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The Bitcoin network surpassed 20 million $BTC mined, prompting Coinbase CEO Brian Armstrong to highlight its scarcity and design as a “decentralized, inflation-proof, global money.”
Key Points
- Coinbase CEO Brian Armstrong emphasized that Bitcoin is decentralized, inflation-resistant, and global, marking the 20 million $BTC milestone.
- The 20 millionth Bitcoin was mined at block 939,999 by Foundry USA.
- Only about 1 million $BTC remain before the 21 million hard cap is reached, with the last coins expected around 2140.
Bitcoin Supply Tops 20 Million
Blockchain records indicate that the milestone occurred at block height 939,999. According to Mempool data, the block was mined by the Foundry USA mining pool.
This point in Bitcoin’s history highlights how much of its total supply has already been produced. The network had already surpassed 95% of its total issuance in November. This latest milestone brings it even closer to its hard cap of 21 million $BTC.
At the time the block was mined, the block subsidy stood at 3.125 $BTC. This amount represents the reward given to miners for validating transactions and adding new blocks to the blockchain.
Coinbase CEO Highlights Bitcoin’s Scarcity
Shortly after the milestone, Brian Armstrong addressed the development in a post on the social platform X.
He noted that the 20 millionth Bitcoin had been mined, emphasizing that only about one million coins remain to be created. Armstrong added that producing the final portion of the supply will likely take more than a century.
Using the moment to highlight Bitcoin’s design, Armstrong described the asset as a decentralized monetary system built to resist inflation and operate globally without centralized control.
Issuance Slows With Each Halving
Bitcoin’s long-term supply structure was embedded in the protocol by its pseudonymous creator, Satoshi Nakamoto, who permanently capped total issuance at 21 million coins.
New Bitcoins enter circulation through block rewards paid to miners, who secure the network by verifying transactions and producing new blocks.
However, these rewards decline over time. When the network launched in 2009, miners received 50 $BTC per block. The reward is automatically cut in half every 210,000 blocks, or roughly every four years.
The fourth halving occurred on April 20, 2024, reducing the block reward from 6.25 $BTC to 3.125 $BTC.
Consequently, the pace of new supply entering the market slowed considerably. Miners now generate about 450 $BTC per day, compared with around twice that number before the halving. In addition to block rewards, miners also earn transaction fees included in each block.
The upcoming halving is expected to occur on April 11, 2028.
Final Bitcoin Expected Around 2140
Because each halving reduces the number of new coins created, Bitcoin’s supply expands at a steadily declining rate.
While it took roughly 17 years for miners to produce the first 20 million $BTC, the remaining one million coins will be released far more gradually.
Current estimates suggest the smallest fractions of Bitcoin, known as satoshis, will continue to be issued until around 2140, when the protocol reaches its final supply limit. By that stage, block rewards will effectively disappear, leaving transaction fees as the primary source of income for miners.
Some Bitcoins Can Never Be Spent
Notably, not every mined Bitcoin can actually circulate within the economy. According to blockchain records, about 230.09 $BTC are permanently unspendable. These include the genesis block reward and certain outputs generated by scripts that make spending impossible.
Additionally, the official supply does not account for BTCs lost by holders who have misplaced their private keys, meaning the amount of accessible Bitcoin may be lower than the total mined supply.