How Many Bitcoins are There? BTC Supply Explained

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Kane Pepi

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Kane Pepi

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Kane Pepi is a financial, gambling and cryptocurrency writer with over 2,000 published works, including on platforms like TraderHQ and Motley Fool. He specializes in cryptocurrency guides, exchange...

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August 30, 2024 08:21 EDT

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The supply of Bitcoin is fixed, with new BTC tokens entering the market every 10 minutes. But how many Bitcoins are there in 2025? Currently, there are 19,722,500 Bitcoins in circulation.

This means 93.9% of the total Bitcoin supply has been mined. In this guide, we take a much closer look at the Bitcoin supply, including a full analysis of how it can impact its long-term value.

How Many Total Bitcoins Are There?

To understand the circulating supply of Bitcoin, it is important to go right back to the beginning. Put simply, when Bitcoin was launched in 2009, it was created with a fixed supply mechanism.

On average, new BTC tokens enter circulation every 10 minutes. As we explain in more detail later, the exact block time can vary depending on network conditions. But it has averaged to 10-minute cycles over time.

So why does this matter? Well, every time a new block of transactions is confirmed, the circulating supply increases, as more BTC is minted to reward miners. Currently, this amounts to 3.125 new Bitcoins for every block.

Previously, this stood at 6.25 BTC. And before that, 12.5 BTC, 25 BTC, and 50 BTC, respectively. The reason the supply rate changes is due to the ‘Bitcoin halving‘.

Bitcoin halving happens every 210,000 blocks, or about four years. This reduces the supply of new tokens over time. More specifically, the number of new BTC tokens entering the supply every 10 minutes is reduced by 50%.

The previous Bitcoin halving took place on block number 840,000, in April 2024. Bitcoin halving provides the BTC ecosystem with clarity, certainty, and predictability, since Bitcoin cannot suddenly increase its supply.

The Bitcoin supply system is in contrast to traditional currencies, with new money being ‘printed’ at any given time. So, taking all of the above into account, there are over 19.7 million Bitcoins in circulation right now. This amounts to approximately 94% of the total supply.

Once the supply hits 100%, there will be 21 million BTC tokens in circulation. Based on halving cycles of 210,000 blocks, Bitcoin is expected to reach its maximum supply in 2140.

Still asking the question: how many Bitcoins are there in total? One of the easiest ways to find this information is on CoinMarketCap. The data aggregation platform updates in real-time allowing users to gain insights on how many people use Bitcoin and how many Bitcoins are there in 2025.

Key Calculations: How Many Bitcoins Are There Left to Mine?

While third-party platforms like CoinMarketCap make it simple to keep tabs on Bitcoin’s supply, seasoned investors prefer to do their own calculations. This removes the need to trust the information being provided by another source.

In order to reach a conclusive calculation, it’s important to understand how the supply of Bitcoin is determined. Let’s start with the Bitcoin mining system.

Wondering how many Bitcoins are there left to mine? Considering that 19,722,500 tokens are already in circulation, this leaves 1,277,500 BTC left to mine.

Bitcoin Mining Keeps the Network Decentralized

One of the many unique features of Bitcoin is decentralization. This means that, unlike traditional currencies, the Bitcoin network is not controlled by a central bank or government.

Moreover, Bitcoin transactions don’t require third-party authorization. This is also in contrast to traditional currencies, which must go through banks and other intermediaries when being transferred.

Instead, Bitcoin transactions are verified by blockchain miners. To ensure that Bitcoin is an inclusive financial system, anyone can help mine transactions.

• The process requires miners to connect hardware to a device.
• The device will attempt to solve a cryptographic equation.
• The equation is so complex that only a specialist device can solve it.
• It takes about 10 minutes on average for the equation to be solved.

Bitcoin Mining Devices and Energy Consumption

Mining requires expensive, powerful hardware and consumes a considerable amount of electricity. This is because of the complexity of the cryptographic equation that needs to be solved.

For example, in 2021, the New York Times reported that Bitcoin mining uses more energy than entire countries. The same article states that the average household would require 9 years’ worth of energy supply (or $112,500) to mine a single Bitcoin block.

Building on that, the Cointelegraph reported that in the first five months of 2024, Bitcoin mining in the US has consumed 20,822.62 GWh of electric power, costing over $2.6 billion at the current average commercial electricity rate.

To paint a clearer picture, “this amount of energy could charge every electric vehicle in the U.S. 87.52 times or power 1,983,107 households for a year.”

