This weekend marked an important milestone for Bitcoin: 80% of the cryptocurrency’s total supply has now been mined, meaning only 20% remains to be produced. Satoshi Nakamoto’s protocol was among the first to introduce digital scarcity, and from now on this asset will become gradually harder to obtain.
Here are the key details about this development:
Just over 4.2 million Bitcoins remain to be mined
To date, roughly 16.8 million Bitcoins have been mined, leaving about 20% of the supply still to be discovered by miners. When Satoshi Nakamoto unveiled Bitcoin in 2009, the protocol included a fixed supply cap: the total number of Bitcoins will never exceed 21 million. Since its launch, the creator’s design and the network’s miners have maintained this rule.
Some skeptics suggest that supply could be altered by manipulation tactics such as Sybil attacks, but no one has succeeded in breaching the 21 million cap since Bitcoin’s creation. As the remaining supply dwindles and mining becomes more difficult, many expect upward pressure on Bitcoin’s price driven by scarcity.
Unlike Ripple’s billions, Bitcoin will always be capped at 21 million
It’s also important to consider Bitcoin’s unique position within the broader blockchain ecosystem. Unlike many other cryptocurrencies—some of which already circulate in the billions—Bitcoin’s total issuance is strictly limited to 21 million units. With more than 1,300 alternative cryptocurrencies in existence, many have supplies that can increase over time; Bitcoin’s hard cap sets it apart.
Unlike digital files such as MP3s or movies that can be copied, Bitcoins cannot be cloned. With approximately 16.8 million units mined as of this weekend, many investors regard Bitcoin as a scarce digital asset with intrinsic value derived from its provable limited supply.