Bitcoin's circulating supply surpasses 20 million as scarcity tightens further

Bitcoin's total supply has now surpassed 20 million, reaching a significant milestone in its controlled issuance. The cryptocurrency continues to adhere to its programmed scarcity, with inflation dropping below 1% per year. However, not all mined BTC remain in circulation—some are lost, while others never even enter existence.

Block 939,999 pushed Bitcoin's circulating supply beyond the 20 million mark. This represents over 95.24% of the 21 million cap that will ever exist. Since the fourth halving in April 2024, each new block now releases just 3.125 BTC, slowing the growth of new coins.

At the current rate, around 450 BTC enter circulation daily. Between now and the next halving in 2028, roughly 1,138,500 additional coins will be mined. By then, the block reward will shrink further to 1.5625 BTC, cutting inflation to about 0.4%.

Not all Bitcoin reaches the market, however. Some coins remain unclaimed in coinbase transactions, meaning they never come into existence. Others are lost forever—estimates suggest 3 to 4 million BTC, including the 1 million mined by Satoshi Nakamoto, are now unrecoverable. These factors reduce the actual available supply below the theoretical maximum.

Bitcoin's inflation rate now sits at around 0.82%, lower than gold's average annual increase of 1.5%. The next halving in 2028 will push it even closer to zero, reinforcing the asset's deflationary design.

With over 95% of Bitcoin already mined, the remaining coins will enter circulation at an ever-slowing pace. The next halving in 2028 will further tighten supply, dropping inflation to near negligible levels. Lost and unclaimed coins ensure the actual circulating total stays well below the 21 million cap.