Although the Bitcoin mining system is inclusive, it is very competitive. The reason for this is that the miner successfully verifying the block receives newly minted Bitcoin. This currently amounts to 3.125 BTC for every mined block. Therefore, based on the current Bitcoin price, miners receive $211,680 worth of BTC tokens every 10 minutes.

This huge incentivization is why Bitcoin miners are prepared to invest so much into the process. And, as more miners enter the market, this increases the difficulty of each cryptographic equation. In turn, only the most powerful Bitcoin mining rigs and those with access to cheap electricity have a realistic chance of being successful.

Although Bitcoin mining is now dominated by large-scale operations, there are still ways for the average citizen to get involved and mine Bitcoins at home. Cloud mining companies, for example, pool resources from multiple small investors to collectively mine Bitcoin. That said, not only are cloud Bitcoin mining sites highly centralized, but many are scams.

Ensuring Bitcoin Inflation Rates Can’t Be Manipulated

Investors should also understand inflationary controls when asking the question: How many Bitcoins are there? This is a major concern with traditional currencies. After all, fiat currencies are no longer backed by gold or other valuable assets. Instead, central banks are free to print as much money as they wish.

• For example, the US Federal Reserve printed over $3 trillion worth of US dollars in 2020. This was in response to COVID-19 measures and amounted to almost one-fifth of the total supply.
• Similarly, in 2020, the Bank of England printed almost £500 billion throughout the pandemic.
• The European Central Bank also engaged in ‘money printing’ during the pandemic, amounting to €1.85 trillion.

This trend can be found in most corners of the world. So why does this matter, and how does it relate to the Bitcoin supply? Well, ‘currency printing’ increases the supply of money and reduces its value.

This is because of the impact of inflation, which increases the cost of living. When too much money enters circulation at any given time, this can have a disastrous impact on the economy.

These risks don’t exist in the Bitcoin network. This is because the new supply of Bitcoin tokens entering circulation is fixed. Most importantly, the supply rate is built into the Bitcoin code, and it cannot be amended. This means that the Bitcoin supply is fixed and consistent.

Bitcoin Halving Every 210,000 Blocks

Just like traditional currencies, Bitcoin experiences inflation. However, as noted above, inflation is fixed and predictable. Inflation arises when new BTC tokens enter circulation. As we have established, this happens every time a new block is mined, approximately in 10-minute cycles.

Crucially, however, the amount of new Bitcoin entering circulation is reduced by 50% for every 210,000 blocks mined. This is known as the Bitcoin halving event, and it takes place approximately every four years.

• Originally, the Bitcoin block reward was 50 BTC.
• After 210,000 blocks were mined in November 2012, the mining reward was reduced to 25 BTC.
• Then, in July 2016, after 420,000 blocks, the reward was reduced to 12.5 BTC.
• In May 2020, after 630,000 blocks were mined, the mining reward was reduced to 6.25 BTC.
• The most recent Bitcoin halving event took place in April 2024, on block 840,000. This reduced the mining reward to 3.125 BTC.
• The next Bitcoin halving is scheduled on block 1,050,000, which is expected in 2028. It’ll reduce the mining reward to 1.625 BTC.

Bitcoin halvings will continue every 210,000 blocks until the total supply reaches 21 million — this is expected to happen in 2140. Once the maximum supply is reached, there won’t be any new BTC tokens entering circulation. In other words, Bitcoin will no longer be an inflationary asset.

The above table shows how quickly the supply of new Bitcoin tokens reduces over time. For example, once the 10th Bitcoin halving happens in approximately 2048, only 0.048828125 BTC will enter the supply after each block. This is an innovative system and one of the core reasons why Bitcoin is the best cryptocurrency to buy.

Key Figures: How Many Total Bitcoins Are There?

So now that we have explained how the underlying network determines supply, let’s summarize the question: how many Bitcoins are there?

The above table is based on figures at the time of writing. The new supply of Bitcoin will increase approximately every 10 minutes. This will have an impact on the percentage of BTC tokens still left to mine.

How Many BTC Tokens Can There Be at the Same Time?

The number of Bitcoins in circulation will continue to increase after each block is mined. This happens approximately every 10 minutes, with 3.125 BTC entering circulation. This increase will continue over the course of time until Bitcoin reaches its maximum supply of 21 million tokens.

