Bitcoin has reached its 20 millionth mined coin, leaving roughly 1 million coins still to be created, Kraken Chief Economist Thomas Perfumo wrote in his blog.
That milestone means more than 95% of the 21 million maximum supply already exists, highlighting the protocol’s fixed-cap design rather than a policy choice.
Perfumo wrote that the network enforces scarcity by code: "Code is law. In this case, literally."
He traced issuance through halving epochs (block rewards fell from 50 to 25 to 12.5 and, after the most recent halving, to 3.125) and said annualized supply inflation is already below 1%.
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He contrasted Bitcoin’s mathematical cap with historical currency debasement, citing the Roman denarii and Byzantine solidus as examples, and added: "The 21 million cap was always the point. It still is." Perfumo framed the 20 million milestone as evidence the architecture has held across halvings and market cycles.
Perfumo noted his views are his own and do not necessarily reflect the views or management of Kraken.
The recap
- Bitcoin has reached 20 million coins mined worldwide.
- More than 95% of bitcoins that will exist already mined.
- About 1 million coins remain, spread over more than a century.