitcoin more like a finite resource rather than a currency that can be printed without limit
What happens when all 21 million are mined
No new bitcoins will be created Miners will no longer receive block rewards and will instead earn income solely from transaction fees paid by users
Does this mean Bitcoin is almost sold out
Not exactly Mined means created not necessarily bought These coins exist in circulation and can be bought sold or held by anyone The milestone highlights that the rate of new supply is slowing down dramatically
How long until the last bitcoin is mined
Based on the current protocol the last bitcoin is expected to be mined around the year 2140 The mining process gets progressively slower due to events called halvings
Intermediate Questions
What is a halving and how does it relate to this
A halving is a preprogrammed event that cuts the reward miners get for validating new blocks in half It happens roughly every four years Weve had these halvings since 2012 which is why the mining of new coins has slowed leading us to this 20 million milestone
If miners stop getting new bitcoin what motivates them to keep the network secure
They will be paid with transaction fees Users will pay these fees to prioritize their transactions The security of the network will rely on the total value of these fees being high enough to incentivize miners
Will Bitcoin become more expensive now that most are mined
The basic economic principle of supply and demand suggests that a slowing new supply if demand remains steady or increases could create upward pressure on price However many other factors also influence price