When this happens, the supply of Bitcoin will not increase further. This means that Bitcoin miners will no longer be rewarded with newly minted tokens. Instead, they will only receive transaction fees that are paid for the respective block being mined — more on this later.

Another point to note is that Bitcoin will become a deflationary currency, when it reaches its maximum supply. This is because the supply will actually decrease if BTC tokens become unrecoverable. For example, if tokens are transferred to an incorrect wallet address. Or, if the investor forgets the password to their wallet and no longer has access to the backup passphrase.

What Percentage of the Bitcoin Supply Is Due to Mining?

When the first Bitcoin block was mined on January 3rd, 2009, the circulating supply was just 50 BTC. This was known as the Genesis Block, or Block 0. Thereon, approximately every 10 minutes, new BTC tokens entered circulation. After each new block, miners received a reward. This will continue to be the case until Bitcoins supply reaches 21 million tokens.

So that begs the question: are all Bitcoins in circulation a result of mining? The simple answer is yes. In other words, Bitcoin can only enter circulation once a new block has been mined. This is built into the Bitcoin code, and it ensures the supply is fair, transparent, and fixed.

The current circulating supply of Bitcoin is 19,722,500 BTC. This figure also refers to the number of Bitcoins that have been mined. As such, 100% of Bitcoin tokens in circulation were originally distributed to miners. In turn, the general public can only buy Bitcoin once the newly mined tokens are sold.

Miners must sell their Bitcoin at some point, as they are in business to make money. And the only way to realize their mining profits is to sell their Bitcoin on the open market. If the miner has sufficient resources, they might look to sell their Bitcoin at strategic intervals. This means that they might not sell their Bitcoin until prices are sufficient.

How Does the Supply and Demand of Bitcoin Work?

The supply of Bitcoin is not determined by policymakers. Nor can it be manipulated by central banks or governments. On the contrary, the supply of Bitcoin remains constant.

New Bitcoins enter circulation every time a new block is mined. On average, this happens approximately every 10 minutes. As a decentralized and immutable system, this will never change. This enables traders to make informed decisions based on a predictable supply model.

But what about demand? Well, demand for Bitcoin is determined by market forces. This is much the same as stocks, commodities, currencies, and other assets. Let’s take a closer look at how the demand and supply of Bitcoin is influenced.

Broader Market Cycles

Historically, Bitcoin operates in prolonged bull and bear cycles. When Bitcoin rises in value over longer periods of time, this increases market sentiment. In turn, this motivates more people to buy Bitcoin, as price increases are attractive to investors. This is otherwise referred to as fear of missing out (FOMO).

However, when Bitcoin enters a prolonged bear market, there are fewer people willing to buy it. This is because of continued declining prices. And when market prices drop rapidly, people panic sell. This can increase the speed of Bitcoin price declines.

Bitcoin Halving Events

Bitcoin halving is an important event for investors to keep tabs on. When the Bitcoin mining reward is halved, this slows down the rate of inflation. This is because for each 10-minute block that is mined, 50% fewer tokens enter circulation.

For example, when the previous Bitcoin halving event took place in April 2024, the mining reward was reduced from 6.25 BTC to 3.125 BTC. Bitcoin’s price action has historically been linked to halvings.

Bitcoin was valued at $9,100 on May 11th, 2020. This was the date of the Bitcoin halving, where the mining reward was reduced from 12.5 BTC to 6.25 BTC. 17 months later, Bitcoin peaked at over $68,000 — an increase of over 650%.

Similar events took place during the 2016 Bitcoin halving. On July 9th, 2016, Bitcoin was worth $662. 17 months later, Bitcoin peaked at a then-all-time high of $20,000. This amounts to post-halving gains of over 2,900%.

History suggests that demand for Bitcoin increases in response to the halving event. Because there is less Bitcoin entering the market, this has resulted in prolonged price appreciation. The last Bitcoin halving took place on April 19, 2024. It remains to be seen if history repeats itself.

Fundamental News

Fundamental news also has an impact on the demand for Bitcoin. Consider how the markets reacted when the SEC approved Bitcoin ETFs on January 10, 2024:

• Spot Bitcoin ETFs showed significant inflows and record trading volumes.
• On February 26, total trading volume for nine ETFs hit $2.4 billion, surpassing previous records.
• Institutions and retirement planners started including Bitcoin ETFs in investment funds and 401(k)s; retail investors followed institutional moves.
• On March 14, the price of Bitcoin hit a new all-time high of $73,750.

