Bitcoin’s circulating supply exceeded 19.8 million coins this month, putting the world’s largest cryptocurrency by market value just 1.2 million away from its peak of 21 million.
This milestone highlights one of Bitcoin’s most distinctive features: a hard-coded supply cap that stands in stark contrast to central banks’ fiat money printing capabilities.
According to data from timechainindex.com, over 94% of the total supply of Bitcoin has now been mined. Industry observers note that the final issuance of the cryptocurrency is expected to be completed around 2140, a date determined by the algorithmic “halving” schedule. These halvings occur approximately every four years and reduce the block reward by half each time. After a halving in April 2024 that saw miner rewards drop to 3.125 BTC per block, the next halving is scheduled for 2028 when rewards will drop further to 1.5625 BTC.
Gold vs Bitcoin
The concept of scarcity has led to comparisons between Bitcoin and gold. Proponents argue that the limited supply gives Bitcoin the characteristics of “digital gold,” while opponents cite its volatility as a barrier to wider adoption. Despite this ongoing debate, the cryptocurrency has seen notable gains this year, rising to over $108.00 at its peak and is currently up over 110% in 2024. The rally comes amid growing institutional interest, including the approval of exchange-traded funds (ETFs). and high-profile acquisitions by companies like MicroStrategy.
But the benefits of higher Bitcoin prices have not reached all areas of the industry. Publicly traded mining companies that secure Bitcoin transactions and earn newly minted coins in return.
