Table of Contents
Among decentralized cryptocurrencies, none surpasses the popularity of Bitcoin (BTC). There are currently around 19.9 million bitcoins in circulation as of October 2025, with a single bitcoin valued at close to $120,000.
Bitcoin is not unlimited; scarcity is built in by design with the goal of increasing demand for the currency. The total supply of Bitcoin tops out at 21 million. Once the cap is reached, additional bitcoins can’t be created. However, Bitcoins already in circulation would theoretically still be available for buying, selling, and using after the cap is reached.
How many Bitcoins are left to be mined? And when will the last Bitcoin be mined? Let’s look at how the bitcoin supply works and the relationship between the value of Bitcoin and scarcity.
Key Points
• 19.93 million Bitcoins are in circulation as of October 7, 2025.
• About 95% of the total Bitcoin supply is currently in circulation.
• The final Bitcoin is expected to be mined around 2140.
• Halving reduces the rate of new Bitcoins entering circulation by cutting the mining reward in half.
• An estimated 3 to 4 million Bitcoins have been lost, increasing scarcity and potentially raising value.
How Many Bitcoins Exist Right Now?
As of October 7, 2025, there are 19.93 million Bitcoins in existence.[1] That figure represents around 95% of the maximum Bitcoin supply. The number of Bitcoins in existence changes approximately every 10 minutes as miners add new blocks to the blockchain.
What Is Circulating Supply and How Is It Measured?
Circulating supply is an estimate of the number of coins that are publicly available and trading in the market. It is measured by counting all the Bitcoins that have been mined and are accessible, excluding coins that are probably lost (e.g., from wallets with lost private keys). Blockchain explorers track each mined block and total all outputs that are spendable. This number is updated in real time as new blocks are added roughly every 10 minutes.
How Many Bitcoins Are Mined Each Day?
New Bitcoins are created through mining, a process that involves solving complicated math problems in order to verify and secure transactions on the blockchain network. When a Bitcoin is successfully mined, the miner is rewarded with a predetermined amount of Bitcoin. The current reward for mining a unit (called a block) of bitcoin is 3.125.
The number of bitcoins mined daily depends on the current block reward and the average time to mine a new block, which is about 10 minutes. Here’s how the daily mining total is calculated:
• Blocks per day: With one new block mined roughly every 10 minutes, the average number of blocks mined every 24 hours is 144 (6 blocks per hour x 24 hours).
• Block reward: The current block reward is 3.125 bitcoins per block.
• Total mined per day: Multiplying the number of blocks per day (144) by the current block reward (3.125) puts the daily total number of new bitcoins mined per day at 450 (144 blocks x 3.125).
This number will remain static until 2028, which is when the next Bitcoin halving event is set to occur. A halving event reduces the block reward by 50%. At the next halving event, the bitcoin block reward will be cut to 1.5625 BTC.[2]
Recommended: Is Crypto Mining Still Worth It in 2025?
Crypto is coming
back to SoFi.
The new crypto experience is coming soon— seamless, and easy to manage alongside the rest of your finances, right in the SoFi app. Sign up for the waitlist today.
What Is the Maximum Number of Bitcoins?
The maximum bitcoin supply is set at 21 million coins, and that number will not change. The vast majority of bitcoins are already in circulation; approximately 1.1 million bitcoins remain to be mined.
Why Is There a Cap of 21 Million Bitcoins?
The cap of 21 million Bitcoins was established by Bitcoin’s presumed creator, Satoshi Nakamoto, with the idea of being resistant to inflation and mimicking the scarcity of precious resources like gold. This limit is written directly into Bitcoin’s code and cannot be changed without consensus from the entire network, making it a fundamental part of the cryptocurrency’s design. By fixing the total supply, Bitcoin was designed in response to the concern that central banks’ ability to print unlimited amounts of money could reduce a currency’s value over time.
The 21 million cap also creates a sense of digital scarcity, which could theoretically help Bitcoin maintain and potentially increase its value as demand grows. Of course, it’s important to keep in mind that other key factors influence Bitcoin’s price, including market sentiment and its history of high volatility.
