Bitcoin, the first cryptocurrency, has a capped supply of 21 million coins. This FAQ explains the current circulating supply, how new bitcoins are created, and what happens when the maximum is reached.

What is the total supply of Bitcoin?

The total supply of Bitcoin is capped at 21 million coins, a hard limit encoded in its protocol.

This cap is a core feature of Bitcoin, ensuring scarcity. No more than 21 million BTC can ever be created. As of early 2026, over 19.8 million bitcoins have already been mined, leaving less than 1.2 million to be released through the block reward system.

Why is Bitcoin limited to 21 million?

Bitcoin's 21 million cap was a deliberate design choice by its pseudonymous creator, Satoshi Nakamoto, to mimic the scarcity of precious metals like gold.

The limit prevents inflation and ensures that Bitcoin's value is not diluted over time. The issuance rate is halved approximately every four years through an event called the halving, which slows the creation of new bitcoins until the cap is reached.

How many bitcoins have been mined so far?

As of 2026, more than 19.8 million bitcoins have been mined, representing about 94% of the total supply.

The remaining bitcoins will be mined gradually over the next century, with the last bitcoin expected to be mined around the year 2140. The pace of new issuance decreases with each halving, making the supply increasingly scarce.

When will the last Bitcoin be mined?

The last Bitcoin is projected to be mined in the year 2140, based on the current block reward schedule.

After the final halving, the block reward will become so small that it will take many years to mine the remaining satoshis. This timeline is an estimate and could be affected by changes in network difficulty or protocol updates, but the 21 million cap remains absolute.

How are new bitcoins created?

New bitcoins are created through a process called mining, where computers solve complex mathematical problems to validate transactions and add new blocks to the blockchain.

Miners are rewarded with newly minted bitcoins and transaction fees. The block reward started at 50 BTC in 2009 and has been halved several times: to 25 in 2012, 12.5 in 2016, 6.25 in 2020, and 3.125 in 2024. The next halving is expected in 2028.

What happens when all 21 million Bitcoin are mined?

When all 21 million Bitcoin are mined, miners will no longer receive block rewards, but they will still earn transaction fees for validating transactions.

This transition is expected to be gradual, and miners will likely continue to secure the network as long as transaction fees are sufficient. Some debate exists about whether fees alone can sustain mining, but the network's security is designed to adapt over time.

How many bitcoins are lost forever?

It is estimated that around 3 to 4 million bitcoins are lost forever, due to forgotten private keys, misplaced wallets, or sent to invalid addresses.

These lost coins reduce the effective circulating supply, making the remaining bitcoins even more scarce. The exact number is unknown, but analysts use on-chain data to estimate that about 20% of the total supply may be inaccessible.

How does Bitcoin's supply compare to other cryptocurrencies?

Bitcoin's fixed supply of 21 million is unique compared to many other cryptocurrencies that have unlimited or inflationary supplies.

For example, Ethereum does not have a hard cap, though it has a deflationary mechanism. Litecoin has a cap of 84 million, and Dogecoin has no cap at all. This scarcity is one of Bitcoin's key value propositions, often referred to as digital gold.

Final Thoughts

Understanding Bitcoin's supply is fundamental to grasping its value and scarcity. With a hard cap of 21 million, Bitcoin is designed to be deflationary, unlike traditional fiat currencies.

As we approach the final bitcoins, the network will continue to operate with transaction fees incentivizing miners. Whether you're an investor or enthusiast, knowing how much bitcoin exists and its issuance schedule helps you make informed decisions.