Over 95% of Bitcoin Now Mined, Just 1M BTC Left

Bitcoin has reached a major supply milestone after miners produced the 20 millionth BTC, leaving only 1 million coins left before the cryptocurrency hits its fixed cap of 21 million.

Data from crypto mining platform CloverPool (formerly BTC.com) shows the milestone occurred at block height 940,000, marking the point where more than 95% of Bitcoin’s total supply has now been mined.

The Last Bitcoin Could Take More Than a Century to Mine

Although only about 1 million BTC remain, the final coins will take much longer to produce than the first 20 million.

Bitcoin releases new coins at a declining rate through its halving mechanism, which cuts miners’ block rewards every 210,000 blocks, or roughly every four years. This design gradually slows the pace of new supply entering the market.

When Bitcoin launched in 2009, miners earned 50 BTC per block. After several halving events, the reward dropped to 3.125 BTC following the 2024 halving.

Because of this declining issuance, the remaining supply will take decades to mine. Estimates suggest the final Bitcoin will not be produced until around 2140, more than a century from now.

What Happens When Bitcoin’s Supply Is Fully Mined?

Although only about 1 million BTC remain, the network will continue operating long after the final coin is produced.

Once Bitcoin reaches its 21 million cap, miners will no longer receive newly issued coins as rewards. Instead, they will rely entirely on transaction fees paid by users to process transactions and secure the network.

This transition is expected to unfold gradually over the next century as halving events continue reducing block rewards. Analysts say the shift toward fee-based incentives could reshape the economics of Bitcoin mining in the long term.

Bitcoin’s Scarcity Narrative Strengthens

The milestone also highlights Bitcoin’s scarcity, a feature that has long shaped its investment narrative. Unlike traditional currencies, which central banks can expand, Bitcoin’s supply is programmatically capped at 21 million coins.

This fixed issuance model has helped position BTC as a potential store of value, particularly among investors seeking alternatives to inflation-prone fiat currencies. Over the past decade, the asset has attracted growing interest from retail users, institutions, and even governments.

Despite periodic market volatility, Bitcoin remains the largest cryptocurrency by market capitalization, currently valued at more than $1.3 trillion.

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