Recommended: Bitcoin Price History: 2009-2025
Once all Bitcoins are mined, miners may continue to validate transactions and secure the network. However, they may rely on transaction fees rather than block rewards to cover their mining costs. This fixed supply is one of the core features that makes Bitcoin distinct from traditional fiat (government-backed) currencies.
How Many Bitcoins Are Permanently Lost?
An estimated 3 to 4 million bitcoins are permanently lost, which represents about 15% to 20% of all Bitcoins ever mined. Lost coins directly impact Bitcoin scarcity, liquidity, and long-term value. A lost coin that cannot be recovered is permanently removed from the circulating supply because there’s no central authority to reset access, effectively making the coin unusable forever.
How Coins Are Lost
Bitcoins are lost when their private keys become inaccessible or irretrievable. Private keys are essential for accessing and transferring Bitcoin. If an owner forgets a password, misplaces a hardware wallet, or throws away a hard drive containing a wallet file without backups, the coins cannot be spent because no one can sign transactions.
Sending Bitcoin to an incorrect or non-existing address (such as mistyping characters or using an address format incompatible with a given network) can also result in permanent loss.
Custodial failure at exchanges or wallet services, including hacks and insolvency, can make funds unreachable for users. In addition, Bitcoins can be lost due to software bugs or when degraded storage media corrupts wallet data.
Recommended: What Is a Crypto Wallet Address?
The Impact of Lost Coins on Bitcoin’s True Scarcity
Lost coins increase Bitcoin’s effective scarcity by permanently removing a portion of its supply from circulation. The reduction in usable supply may impact the price of the remaining coins, depending on demand and market sentiment. It also reinforces Bitcoin’s deflationary nature, further differentiating it from fiat currency.
How Many Bitcoins Are Left to Mine?
There are around 1.07 million Bitcoins left to mine. Approximately 918,000 Bitcoin blocks have already been mined. This upper limit on the Bitcoin supply is a key feature that distinguishes it from other coins that have a higher maximum cap, or no cap at all.
Calculating the Remaining Supply
The remaining supply of Bitcoin is calculated by subtracting the total number of coins already in circulation from the maximum number of Bitcoins that can be issued. The remaining supply is being released gradually into circulation according to a fixed schedule that is hardcoded into Bitcoin’s protocol.
When Will the Last Bitcoin Be Mined? The Path to 2140
The last Bitcoin is set to be mined sometime in 2140. That estimate is based on the asset’s underlying protocol, which is defined by a supply cap of 21 million coins and a “halving” event that occurs approximately every four years. As the block reward decreases, the rate of the new Bitcoins entering circulation slows down, too.
Once the last Bitcoin is mined, there will be no new coins issued. Only those that are in the circulating supply can be used to complete transactions.
How New Bitcoins Are Created (And Why It’s Slowing Down)
To understand how Bitcoin creation works and why it’s declining, you need to know how new coins are mined and how the halving process works.
A Quick Look at Bitcoin Mining
New Bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions on the Bitcoin network. When a miner successfully adds a new block to the blockchain through the validation process, they receive a fixed number of Bitcoins as a reward.
What Is Bitcoin Halving?
Bitcoin halving is an event that reduces the reward for mining new blocks by 50%, which impacts the supply and potentially the price of Bitcoin. As mentioned above, the halving process occurs approximately every four years. The latest event happened on April 20, 2024, reducing the block reward to 3.125 BTC. The next halving event is expected in April 2028.
How Halving Guarantees the Supply Schedule
Halving guarantees the supply schedule by systematically reducing the rate at which new Bitcoins are introduced. Halving the rewards for mining every four years ensures that the number of new Bitcoins created follows a predictable, decreasing pattern, rather than expanding. This enables Bitcoin to maintain scarcity, mimicking resources like gold, and may help Bitcoin resist inflationary pressures.
What Happens When All Bitcoins Are Mined?
Once all 21 million Bitcoins are mined, no new coins can be issued. At that point, miners will no longer earn block rewards but will still be compensated through transaction fees paid by users. These fees will incentivize miners to continue validating and securing transactions on the network.
