At the time of writing, there are little over 19 million bitcoin in circulation, meaning there are less than 2 million BTC left to be mined. Every day, around 900 new coins enter the market.
These coins are added to the network each time a new block is mined. After the latest Bitcoin halving event, each new block comes with a base block reward of 6.25 BTC. Every 210,000 blocks, this figure is halved by design.
When Bitcoin was initially launched, each new block contained 50 BTC as a reward to the miner – these coins were, at the time, virtually worthless. In 2012, when block number 210,000 was mined, the reward dropped to 25. In 2016, it dropped to 12.5 BTC at block 420,000. The last halving was in 2020, at block 630,000.
In 2024, at block 840,000, block rewards will be cut to 3.125 BTC. In 2028, when 1.05 million Bitcoin blocks have been mined, the block reward will drop to 1.5625 BTC, and so on.
It’s important to point out some of the bitcoin that are currently in circulation are believed to be “lost.”
Learn more via CryptoCompare’s guide on Bitcoin’s circulating supply.