Since its creation in 2009, Bitcoin has stood out among digital currencies for one fundamental feature: a fixed, finite supply. The rules embedded in its protocol limit the total number of Bitcoins that will ever exist to 21 million.
Built-in Scarcity: The Halving Mechanism
The reason Bitcoin’s supply is capped lies in its design. Rather than allowing endless issuance, like many traditional currencies undergo via monetary printing, Bitcoin uses a predetermined issuance schedule that is regulated by a process called “halving.” Under the protocol, roughly every 210,000 blocks (about every four years), the reward given to miners for validating a block gets cut in half.
(Source: CoinLedger)
When Bitcoin first launched, miners received 50 BTC for each block. Over time, that reward halved to 25 BTC, then to 12.5, then to 6.25. The most recent halving occurred on April 20, 2024, reducing the block reward to 3.125 BTC.
Because of repeated halvings, the rate of new Bitcoin creation slows dramatically as time passes. Eventually the reward per block will shrink to negligible amounts, and the release of new Bitcoins will effectively end.
Projected Date: Around 2140
Based on the current issuance schedule and halving cadence, most experts estimate the final Bitcoin will be mined around the year 2140.
As of late 2025, more than 19.95 million BTC have already been mined, which is roughly 95% of the maximum supply. That leaves less than 2 million BTC yet to be created.
Because each halving reduces the reward but mining continues at roughly one block every 10 minutes, the supply trickles out more slowly until it reaches the 21 million cap — hence the long timeline to 2140.
What Happens When Mining Ends
When the final Bitcoin is mined and no more new coins are issued, what does that mean for the network? First, no more block-rewards will be given; miners will earn only from transaction fees paid by users.
This shift does not mean the network dies. Miners will still validate transactions and secure the blockchain as long as transaction volume and fees provide sufficient incentive.
However, the total number of Bitcoins in existence will stay capped forever, and scarcity — one of Bitcoin’s core value propositions — will be fully realized. The actual circulating supply may be even lower than the 21 million cap if some coins are lost.
Why It Matters: Scarcity, Value, and Long-Term Bitcoin as “Digital Gold”
The programmed finiteness of Bitcoin distinguishes it from traditional fiat currencies, which can be printed indefinitely. Because of this, as new issuance slows and eventually stops, every remaining Bitcoin becomes increasingly scarce. That scarcity is among the main reasons many treat Bitcoin as a form of “digital gold.”
As the final coins are mined over the coming decades, Bitcoin’s scarcity, combined with adoption and demand, could reinforce its store-of-value narrative. Meanwhile, the transition from block-rewards to transaction-fee-based miner compensation will mark be major structural shift in how the network incentivizes security and participation.
Final Thoughts
In short: The last Bitcoin is expected to be mined around 2140, under current protocol rules and assuming no major changes to the network. So far, roughly 95 % of the total 21 million supply has already been mined, with less than 2 million coins left to enter circulation.
