From March 9 to 10, 2025 (KST), the Bitcoin network reached a historic moment — the 20 millionth Bitcoin was successfully mined. This milestone signifies that 95.2% of Bitcoin's total supply is now in circulation, with approximately 1 million coins remaining until the hard cap of 21 million is reached.
The issuance mechanism of Bitcoin is not uniform; it relies on a “halving” rule that occurs every four years, gradually reducing block rewards. Currently, miners receive 3.125 BTC for each block mined, a figure that will be halved again to 1.5625 BTC in 2028. As rewards continue to diminish, the rate of new coin production slows down, with the last Bitcoin expected to be mined around 2140.
This milestone is not only symbolic but also reveals the core economic logic of Bitcoin as a digital asset: scarcity and predictability. Unlike traditional currencies that can be infinitely printed, Bitcoin's total supply is strictly capped by code, making it the first mainstream cryptocurrency with “deflationary properties.” With over 95% of the supply released, the market's reliance on new coins continues to decrease, shifting the asset's characteristics from “high inflation” to “ultra-scarce.”
Despite the reduction in block rewards, the security of the Bitcoin network remains unaffected. Data shows that the total network hash rate continues to reach new highs, and the mining community maintains a strong willingness to invest. This indicates that even if the primary source of income shifts from new coin rewards to transaction fees in the future, the network still possesses sufficient economic incentives to maintain stable operations.
Looking back in history, the first 10 million Bitcoins were mined relatively quickly, while the second 10 million took longer due to increased difficulty and the halving effect. Now, the final million will enter a long and slow release phase, which is not only a technological evolution but also the ultimate test of the long-term resilience of a decentralized monetary system.