Bitcoin is capped at 21 million units . This limit is hard-coded into the protocol and cannot be changed by anyone. But what actually happens when the last Bitcoin is mined? The short answer: the network continues to run as usual, but the way miners are paid changes. We explain everything else step by step here.
Key takeaways
- There will never be more than 21 million Bitcoin . This is mathematically determined.
- As of July 2026 , over 20 million Bitcoin have already been mined (around 95%). Less than 1 million remain.
- The last Bitcoin is not expected to be mined until around the year 2140 .
- After that, miners will no longer earn new Bitcoin, but will be compensated exclusively through transaction fees.
How many Bitcoin are there, and how many are already in existence?
New Bitcoin are created exclusively through mining: Miners secure the network and receive a reward in newly created Bitcoin for doing so. This process has been limited from the very beginning.
In March 2026, a historic milestone was reached: the 20-millionth Bitcoin was mined. This means that over 95% of all Bitcoin that will ever exist are already in circulation, and fewer than 1 million are still waiting to be mined. This is why it is often referred to as the "last million" phase.
Why is the limit 21 million?
The cap is no coincidence; it is the result of what is known as the halving. This is the core mechanism that keeps Bitcoin scarce.
The halving as a metronome
Approximately every four years (or more precisely, every 210,000 blocks), the reward that miners receive per block is cut in half. As a result, the issuance of new Bitcoin has steadily decreased over the years:
Currently (as of July 2026), the reward is 3.125 Bitcoin per block, and the next halving is expected in April 2028 is expected. Because the issuance continues to halve, the total supply asymptotically approaches the limit of 21 million (exactly: 20,999,999.9769 BTC) and will never exceed it.
When will the last Bitcoin be mined?
Although 95% have already been mined, the remainder will take a surprisingly long time. Due to the ever-decreasing rewards, the issuance of the final Bitcoins will stretch over more than a century. The last Bitcoin is not expected to be mined until around the year 2140 .
In other words: Over 99% of all Bitcoin will already be in circulation by around the year 2035. The final one percent will then be distributed over approximately 100 years.
What happens to miners without a block reward?
This is the real core question. Today, miners' income consists of two parts:
- the block reward (newly created Bitcoin) and
- the transaction feesthat users pay for their transfers.
When no more new Bitcoin are issued from around 2140 onwards, part 1 will disappear. Miners will then be compensated exclusively through transaction fees . This transition will not happen abruptly, but gradually over many decades. After all, the block reward gets smaller with every halving anyway. The network therefore has more than a century to adapt.
Will the network remain secure?
A valid concern: If the rewards disappear, will miners stop, and will that make Bitcoin insecure?
The prevailing expectation is: no. As long as Bitcoin is used, transaction fees will be generated, keeping mining economically viable. Additionally, the built-in difficulty adjustment ensures that the network continues to run stably at ten-minute intervals, even with fluctuating computing power. In short: the system is designed to regulate itself.
What does this mean for you as a user?
For everyday use, the most important message is reassuring: Nothing changes for you. Your Bitcoin remain divisible (one Bitcoin consists of 100 million "satoshis"), transferable, and securely stored.
Far more important is the core message behind the 21-million limit: Scarcity. Unlike the euro or the dollar, no one can simply "print" more Bitcoin. This fixed cap is the reason why Bitcoin is often referred to as digital gold and why many view it as a long-term store of value.
Conclusion
When the last Bitcoin is mined in 2140, it won't be the end of the network, only the end of new Bitcoin issuance. Miners will then switch entirely to transaction fees. It is a transition that spans more than 100 years and has long been priced in. For users, one thing matters most: the fixed limit of 21 million makes Bitcoin a reliably scarce asset.
FAQ
How many Bitcoin are left?
As of July 2026, over 20 million Bitcoin have been mined. Only about 1.3 million remain, which will be mined over the course of approximately 100 years.
When will the last Bitcoin be mined?
Expected around the year 2140.
What happens to the miners then?
From that point on, they will earn exclusively through transaction fees rather than newly created Bitcoin.
Can the 21 million limit be increased?
No. It is hard-coded into the Bitcoin protocol; any change would require acceptance by virtually the entire network—which would contradict the fundamental principle of scarcity.
Note: Marketing communication from FIOR Digital GmbH (21bitcoin). Investments in Bitcoin involve risks and opportunities. Past performance is not an indicator of future results. This article does not constitute legal or investment advice.
