The Clock is Ticking on Bitcoin's Total Supply

According to Bitcoin historian Pete Rizzo, there are now officially less than 1.2 million BTC left to be mined.

Bitcoin's total supply is dwindling rapidly, with recent data revealing that less than 1.2 million BTC now remain to be mined. This development marks a crucial stage in Bitcoin's history, highlighting its defining characteristic of scarcity.

Bitcoin's total supply is capped at 21 million coins, a design element set by its pseudonymous creator, Satoshi Nakamoto. With 19.8 million BTC already mined, the remaining 1.2 million now constitutes less than 6% of the total supply.

This scarcity is a key factor in Bitcoin's value proposition, and as the supply dwindles, the potential for increased demand could drive its price higher.

Further heightening the scarcity is Bitcoin's halving event, which occurs every four years and reduces the already limited supply even more. During a halving, the reward for mining new blocks is reduced by half, slowing the rate at which new Bitcoins enter circulation.

The next Bitcoin halving is projected to occur on April 17, 2028, at a block height of 1,050,000. When this happens, the Bitcoin block reward will be slashed to 1.5625. The last Bitcoin halving occurred on April 20, 2024, at block height 840,000, with the Bitcoin block reward halved from 6.25 to 3.125.

At the current pace of block production and following the halving schedule, the last Bitcoin is expected to be mined around 2140. This long-term horizon ensures that Bitcoin's scarcity will continue to be a distinguishing quality for decades to come.