As the price of the world's largest cryptocurrency, Bitcoin, returns to near $70,000, it reaches an important milestone. Blockchain data shows that at a block height of approximately 940,000, the 20 millionth Bitcoin has been successfully mined, accounting for over 95% of its maximum supply of 21 million.
According to the predetermined issuance rules, Bitcoin's total supply cap is 21 million, with about 1 million yet to be mined. Based on the current block reward mechanism, this portion is expected to be gradually released over the next approximately 114 years, with the final issuance anticipated around the year 2140.
Bitcoin's scarcity derives from its fixed issuance mechanism. Since the network's launch in 2009, block rewards have undergone four halvings, the latest occurring in April 2024, reducing the miner reward to 3.125 coins. The next halving is expected in 2028.
Blockchain analysis firms estimate that about 3 to 4 million Bitcoins are permanently lost due to private key loss or hardware damage. Excluding these assets, the actual market's circulating supply might only be around 15.8 to 17.5 million coins.
Meanwhile, institutional investment participation is expanding. Since the approval of a spot Bitcoin ETF in the United States in 2024, asset management firms like BlackRock and Fidelity Investments have collectively held over 1 million Bitcoins through their products.
