Bitcoin has surpassed the 20 million mined coins mark, leaving fewer than one million BTC to be issued under its 21 million supply cap. This significant milestone was reached at block height 939,999.
The remaining coins will be distributed gradually over the next 114 years, driven by programmed halving cycles that progressively reduce block rewards. Bitcoin's issuance began in 2009 with a 50 BTC reward per block, halving approximately every four years. The most recent halving in April 2024 lowered the reward from 6.25 BTC to 3.125 BTC per block.
Currently, miners generate about 450 BTC daily. Transaction fees are expected to become the primary revenue source for miners as new issuance declines. Analysts estimate that several million BTC may be permanently lost due to lost private keys and inaccessible wallets, potentially making the effectively available supply much lower.