Another area that can influence the demand for Bitcoin is regulation. For example, if a country bans Bitcoin outright, this could reduce demand on a much broader scale. But if a major economy were to recognize Bitcoin as legal tender, demand would increase significantly.

Demand for Bitcoin in the Trading Markets

Investors also look at the Bitcoin trading markets to evaluate current demand levels. A good starting point is to look at daily trading volumes.

History suggests that when Bitcoin is in a bullish run, daily trading volumes increase, as more people buy Bitcoin. Conversely, when Bitcoin is in a bearish cycle, trading volumes decrease.

• Over the prior 24 hours, $27.84 billion worth of Bitcoin has been traded across crypto exchanges.
• This is 59% lower than the $68.3 billion daily trading Bitcoin witnessed in early 2021.

Another metric to look at is the market capitalization (i.e., the total value of Bitcoin multiplied by the number of tokens in circulation).

• For example, there are currently 19,722,500 BTC in circulation.
• The current BTC/USD price is just over $67,500.
• This means that Bitcoin’s market capitalization is roughly $1.33 trillion.

Demand for Bitcoin has entered an upward trend since spot ETFs were approved. Three months later, the halving happened. Typically, when Bitcoin appreciates, so does the broader crypto market.

In addition to Bitcoin ETFs, Ethereum ETFs were approved by the SEC on May 23. In that same week, FIT21, a positive crypto regulation bill, was approved by the US house. These events are expected to catalyze a new bull run throughout 2024 and 2025.

Do Unrecoverable Bitcoins Impact the Supply?

The supply of Bitcoin is fixed and immutable; it increases every time a new Bitcoin block is mined. However, not all Bitcoins in circulation are accessible. Bitcoins are deemed unrecoverable when:

• A wallet’s password and private keys are lost.
• Hardware wallets storing Bitcoin are physically damaged.
• BTC is sent to incorrect or non-existent addresses results
• There are bugs in wallet software or blockchain applications.
• Paper wallets become inaccessible due to loss or damaged.

Approximatelly, 4 million Bitcoins have been lost from the circulating supply. This reduces the Bitcoin supply from 21 million down to 17 million. Additionally, an estimated 1 million tokens are held by Satoshi Nakamoto, the creator of Bitcoin. These tokens have remained idle in a wallet since 2010 — many argue that they should no longer be included in the circulating supply.

Stolen Bitcoins

Stolen Bitcoins are usually laundered before being cashed out. However, this is becoming increasingly difficult due to improvements in blockchain forensics. After all, Bitcoin transactions are posted to the public ledger.

If stolen Bitcoins are moved from an identified wallet, law enforcement agencies can be notified in real-time. This increases the risk of detection, so criminals will often leave the stolen Bitcoins sitting idle in the wallet. Consider the case of the 2011 Mt. Gox hack. The wallet address below has been identified as belonging to the hacker.

1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF

It’s one of the largest Bitcoin wallets in existence, with over 80,000 BTC. At the current rate, the wallet cointains roughly $5.4 billion. However, the tokens have remained idle since 2011 — some argue that these 80,000 tokens shouldn’t be included in the circulating supply.

Ultimately, the risk of Bitcoins being lost or stolen will likely never go away. This is another reason why Bitcoin will become a deflationary asset when it reaches the maximum supply. No new tokens will enter the market, while the supply will keep declining with every stolen or lost token.

Who Owns the Most BTC Tokens?

The largest Bitcoin wallet has over 248,000 BTC and belongs to Binance. It’s valued at over $16.7 billion. Bitfinix has the second-largest Bitcoin wallet, holding over 178,000 BTC and valued at more than $12 billion.

These two wallets alone amount to over 2% of the total Bitcoin supply. The third largest Bitcoin wallet address is owned by an unknown person or entity. It holds over 118,000 BTC and is valued at over $7.9 billion.

How Much Money Has Bitcoin Made for Investors?

Early adopters of Bitcoin have generated life-changing returns. For example, the earliest recorded price of Bitcoin is $0.06. Since then, Bitcoin has hit an all-time high of over $73,000. This translates to growth of 121,666,567%.

Those mining Bitcoin in its early days would have yielded 50 BTC for each block mined. Based on current rates, that 50 BTC would have been worth almost $3.4 million.

That being said, it’s not just early adopters that have done incredibly well from Bitcoin’s growth. For example, those buying Bitcoin in December 2018 would have paid just $3,500 per BTC. The price of Bitcoin has since grown by over 1,828%.

