The Bitcoin protocol is written with a ceiling of exactly 21 million coins. As of 2025, roughly 19.7 million have already been mined, leaving approximately 1.3 million still to be created. Because the mining reward halves every four years and the process continues indefinitely, the final Bitcoin will not be mined until somewhere around the year 2140. A meaningful number, estimates suggest around 4 million BTC are permanently lost due to forgotten passwords, discarded hard drives, and early wallets no one can access. This makes the effective circulating supply even tighter than the raw numbers suggest, and it is one reason long-term holders argue the supply story alone justifies serious allocation.
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