When will the last Bitcoin be mined?

Learn about the expected time of the last Bitcoin to be mined, and how the halving mechanism, fixed supply, and Bitcoin’s economic design shape its long-term scarcity, value, and future role.

Since its inception in 2009, Bitcoin has stood out in the digital currency space primarily due to its constant and limited supply.

Its protocol-embedded rules permanently cap the total number of Bitcoins at 21 million.

Built-in Scarcity: The Halving Mechanism

Bitcoin’s supply cap originates from its design mechanism.

Unlike traditional currencies that can be expanded infinitely through issuance, Bitcoin follows a predetermined issuance schedule governed by the “halving” process.

According to the protocol, for approximately every 210,000 blocks mined (roughly every four years), the reward miners receive for validating a block is cut in half.

At Bitcoin’s launch, miners received a reward of 50 BTC per block. Multiple halvings have since occurred: 25 BTC → 12.5 BTC → 6.25 BTC.

The most recent halving happened on April 20, 2024, reducing the current block reward to 3.125 BTC.

Due to the ongoing halving events, the rate of new Bitcoin issuance drops sharply over time. Eventually, the per-block reward will approach a negligible amount, effectively ending the release of new Bitcoins.

Estimated Timeline: Around the Year 2140

Based on the current issuance schedule and halving pace, most experts predict the last Bitcoin will be mined around the year 2140.

By the end of 2025, over 19.95 million BTC will have been mined, accounting for about 95% of the total supply.

Less than 2 million Bitcoins remain to be mined.

Because each halving reduces the reward, but mining continues at roughly one block every 10 minutes, Bitcoin’s supply will trickle out ever more slowly until the 21 million cap is reached, extending the timeline to 2140.

Impact After Mining Ends

What happens when the last Bitcoin is mined and no new coins are created?

First, block rewards will cease to exist, and miner revenue will rely entirely on transaction fees paid by users.

However, this does not mean the network will disappear. As long as transaction volume and fees provide enough incentive, miners will continue to validate transactions and maintain blockchain security.

At that point, Bitcoin’s total supply will be permanently capped, fully realizing one of its core value propositions: scarcity.

Taking into account coins permanently lost, the actual circulating supply may be lower than the 21 million cap.

Deeper Significance

Bitcoin’s programmatic finiteness sets it apart from traditional fiat currencies that can be expanded without limit.

As new issuance slows and eventually halts, the scarcity of each existing Bitcoin will continue to increase. This is a key reason why many investors view it as “digital gold.”

During the coming decades as the last batch of Bitcoins is mined, the combination of scarcity, adoption, and demand could reinforce its value storage narrative.

Meanwhile, the structural shift from block rewards to fee-based incentives will mark an important milestone for network security and participant motivation.

Summary

In short: According to current protocol rules and assuming no major network changes, the last Bitcoin is expected to be mined around the year 2140.

About 95% of Bitcoins (nearly 20 million) are already in circulation, with less than 2 million remaining to be mined.