March 9, 2026
Today, in block number 939,999, the Foundry USA pool mined the 20 millionth Bitcoin. As of today, roughly 1 million Bitcoin remain to be mined.
Bitcoin is a digital currency and digital payments system that provides the “medium of exchange” and “store of value” functions of money in a unique way. Bitcoin can be used for digital transactions without centralized intermediaries (medium of exchange). Capped at 21 million, the supply of Bitcoin is predictable, transparent, and ultimately scarce (store of value).
Bitcoin enforces scarcity through programmatic cuts to the “block subsidy” every four years. The most recent halving in April 2024 cut the subsidy from 6.25 BTC per block (900 BTC per day) to 3.125 BTC per block (450 BTC per day). The next halving, scheduled for April 2028, will cut the block subsidy to 1.5625 BTC per block (225 BTC per day). After the 33rd halving, expected sometime in the year 2140, the block subsidy becomes zero. At that point, the total number of Bitcoin outstanding levels off at 20,999,999.9769, or nearly 21 million (the remaining 0.0231 BTC, valued today at ~$1.6k, are never mined due to rounding).¹
Key takeaway: In an uncertain world, the future supply of Bitcoin is one of the few things we can be fairly sure about. Despite short term volatility, inherent Bitcoin scarcity continues to drive value.
¹ Source: “Bitcoin: a peer-to-peer electronic cash system”, Satoshi Nakamoto, 2008.
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