As of February 2025, there are approximately 19,722,500 bitcoins in circulation, representing about 93.9% of the maximum possible supply of 21 million. New bitcoins enter circulation through mining, which occurs roughly every 10 minutes. The current mining reward is 3.125 bitcoins per block. Between 1.8 and 2.9 million bitcoins are estimated to be permanently lost. The final bitcoins won't be mined until around 2140.
Exactly how many bitcoins exist in the world today? As of February 2025, there are 19,722,500 bitcoins in circulation. This represents about 93.9% of the total possible supply of 21 million that can ever exist. The number increases slightly each time miners add a new block to the blockchain, which happens approximately every 10 minutes.
Bitcoin's creator, known by the pseudonym Satoshi Nakamoto, programmed a strict limit of 21 million coins into Bitcoin's code. This cap can't be changed unless most of the network agrees to do so, which is highly unlikely. This built-in scarcity is one of Bitcoin's key features, making it different from traditional currencies that can be printed in unlimited amounts. The concept was first introduced in the Bitcoin whitepaper published by Nakamoto in 2008, which outlined a revolutionary peer-to-peer electronic cash system.
Bitcoin's 21 million coin limit creates digital scarcity unlike traditional currencies that can be infinitely printed.
New bitcoins enter circulation through mining, a process where computers solve complex math problems to validate transactions. Currently, miners receive 3.125 bitcoins as a reward for each new block they add to the blockchain. This reward started at 50 bitcoins in 2009 and gets cut in half approximately every four years in events called "halvings." The next halving is expected in 2028, which will further slow the rate of new bitcoin creation. With approximately 144 blocks mined daily, the network adds around 450 new bitcoins to circulation each day.
Bitcoin's release schedule means the final bitcoin won't be mined until around the year 2140. After that, miners will earn money solely from transaction fees rather than new bitcoin rewards. This gradual slowing of new supply is designed to create a predictable issuance rate that people can trust.
Not all bitcoins in circulation are actually available for use. Experts estimate that between 1.8 and 2.9 million bitcoins are permanently lost due to forgotten passwords, misplaced private keys, or the death of owners who didn't share access information. These lost coins make the actual available supply even more limited than the numbers suggest.
The launch of U.S. spot Bitcoin ETFs in January 2024 has added another dimension to Bitcoin's circulation. These investment funds now hold significant portions of the available supply, reducing the number of bitcoins available for trading in the open market. This institutional adoption has changed how Bitcoin's supply and demand dynamics work. The growing institutional interest in Bitcoin by 2025 is evident as several companies now hold thousands of tokens in their reserves.
Anyone can track Bitcoin's circulating supply in real-time using blockchain explorers and cryptocurrency data platforms like CoinMarketCap or Bitbo. This transparency is unique to cryptocurrencies and allows investors and users to make decisions based on accurate supply information.
As more people learn about Bitcoin's fixed supply and more institutions adopt it, the significance of these circulation numbers continues to grow.
Frequently Asked Questions
Who Created Bitcoin and Why Does It Have a Limited Supply?
Bitcoin was created by an unknown person or group using the name Satoshi Nakamoto in 2008.
The creator designed Bitcoin with a maximum supply of 21 million coins. This limited supply helps prevent inflation and creates scarcity, similar to gold.
Bitcoin's cap guarantees it can't be devalued by unlimited production like government currencies.
Nakamoto disappeared in 2010, leaving their true identity a mystery.
How Do Bitcoin Halvings Impact Its Circulating Supply and Inflation Rate?
Bitcoin halvings cut the rate of new bitcoin creation in half. They happen every four years, reducing the reward miners get for adding blocks to the blockchain.
The April 2024 halving dropped Bitcoin's inflation rate from 1.7% to about 0.85% annually. This makes Bitcoin more scarce over time, as fewer new coins enter circulation each day—now just 450 BTC compared to 900 BTC before the halving.
What Happens to Lost or Permanently Inaccessible Bitcoins?
Lost bitcoins remain permanently on the blockchain but can't be accessed or spent.
An estimated 3.7 million bitcoins are lost due to forgotten passwords, discarded devices, or deaths without shared access information. This represents about 20% of all bitcoins.
These inaccessible coins effectively reduce the circulating supply, potentially increasing Bitcoin's scarcity and value.
Notable cases include James Howells' discarded hard drive containing 7,500 bitcoins.
How Does Bitcoin Mining Difficulty Adjust as Fewer Coins Remain?
Bitcoin's mining difficulty automatically adjusts every 2,016 blocks regardless of remaining coins.
As fewer bitcoins remain, the system doesn't directly change its adjustment process. However, when block rewards decrease during "halving" events, miners earn less.
This can cause less profitable miners to quit, temporarily reducing network power. The difficulty then adjusts downward until mining becomes profitable again for those who remain.
Can Bitcoin's Maximum Supply Ever Change Through Protocol Updates?
Bitcoin's maximum supply of 21 million coins could theoretically change through a protocol update, but it's extremely unlikely.
Such a change would require a hard fork where most miners, nodes, and users agree to adopt new rules.
The community strongly opposes changing this cap, viewing it as essential to Bitcoin's value and identity.
Previous attempts to alter fundamental Bitcoin properties have consistently failed due to widespread resistance.
