Bitcoin Hits 20 Million Mined Coins; Most Are Unavailable
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The mining landscape of Bitcoin has reached a significant milestone with the extraction of the 20 millionth coin, occurring 17 years, two months, and one week after the initial block was processed back in January 2009. This event brings the cryptocurrency closer to its ultimate limit, with the last full Bitcoin expected to be mined in the 2090s, followed by only small fractions remaining until around 2140.
Achieving this landmark was no small feat, as it was completed by the mining pool Foundry USA at block height 939,999. The group received a reward of 3.125 BTC, a figure that reflects the current payout settings established by the halving event in April 2024, which significantly reduced the daily network yield from 900 BTC to approximately 450 BTC.
This achievement means that a staggering 95.24% of all Bitcoin that will ever exist has now been mined. Consequently, for every 20 coins that have already been extracted, only one remains to be mined. Estimates suggest that it will take roughly 114 years to issue the remaining 1 million coins.
However, the availability of these coins is more complicated than it appears. Blockchain analytics firms River Financial and Chainalysis report that between 2.3 million and 3.7 million BTC are permanently lost, often due to forgotten passwords and misplaced private keys. Furthermore, there are significant losses recorded from Bitcoin’s infancy when its value was minimal and the systems for storage were not yet reliable. It is estimated that around 1.8 million coins vanished during this period.
Additionally, roughly 230 BTC are locked forever due to the protocols of the original genesis block, which have scripts that cannot be utilized, further constraining the practical supply available for trading or holding.
In tandem with these developments, Bitcoin miners are projected to face challenges related to long-term revenue. The halving mechanisms not only limit the coin supply but also consistently reduce mining rewards over time. It is anticipated that daily issuance could drop below 30 BTC by the 2040s and fall to less than 2 BTC daily by the 2060s.
Therefore, as subsidies decline towards zero, transaction fees will become the sole source of income for miners tasked with maintaining network security. The sustainability of these fees in supporting robust protection for the network remains a topic of speculation.
Presently, Bitcoin trades around $69,282, reflecting a decrease of nearly 21% year-to-date amidst ongoing macroeconomic uncertainties and geopolitical conflicts in the Middle East, although it has recently experienced an uptick of approximately 3.44% over the past week. Looking ahead, the next halving is slated for April 11, 2028, when the block reward will be halved once more from 3.125 BTC to 1.5625 BTC.
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