The total Bitcoin supply which is pegged at 21 million has been continuously mined since the coin was first introduced back in 2009. Now, 14 years later, the mined percentage of this total supply sits at 93%, so how much BTC is left to mine?
93% Of Bitcoin Supply Already Mined
The total mined Bitcoin crossed 19 million back in 2022 and the figure has continually risen since then. Then in December 2023, the total percentage of the total BTC supply that has been mined crossed the 93% threshold, and Binance, the largest crypto exchange in the world, took to Twitter to share this milestone.
According to data from Blockchain.com, a total of 19,560,877.158 BTC has been mined as of December 5. This means that between April 2022 and December 2023, less than 600 BTC were brought into circulation, showing the reduced supply rate of Bitcoin.
To put this in perspective, between January 2009 when Bitcoin was launched and January 2010, over 2 million coins were mined, despite the asset being less popular than it is now. The next few years will also follow this pattern, until each halving cuts block rewards in half.
With the next halving event scheduled for 2024, the BTC block rewards are about to be cut in half once again. This will see the amount of new BTC supply reduce drastically and this scarcity is expected to drive up the value of the coin.BTC remains above $43,000 | Source: BTCUSD on Tradingview.com
How Many BTCs Are Left To Be Mined?
With 93% of the total supply already mined, it leaves a little over 1.4 million coins out of the original 21 million supply left to be minded. However, this 7% of the supply left will take a considerably longer time to mine than the 93% of the already mined supply.
According to the halving schedules, which is every four years, it will take another 117 years for the 1.44 million BTC to be mined. The last block is expected to be mined sometime in the year 2140, at which point, there will be no more BTC left to mine.
This means that despite it taking only 14 years to mine 19.6 million BTC, it will take almost 10 times that amount of time to mine the remaining 7% of the supply. The last Bitcoin halving event is also expected to take place in the same year.
When all of the BTC has been mined, it is expected that miners will push for higher transaction fees as compensation for their activities since they will no longer receive rewards for solving a block. However, the value of BTC is expected to rise with each halving, keeping miners incentivized for years to come.
Featured image from SemiDot Infotech, chart from Tradingview.com