The Bitcoin network has just reached a symbolic milestone: more than 20 million BTC have now been mined. This means there are only 1 million Bitcoins left to be created before reaching the maximum limit set by the protocol.
Bitcoin continues to become scarcer: < 1,000,000 BTC remaining
Bitcoin is now globally recognized for its programmed digital scarcity. From its inception in 2009, its creator, Satoshi Nakamoto, set an absolute limit of 21 million BTC.
This fundamental characteristic is part of what makes Bitcoin a serious competitor to fiat currencies, whose circulating supply can be altered by a small group of policymakers. Bitcoin serves as a safeguard against monetary interventions that can often lead to economic distortions that primarily penalize the most vulnerable populations.
Bitcoin’s distribution has been gradual, with an initial issuance of 50 BTC per block, halved every four years during halving events. After several successive reductions, the current reward is 3.125 BTC per block.
Evolution of the amount of BTC in circulation
In its 17 years of existence, 20 million Bitcoins have been mined, and the last BTC will not be created until between 2130 and 2140—meaning it will take approximately 110 years to mine the final million. This decreasing rate underscores just how Bitcoin is gradually becoming scarcer.
What will happen once the 21-million limit is reached?
However, the 21-million BTC limit raises several concerns about Bitcoin’s future.
As rewards decrease, if on-chain activity is insufficient, miners may no longer be adequately compensated by transaction fees. This could prompt small miners to cease operations, thereby reducing computing power.
Of course, Bitcoin remains the most secure network with computing power exceeding 1 ZH/s. Even if it loses some of this power, an attack would still be extremely costly in logistical and environmental terms.
Bitcoin Hashrate Evolution
The real question is rather who the miners of tomorrow will be—will they be concentrated among a few major players, or will the industry remain as diversified as it is today?
Some miners might turn to other industries, but it is the dynamics of fee-based compensation, the evolution of the activity, and the balance between small and large players that will determine the network’s long-term stability.
