The 1800th Bitcoin is about to be mined, marking another step forward for the world’s first cryptocurrency toward its hard-coded supply limit of 21 million coins.
Alex Adelman, CEO of Bitcoin rewards platform Lolli, remarked, “The bounty is shrinking. With some simple math, we can see exactly where we are in Bitcoin’s mining timeline.”
“It’s valuable for people to see how far Bitcoin has come, reflect on what has been achieved, and understand what lies ahead with the remaining 3 million coins. But these last 3 million should not be underestimated.”
Rest assured, though—it will take approximately 120 years to mine all remaining Bitcoin.
Due to the halving mechanism that reduces the block reward by 50% every 210,000 blocks (roughly every four years), the process of mining the remaining Bitcoin will gradually slow down. The final Bitcoin is projected to be mined in the year 2140.
This finite supply reinforces Bitcoin’s value proposition as digital gold. Yet, some outsiders worry about the implications once all 21 million coins have been issued.
Eventually, when no new Bitcoin remains to be minted, miners will rely solely on transaction fees paid by users to process transfers on the blockchain. This shift has raised concerns among those who believe that block subsidies are essential to Bitcoin’s incentive structure.
Skeptics fear that this could disrupt the economic model that motivates miners to validate and record transactions on the ledger.
According to Angela Walch, a researcher at the University College London Centre for Blockchain Technologies, “All the assumptions about incentives, risks, and values disappear. We shouldn’t assume everything will work perfectly once we transition to a pure transaction-fee system.”
Currently, miners receive a subsidy of 12.5 newly created BTC per block—worth approximately $99,370—along with any additional transaction fees, which usually don’t exceed 1 BTC.
Similarly, Paul Brody, Global Innovation Leader at Ernst & Young, pointed out that Bitcoin’s limited supply might restrict its utility as a global reserve currency.
Brody noted that during events like the Great Depression, monetary policy interventions were necessary to steer the U.S. economy toward recovery.
“If Bitcoin is to become a major part of the global monetary system, we’ll need to address the hard supply cap, since many economists argue that deflationary systems aren’t necessarily the best.”
Could the Supply Cap Change?
Both Walch and Brody acknowledge that Bitcoin’s 21 million supply limit could potentially be altered someday. What if it is?
Walch stated, “We must recognize that the 21 million cap is an ideal. If people decide to change the supply limit for some reason, and enough participants agree, the system could continue under new rules. It’s a desire, not an inevitability.”
Although technically feasible, changing the supply cap would likely be highly controversial among users who value Bitcoin’s gold-like properties. Bitcoin’s code has long been governed by a community that generally favors preserving the original features established by its anonymous creator, Satoshi Nakamoto.
Unlike Ethereum, the world’s second-largest cryptocurrency, the Bitcoin blockchain rarely undergoes backward-incompatible, system-wide upgrades that alter core functionality.
In rare instances, the Bitcoin community has experienced intense governance disputes. A notable example is the block size debate of 2017, which led to a philosophical rift and the creation of Bitcoin Cash in August of that year.
Even so, it’s possible to imagine a hard fork that changes Bitcoin’s 21 million supply cap—though such a move would be considered unorthodox.
Brody, who builds enterprise applications on Ethereum, commented, “It should be noted that Bitcoin doesn’t absolutely have to remain at the 21 million hard cap. There is a governance mechanism that allows for change. It would be good if the community could agree.”
The Other Perspective
Andreas Antonopoulos, a well-known Bitcoin advocate and author, emphasizes that governance drama around Bitcoin’s supply cap is unlikely—especially since the transition to a pure transaction-fee model will take 120 years.
Antonopoulos added that since Bitcoin’s inception in 2009, mining has always been a “marginally profitable effort” and was never intended to remain static.
“Mining rewards adjust according to network dynamics. It’s a very complex economic environment—not as simple as people assume,” he explained.
“There are at least six variables that determine a miner’s profitability: electricity cost, access to bandwidth and transactions, block subsidy, transaction fees at the time, Bitcoin’s price, local currency exchange rates, hardware efficiency, and the cost of converting electricity into mining power.”
Therefore, Antonopoulos believes that concerns about the transition from block subsidies to pure transaction-based rewards are greatly exaggerated.
“Nothing magical happens when the subsidy approaches zero. It’s a very gradual and predictable process that unfolds over 120 years. This is already happening, and miners make decisions every day based on these evolving conditions,” he said.
While the 1800th Bitcoin may not be the most dramatic reminder of the limited supply, it still marks a meaningful milestone.
Venture capitalist William Mougayar believes that the next Bitcoin halving event is far more significant in Bitcoin’s history. He stated:
“I think the 1800th Bitcoin milestone is less important relative to the next halving in May 2020… when the block reward will drop from 12.5 BTC to 6.25 BTC.”
👉 Explore more about Bitcoin mining dynamics
Frequently Asked Questions
How many Bitcoins are left to mine?
Approximately 3 million Bitcoins remain to be mined before the maximum supply of 21 million is reached. The gradual pace, influenced by halving events, means the last Bitcoin will likely be mined around 2140.
What happens when all 21 million Bitcoins are mined?
Miners will no longer receive block rewards and will rely solely on transaction fees for income. This transition is expected to occur over the next 120 years, allowing the network time to adapt.
Can the 21 million Bitcoin cap be changed?
While technically possible through a hard fork, altering the supply cap would require broad consensus within the Bitcoin community. Such a change is considered unlikely due to strong ideological support for a fixed supply.
Why does Bitcoin have a supply limit?
The fixed supply of 21 million coins was designed to create scarcity and mimic the properties of precious metals like gold. This deflationary model aims to preserve value over time.
How does Bitcoin halving affect mining?
Halving reduces the block reward miners receive by 50% approximately every four years. This controls the issuance of new coins and gradually decreases the rate of supply expansion.
Will miners still profit when block rewards end?
Miners are expected to rely on transaction fees, which may increase as the network grows. The shift will be gradual, allowing miners and the market to adjust over more than a century.