Bitcoin, launched in 2009, has a predetermined supply limit. The protocol dictates that only 21 million bitcoins will ever be mined. This scarcity is a key feature that distinguishes it from traditional fiat currencies.
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Current Circulating Supply
As of today, June 18, 2025, approximately 19 million bitcoins have already been mined. The 19th million bitcoin was mined in May 2022, bringing the circulating supply to about 90% of the total possible supply.
The Halving Process
A major factor influencing the bitcoin supply is the “halving” process. This event, which occurs roughly every four years, reduces the block reward given to miners for verifying transactions. The last halving was in April 2024. This mechanism slows down the rate at which new bitcoins are introduced into the system.
Why a Limited Supply?
The limited supply is designed to create digital scarcity, potentially making Bitcoin a store of value. If Bitcoin is used for a significant portion of global commerce, its value per unit could increase substantially due to this limited availability.
Bitcoin Distribution
Over 50 million Bitcoin wallets have a non-zero balance, and the introduction of Bitcoin ETFs may increase this number. According to BitInfoCharts, a number of wallets hold over $1 billion in Bitcoin, though many of these are held by companies. The distribution of Bitcoin is a constantly evolving landscape.
What About the Remaining Bitcoins?
The remaining bitcoins will be mined over time, with the block reward continuing to decrease with each halving. It is estimated that the last bitcoin will be mined sometime around the year 2140.
Bitcoin’s Dominance
Bitcoin remains the largest and most valuable cryptocurrency. Its limited supply and increasing adoption continue to fuel discussions about its potential as a digital asset. The total number of cryptocurrencies exceeds 8,500, Bitcoin continues to dominate.
Lost or Inaccessible Bitcoins
While the protocol dictates 21 million bitcoins, it’s important to note that not all mined bitcoins are actively circulating. A significant number are believed to be lost or inaccessible due to forgotten private keys, lost hardware wallets, or the death of their owners without clear instructions for accessing the funds. Some estimates suggest that millions of bitcoins are permanently out of circulation, further reducing the effective supply.
Impact on Price and Value
The combination of a limited total supply and the potential for a reduced circulating supply due to lost coins can significantly impact Bitcoin’s price and value. As demand increases and the available supply dwindles, the price could potentially rise, making Bitcoin a more attractive asset for investors. However, it’s crucial to remember that the cryptocurrency market is volatile, and price predictions are not guarantees.
Bitcoin vs. Fiat Currencies
Unlike traditional fiat currencies, which central banks can print at will, Bitcoin’s fixed supply offers a level of predictability and resistance to inflation. This characteristic makes Bitcoin appealing to those seeking an alternative to government-controlled currencies. However, the lack of central control also means that Bitcoin’s value is subject to market forces and investor sentiment.
The predetermined supply of 21 million bitcoins is a fundamental aspect of its design and a key driver of its perceived value. While the exact number of accessible bitcoins is constantly fluctuating, the scarcity inherent in the protocol positions Bitcoin as a unique digital asset in the global financial landscape. Understanding this supply limit is crucial for anyone looking to invest in or understand the long-term potential of Bitcoin.