Bitcoin’s blockchain will keep operating as usual, but its monetary supply will become fixed. Since the supply can’t increase but demand might continue to rise, each Bitcoin could potentially become more valuable over time, although there’s certainly no guarantee this could happen.
The Takeaway
Bitcoin’s finite supply, capped at 21 million, creates scarcity that could potentially offer a hedge against inflation. While most Bitcoins have already been mined, new ones are continually introduced through a process called mining, which is slowing down due to halving events that reduce block rewards every four years.
An estimated 3 to 4 million bitcoins have been permanently lost, further contributing to the asset’s scarcity. The last bitcoin is projected to be mined around 2140, at which point miners may transition from earning block rewards to relying on transaction fees to maintain the network. This fixed supply model differentiates Bitcoin from traditional fiat currencies and was conceived as a key factor in its potential value.
It’s important for investors to be aware that Bitcoin’s finite supply is not the only factor that impacts its price, however. Like most cryptocurrencies, Bitcoin’s price has been extremely volatile over time, and it’s impossible to know what its future value may be.
Soon, SoFi members will be able to buy, sell, and hold cryptocurrencies, such as Bitcoin, Ethereum, and more, and manage them all seamlessly alongside their other finances. This, however, is just the first of an expanding list of crypto services SoFi aims to provide, giving members more control and more ways to manage their money.
FAQ
What happens when all 21 million bitcoins are mined?
When all 21 million Bitcoins are mined, no new Bitcoins will be created. This means miners will no longer earn block rewards but will instead rely on transaction fees for income. Bitcoin’s supply will become fully fixed, reinforcing its scarcity. The network is expected to continue to function as usual, with transactions processed and verified by miners, maintaining Bitcoin’s decentralized and secure blockchain system.
Will we ever run out of Bitcoin?
While we won’t “run out” of Bitcoin, the total supply of Bitcoin is capped to 21 million coins. Once that limit is reached, no new Bitcoins can be created. That said, Bitcoins already in circulation would still be available for buying, selling, and using. The network could continue to operate, and all activity would be based on the circulating supply.
When will the last Bitcoin be mined?
The final Bitcoin is expected to be mined around the year 2140. This timeline is based on Bitcoin’s halving events, which occur roughly every four years, cutting mining rewards in half. As these rewards diminish, the rate of new Bitcoin creation slows significantly. Even though that’s more than a century away, mining will gradually become less profitable, and transaction fees will likely become the main incentive for maintaining the blockchain.
How can I check the current number of Bitcoins in circulation?
You can check the current number of Bitcoins in circulation using blockchain explorers like Blockchain.com and CoinMarketCap. These sites track real-time blockchain data and display statistics such as total supply, circulating supply, and market capitalization. The figure updates automatically as new blocks are mined.
What happens to miners after the maximum supply is reached?
After all Bitcoins are mined, miners will no longer earn new coins as block rewards. Instead, they’ll be compensated solely through transaction fees paid by users to process and verify transactions. This helps ensure that miners still have financial incentives to maintain the network’s security and integrity.
Article Sources
- YCharts. How Many Bitcoins Are There?.
- The Block. When is the next Bitcoin Halving?.
CRYPTOCURRENCY AND OTHER DIGITAL ASSETS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Cryptocurrency and other digital assets are highly speculative, involve significant risk, and may result in the complete loss of value. Cryptocurrency and other digital assets are not deposits, are not insured by the FDIC or SIPC, are not bank guaranteed, and may lose value.
All cryptocurrency transactions, once submitted to the blockchain, are final and irreversible. SoFi is not responsible for any failure or delay in processing a transaction resulting from factors beyond its reasonable control, including blockchain network congestion, protocol or network operations, or incorrect address information. Availability of specific digital assets, features, and services is subject to change and may be limited by applicable law and regulation.
SoFi Crypto products and services are offered by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. SoFi Bank does not provide investment, tax, or legal advice. Please refer to the SoFi Crypto account agreement for additional terms and conditions.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOCRYP-Q325-068