Bitcoin: The 20 Millionth BTC Has Been Mined, Only One Million Remain
📋 En bref (TL;DR)
- Historic milestone: The 20 millionth BTC was mined on March 9, 2026 at block 939,999, roughly 17 years after the network’s creation.
- Programmed scarcity: 95.2% of the total supply of 21 million BTC is now in circulation.
- Less than one million remaining: Only ~1 million BTC are left to mine, spread over approximately 114 years.
- Current reward: Since the April 2024 halving, miners receive 3.125 BTC per block, or roughly 450 BTC per day.
- Next halving: Expected around April 2028, the reward will drop to 1.5625 BTC per block.
- Lost BTC: An estimated 3 to 4 million BTC are permanently lost, reducing the actual supply to around 17 million.
- Record hashrate: The network surpassed the one zettahash per second mark (1 ZH/s) in early 2026, an all-time record.
On March 9, 2026, the Bitcoin network crossed a major symbolic milestone: the 20 millionth BTC was mined. This milestone, reached at block 939,999 by the Foundry USA mining pool, marks a turning point in the history of the world’s first cryptocurrency. More than 95% of all bitcoins that will ever exist are now in circulation.
It took 6,267 days — approximately 17 years, two months, and one week — since Satoshi Nakamoto mined the Genesis block on January 3, 2009 to reach this threshold. But the most remarkable part is what comes next: it will take approximately 114 more years to mine the remaining one million BTC, a striking contrast that perfectly illustrates the programmed scarcity at the heart of the Bitcoin protocol.
A historic milestone for the Bitcoin network
With 20 million BTC in circulation, the Bitcoin network enters a new era. Nearly all of the supply has already been issued, and each newly mined bitcoin becomes proportionally rarer. This milestone is not an accident: it is the direct result of the halving mechanism designed by Satoshi Nakamoto at the protocol’s inception.
Block 939,999, which materialized this milestone, was mined by Foundry USA, one of the largest mining pools in the world. The associated block reward was 3.125 BTC, in accordance with the scheduled reduction since the last halving in April 2024.
Key figures for this milestone
Here are the essential data points to remember. Out of the 21 million BTC planned by the protocol, 20 million are now in circulation, representing 95.2% of the total supply. Only about 1 million BTC remain to be mined. At the current rate of 3.125 BTC per block (approximately one block every 10 minutes), this represents roughly 450 BTC issued each day, or approximately 164,250 BTC per year. But this rate will decrease further at the next halving, expected around April 2028.
Programmed scarcity: understanding the halving
The halving is the central mechanism governing the issuance of new bitcoins. Every 210,000 blocks (approximately four years), the reward granted to miners for validating a block is cut in half. This system ensures that BTC issuance slows down in a predictable manner over time.
Halving history
Since the network’s creation, four halvings have taken place. The first, on November 28, 2012, reduced the reward from 50 BTC to 25 BTC per block. The second, on July 9, 2016, cut it to 12.5 BTC. The third, on May 11, 2020, lowered it to 6.25 BTC. Finally, the fourth and most recent, on April 20, 2024, set the current reward at 3.125 BTC.
The next halving is expected around April 17, 2028, at block 1,050,000. The reward will then drop to 1.5625 BTC per block, further reducing daily issuance to approximately 225 BTC per day. This process will continue until the reward becomes so infinitesimal that no new satoshi will be issued, around the year 2140.
A striking contrast between past and future
Bitcoin’s supply distribution is highly asymmetric. The first 20 million BTC were mined in approximately 17 years. The final million will take over 114 years. This initial acceleration followed by a drastic slowdown is a deliberate design choice: it allowed the network to bootstrap with enough BTC in circulation while ensuring increasing scarcity over the long term.
The real supply: far fewer than 20 million accessible BTC
While 20 million BTC have been mined, this does not mean that 20 million are effectively in circulation and usable. Several factors significantly reduce the available supply on the market.
Bitcoins lost forever
Analysts estimate that between 3 and 4 million BTC are permanently lost, representing 15 to 20% of the total mined supply. These coins became inaccessible for various reasons: forgotten private keys, destroyed hard drives, wallets abandoned in the network’s early years, or the death of holders without passing on their access credentials.
Among the most notable cases is the Genesis block itself. The 50 BTC reward from the very first block mined by Satoshi Nakamoto is technically unspendable due to a peculiarity in the original code: the coinbase transaction of block 0 is not recognized as a valid source of funds by the protocol. In total, approximately 230 BTC are considered unspendable for similar reasons.
If we subtract the lost BTC from the mined supply, the actually available supply is closer to 16 to 17 million BTC. This effective scarcity is even more pronounced than the raw figures suggest.
Impact on valuation
This reduction in the real circulating supply has direct implications for Bitcoin’s valuation. With sustained demand — fueled notably by institutional flows and Bitcoin ETFs — and an effective supply well below the theoretical 21 million, upward pressure on price is structurally reinforced. This is what economists call a supply shock, a phenomenon amplified at each halving.
Mining in 2026: an industry in transformation
The milestone of 20 million BTC mined comes amid a profound transformation in the mining industry.
Record computing power
The Bitcoin network’s hashrate reached historic levels in 2026, briefly surpassing the symbolic one zettahash per second mark (1 ZH/s, or 1,000 EH/s) in January. As of March 2026, the hashrate stands at approximately 1.045 ZH/s, with a mining difficulty of 145.04 T (terahashes). In February, difficulty saw a 14.73% surge, rising to 144.4 T — the largest percentage increase since China’s mining ban in 2021.
