Bitcoin's circulating supply exceeds 20 million as scarcity tightens
Bitcoin's circulating supply has now surpassed 20 million coins, achieved with the mining of block 939,999. Despite the theoretical cap of 21 million, the actual number of available Bitcoin is lower due to lost and unspendable coins.
Since the latest halving in April 2024, each new block adds 3.125 BTC to the total supply. At this rate, around 450 Bitcoin enter circulation daily. The current inflation rate sits at roughly 0.82% per year, a figure that will halve again in 2028.
Before the next halving at block 1,050,000, about 1,562,500 new Bitcoin will be issued through block rewards. This calculation accounts for the remaining 183,761 blocks, each rewarding 3.125 BTC, plus adjustments for prior issuance. After 2028, the inflation rate will fall to approximately 0.4%.
Not all mined Bitcoin can be spent. Some remain locked in unclaimed coinbase transactions, permanently reducing the usable supply. Estimates suggest 3 to 4 million BTC are already lost forever. As a result, over 95.24% of all Bitcoin that will ever exist are now in circulation, with less than 5% left to mine.
The total supply of Bitcoin continues to grow, but at a steadily decreasing pace. With inflation set to drop below 0.5% after 2028, the remaining coins will be issued even more slowly. Lost and unspendable Bitcoin further shrink the effective supply, making each available coin a scarcer asset.
