Bitcoin’s circulating supply has reached 20 million BTC, leaving 1 million coins before the protocol’s 21 million cap. On-chain analytics firm Glassnode reported the milestone arrived 6,267 days after the network launched in January 2009, meaning more than 95% of all bitcoin that will ever exist has already been mined.

Glassnode data indicates the Bitcoin network hit the 20 million BTC supply mark after 6,267 days, leaving the final 1 million coins to be issued over roughly 114 years under the protocol’s halving schedule. The firm also mapped how long it required for the network to reach other 20-million-unit milestones. Transferred volume surpassing 20 million BTC came after 729 days, while $20 billion in total transferred value emerged after 830 days. Bitcoin’s market capitalization crossing $20 billion occurred after 841 days, and daily transferred value topping $20 billion followed after 880 days.

Later milestones in network activity took longer to reach. Twenty million addresses with non-zero balances appeared after 3,197 days, followed by 20 million addresses in profit after 3,198 days and 20 million monthly active addresses after 3,248 days. The network later recorded 20 million addresses in loss after 4,988 days and 20 million inscriptions created after 5,313 days.

Kraken Chief Economist Thomas Perfumo outlined how Bitcoin’s issuance model has continued to function as designed since the network’s launch. “The 20 million milestone is proof that the architecture held. Block after block, halving after halving, the code did exactly what it was designed to do,” he said in a blog post on March 9. Bitcoin’s issuance schedule is governed by halving events, which reduce the mining reward roughly every four years. The reward declined from 50 BTC per block in Bitcoin’s early years to 3.125 BTC per block after the 2024 halving, slowing the rate at which new coins enter circulation. Perfumo described the mechanism as a built-in feature of Bitcoin’s monetary design.

“Each halving is a programmatic tightening, a reminder baked into the protocol itself that Bitcoin was designed to become scarcer with time,” he shared, contrasting Bitcoin’s capped supply with traditional monetary systems. “In a world of excess and abundance, Bitcoin stands as one of the few truly scarce assets. Unlike traditional currencies with unlimited supply, Bitcoin’s maximum supply is mathematically bound.” Perfumo added that the current supply level reflects how much of Bitcoin’s total issuance has already entered circulation. He concluded:

“More than 95% of all the bitcoins that will ever exist already exist. It’s worth pausing to consider how strange and significant that is.”

• Why is the 20 million bitcoin supply milestone significant for investors?
  It confirms that more than 95% of bitcoin’s total supply has already been mined, reinforcing its scarcity narrative.
• How long will it take to mine the remaining bitcoin supply?
  The final 1 million BTC are expected to be mined gradually over more than a century due to halving events.
• What mechanism controls bitcoin’s supply issuance?
  Bitcoin uses programmed halving events roughly every four years to reduce mining rewards and slow new supply.
• How does bitcoin’s fixed supply influence its long-term valuation?
  A capped supply combined with rising demand can create upward pressure on price over time.

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