Bitcoin miners have now mined more than 95% of Bitcoin’s supply

Bitcoin’s mined supply eclipsed 19,950,000 million coins on Monday, meaning bitcoin miners have now mined more than 95% of Bitcoin’s supply of 21,000,000 coins.

Bitcoin miners will spend the next century (and then some) unearthing the remaining 1,050,000 bitcoin, with estimates forecasting that Bitcoin’s last halving event will occur in 2140.

Every four years, Bitcoin undergoes a block subsidy halving, which reduces the number of bitcoin issued in a new block by 50%. These block subsidies comprise 99% of bitcoin mining revenue currently, with the rest coming from transaction fees paid by users.

Bitcoin’s first halving took place in 2012, dropping the block reward from 50 BTC to 25 BTC. The next halving reduced it again to 12.5 BTC to 2016, then to 6.25 BTC in 2020, and then most recently, to 3.125 BTC in 2024.

Bitcoin’s annualized supply inflation is under 1% following 2024’s halving, making it on par with gold. On a long enough time frame, bitcoin miners will depend more on transaction fees as subsidy rewards shrink.

Article updated November 17, 2025 at 2:15pm EST for clarity.