TL;DR:
- Bitcoin surpassed 20 million mined units, with only 1 million remaining before reaching the 21 million supply cap.
- Block 939,999 was mined by Foundry USA, marking the milestone, with a block reward of 3.125 BTC per validated block.
- Coinbase CEO Brian Armstrong described Bitcoin as a decentralized, global, and inflation-resistant monetary system.
The Bitcoin network reached a historic milestone on March 11, 2026: miners produced the 20 millionth unit, leaving just one million coins left to be issued before the protocol reaches its maximum supply of 21 million. The corresponding block was 939,999, validated by mining pool Foundry USA, with a reward of 3.125 BTC.
Shortly after the event, Coinbase CEO Brian Armstrong posted on platform X a reflection on the significance of such a particular moment. He described Bitcoin as “global, decentralized, and inflation-proof money,” highlighting that producing the remaining million will take more than a century. The executive used the occasion to underscore the protocol’s design: a monetary system without centralized control, structurally built to resist devaluation.
The 20 millionth Bitcoin was mined yesterday. Now there are only one million new Bitcoins to be mined, which will take over 100 years.
Decentralized, inflation-proof, global money.
— Brian Armstrong (@brian_armstrong) March 10, 2026
Bitcoin Is an Increasingly Scarce Asset
Satoshi Nakamoto, the anonymous creator of the protocol, set the 21 million coin limit directly in the code from the very beginning. New units enter circulation as rewards to miners who validate transactions and produce blocks, but that reward is cut in half every 210,000 blocks, approximately every four years.
When the network launched in 2009, each block awarded 50 BTC. The fourth halving, which took place on April 20, 2024, reduced that figure from 6.25 to 3.125 BTC. Today, miners generate around 450 BTC daily, half of what they did before that event. The next halving is projected for April 11, 2028, which will further slow the pace of issuance.
The Remaining Million and Lost BTC
Current estimates indicate that the last satoshi —Bitcoin’s minimum fraction— will be issued around the year 2140. From that point on, block rewards will disappear entirely and miners will rely exclusively on transaction fees.
An additional factor compounds this: not all mined Bitcoin is accessible. According to on-chain records, approximately 230.09 BTC are permanently unreachable, including the genesis block reward. On top of that, funds lost by users who misplaced their private keys further reduce the actual circulating supply relative to the total technically issued.