Economies under pressure
The April 2024 halving represented an economic shock for miners, who saw their block subsidy cut in half overnight. In this context, only the most efficient operations survive. The determining factors are now electricity costs, hardware energy efficiency, and economies of scale.
A structural shift is underway in the breakdown of miner revenues. As the block subsidy decreases with each halving, transaction fees must gradually become the primary source of revenue. Currently, these fees represent between 10% and 30% of total revenues during periods of high network activity. As the block reward continues to decline, this proportion will need to increase to maintain network security.
Toward 2140: what will happen when all BTC are mined?
When the last satoshi is issued around 2140, miners will no longer receive any block subsidy. The network will then have to operate exclusively on transaction fees paid by users to have their transactions validated.
This transition raises fundamental questions about the long-term viability of Bitcoin’s security model. Protocol advocates believe that growing adoption and transaction volume will generate sufficient fees to compensate miners. Skeptics question the network’s ability to maintain a sufficiently high hashrate without a subsidy.
Regardless, this deadline remains very distant. Between now and then, 32 additional halvings will occur, progressively reducing the reward to infinitesimal fractions of BTC. The next major milestone is set for April 2028, with the fifth halving that will bring the reward down to 1.5625 BTC per block.
What this milestone means for investors
For Bitcoin investors and holders, crossing the 20 million mined BTC threshold reinforces the narrative of digital scarcity. Bitcoin is often compared to digital gold, and this milestone underscores the asset’s deflationary nature: unlike fiat currencies, whose supply can be increased by central banks, Bitcoin’s supply is strictly limited and its issuance schedule is entirely transparent and predictable.
Analysts note, however, that this milestone was largely anticipated by the market and should not, on its own, trigger a significant short-term price movement. Macroeconomic factors, liquidity, and institutional flows remain the primary drivers of price dynamics. Nevertheless, over the long term, the mechanics of limited supply constitute one of the strongest arguments in favor of the bullish thesis on Bitcoin.
Glossary
- Halving : A scheduled event that cuts the reward granted to Bitcoin miners in half every 210,000 blocks (approximately every four years). This mechanism progressively reduces the issuance of new BTC.
- Block reward : The amount in BTC received by a miner for validating a block of transactions. Currently set at 3.125 BTC since the April 2024 halving.
- Hashrate : The total computing power deployed by all miners on the Bitcoin network, measured in hashes per second. A high hashrate strengthens network security.
- Satoshi : The smallest unit of Bitcoin, equal to 0.00000001 BTC (one hundred-millionth of a bitcoin). Named in honor of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
- Coinbase (transaction) : The first transaction in each block, which creates new BTC and assigns them to the miner who validated the block. Not to be confused with the exchange platform of the same name.
- Transaction fees : The amount paid by the sender of a Bitcoin transaction to incentivize miners to include it in a block. These fees supplement the block reward in miner compensation.
- Genesis Block : The very first block of the Bitcoin blockchain, mined by Satoshi Nakamoto on January 3, 2009. Its 50 BTC reward is technically unspendable.
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Frequently Asked Questions
How many bitcoins have been mined in total?
As of March 9, 2026, 20 million BTC have been mined, representing 95.2% of the planned total supply of 21 million. Less than one million BTC remain to be issued.
When will the last bitcoin be mined?
The last satoshi (the smallest fraction of a bitcoin) is expected to be mined around the year 2140, approximately 114 years from now. This timeline is determined by the halving mechanism that cuts the block reward in half every 210,000 blocks.
What is the current block reward for Bitcoin miners?
Since the fourth halving on April 20, 2024, the reward is 3.125 BTC per block. This represents approximately 450 new BTC issued each day. The next halving, expected around April 2028, will reduce this reward to 1.5625 BTC.
How many bitcoins are lost forever?
Estimates range between 3 and 4 million BTC permanently lost (15 to 20% of the mined supply), due to forgotten private keys, destroyed hard drives, or abandoned wallets. The actually accessible supply is therefore estimated at between 16 and 17 million BTC.
What will happen when all bitcoins have been mined?
When all 21 million BTC have been issued (around 2140), miners will no longer receive a block reward. They will be compensated exclusively through transaction fees paid by network users.
What is the current hashrate of the Bitcoin network?
As of March 2026, the Bitcoin network hashrate stands at approximately 1.045 ZH/s (zettahash per second), or more than 1,000 EH/s. It first crossed the zettahash mark in January 2026, a historic record.
Sources
This article is based on the following sources:
- The Block – Bitcoin’s mined supply hits 20 million milestone, leaving final 1 million BTC to be issued over next 114 years.
- CoinSpectator / Bitcoin.com – Bitcoin supply hits 20 million BTC after 6,267 days, final coins stretch across 114 years.
- Kraken Blog – 20 million bitcoins mined: why Bitcoin’s fixed supply cap still matters.
- Benzinga – Bitcoin has now mined 20 of 21 million coins: here’s why it matters.
- CoinMarketCap – Bitcoin crosses 20 million supply mark, 1 million left to mine.
How to cite this article: Fibo Crypto. (2026). Bitcoin: the 20 millionth BTC has been mined, only one million remain. Retrieved March 10, 2026 from fibo-crypto.fr