Similarly, Bitcoin declined to lows of just over $5,000 in early 2020. Based on the current price, Bitcoin has since increased by over 1,250%. Crucially, long-term investors have historically done well. This is especially the case for those buying Bitcoin when the markets are bearish.

Were All Bitcoins Mined?

The only way that new Bitcoin enters circulation is via mining. There is no other way for Bitcoin to be created. So, yes, all 19,722,500 BTC in circulation were mined.

The total supply of Bitcoin is 21 million, so 1,277,500 BTC are yet to be mined. We explain the consequence of Bitcoin reaching its maximum supply in the following section.

What Happens When Bitcoin Reaches 21 Million Tokens?

The supply of Bitcoin will continue to increase after each block of transactions is verified. This happens approximately every 10 minutes. It’s estimated that Bitcoin will reach its maximum supply of 21 million tokens in the year 2140.

When the maximum supply is reached, miners will no longer receive new BTC tokens as a reward. So what will happen to miners if there is no longer any incentivization? As noted in the Bitcoin whitepaper, miners will still be motivated to verify transactions and keep the network safe.

They’ll continue receiving transaction fees after verifying a block. The theory is that Bitcoin will be worth significantly more once it hits its maximum supply. In turn, the amount of fees received for each block of transactions will have also increased.

Transaction fees also increase when the Bitcoin markets are bullish — there are more people trading Bitcoin, meaning more transactions. And when the number of transactions increases, fees also rise.

So how much do Bitcoin miners currently earn from transaction fees alone? In the last 24 hours, over $2.6 million worth of BTC was paid in transaction fees. This figure fluctuates widely, though. For example, three weeks prior, daily transaction fees amounted to just over $1.4 million.

When Bitcoin reaches 21 million tokens, the supply will be at its highest, and reduce as more tokens become lost. If the demand remain consistent, the price of Bitcoin will increase indefinitely.

Conclusion: How Many Bitcoins Are There?

The supply dynamics of Bitcoin are integral to its long-term value proposition. Currently, there are 19,722,500 BTC in circulation, representing 93.9% of its total supply. The finite nature of Bitcoin creates inherent scarcity.

Halving events, occurring approximately every four years, reduce the rate of new BTC entering the market, enhancing deflation. This ensures Bitcoin will remains a unique and attractive asset for both current and future investors.

FAQs

How many people have 1 BTC?

1,011,457 wallet addresses hold one or more BTC (as of May 30, 2024).

How many BTC addresses are there?

There are 53,980,532 Bitcoin wallet addresses (as of May 30,2024).

What happens to miners after all Bitcoins are mined?

Once Bitcoin reaches its maximum supply of 21 million tokens, miners will only earn transaction fees.

How many types of Bitcoins are there?

Bitcoin is a fungible asset, meaning there is only one type of BTC token.

Is there 2 million Bitcoin left to mine?

No there aren’t 2 million Bitcoins left to mine. As of May 30, 2024, there are 1,277,500 BTC tokens left to mine.

How many Bitcoins are there right now?

Out of its maximum supply of 21 million BTC tokens, 19,722,500 BTC tokens are in circulation (as of May 30, 2024). However, an estimate 4 to 6 million Bitcoins are permanently unrecoverable.

References

• Bitcoin.org: Bitcoin: A Peer-to-Peer Electronic Cash System
• YCharts: Bitcoin Average Confirmation Time
• The New York Times: Bitcoin Uses More Electricity Than Many Countries
• Cointelegraph: $2.7B worth of electricity spent on US Bitcoin mining in 2024
• Statista: Bitcoin energy consumption worldwide 2017-2024
• Spectator: Mervyn King: Needless money-printing fuelled inflation
• The New York Times: European Central Bank Steps Up Its Stimulus as the Economy Contracts
• Blockchain.com: Bitcoin Genesis Block
• Bloomberg: Bitcoin ETFs Are Here for Real
• Bitcoin Magazine: Are Bitcoin ETFs Signaling a New Era in Crypto?
• Reuters: Crypto trading volumes hit record $68.3 billion on Monday
• Forbes: Ethereum ETFs Approved: Insights into the SEC’s Decision
• CoinDesk: U.S. House Approves Crypto FIT21 Bill With Wave of Democratic Support
• Blockchain.com: Address: 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF
• BitInfoCharts: Top 100 Richest Bitcoin Addresses and Bitcoin Distribution
• YCharts: Bitcoin Total Transaction Fees Per Day