Officially, the 18.5 millionth Bitcoin has been mined, and the miners have now generated more than 88% of the total BTC supply, but it will still take a century to mine all 21 million.

More than 18.5 million bitcoins have already been produced by the miners, which is around 88% of the total supply of 21 million. Because of the standard halves, it would take up to 100 years to find each last BTC. Consequently, the miners now have fewer than 2.5 million BTC remaining to mine, but while it looks like the emission of Bitcoin is closing on the finish line of 88% already mined, the emission of the last BTC is projected to be no earlier than 2140.

On May 12, the last BTC halving took place, and block rewards decreased from 12.5 to 6.25 BTC per block, which will continue to occur every four years before the previous satoshi unit is found. It is not entirely clear why the crypto founder Satoshi Nakamoto restricted Bitcoin’s maximum supply to 21 million coins; however, few theories exist. An interpretation, the money supply substitution hypothesis is while the alternative idea is that the cap may be extrapolated mathematically from the parameters.

btc mined
There is now over 18.5 million BTC in circulation. Image Blockchain.com

When bitcoin was initially developed, the entire world’s money supply stood at $21 trillion. Each BTC will be worth $ 1 million if it becomes the ultimate currency and replaces all fiat currencies, while each satoshi will be worth $0.01. Although these figures resemble each other simultaneously, we can only speculate whether this is a coincidence. The second idea is clearer. Accordingly, the emission cap of the BTC is linked to the halving interval. For each loop, the total of the block rewards is equal to 100, so multiplying the number by 210,000 blocks, the cumulative supply is 21 million.

So it’s official now that there’s 21 million BTC, but except the miners’ rewards, the blockchain will still run as usual. Since there will be no new coins found, miners will have to rely on them.

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