The Bitcoin network is approaching the moment when the 20 million coin will be mined, signaling a new supply milestone for the protocol.

This level implies that over 95% of the total 21 million BTC supply is already in circulation.

Issuance timeline

The first 20 million coins were mined across roughly 17 years, while the issuance schedule anticipates the final million will require about 114 years, stretching toward 2140.

The protocol’s halving mechanism reduces new issuance approximately every four years, producing a pronounced long tail in annual supply growth.

In early 2026 the block subsidy stood at 3.125 BTC, and it is scheduled to fall to 1.5625 BTC in spring 2028 under consensus rules.

By 2035 roughly 99% of the total supply is expected to be active in circulation, compressing annual inflation and slowing nominal supply expansion.

Economic implications

As block rewards approach negligible levels, miner compensation will increasingly rely on transaction fees, shifting the security-economics balance of the network.

Market observers describe the 20 million threshold as a psychological validator for the system, reinforcing narratives about scarcity and reserve-asset potential.

In periods of fiat uncertainty, a programmatically capped supply underpins arguments for Bitcoin as a digital reserve, while technical and adoption risks persist.