Bitcoin's Last Stretch: A Century-Long Wind-Down

Bitcoin's supply is not as simple as its famous 21 million cap. The network has already produced about 20.07 million BTC since it launched in January 2009, leaving roughly 929,465 BTC remaining under the cap.

The easy years of new bitcoin issuance are long over, and what remains is an extended, slow wind-down that will test the mining industry every four years.

At block height 962570, miners currently receive 3.125 BTC for each block added to the blockchain, putting current issuance near 450 BTC a day or about 164,250 BTC a year if the network stays close to schedule.

The next halving is expected around 2028, when the reward falls to 1.5625 BTC per block, cutting expected daily issuance from about 450 BTC to around 225 BTC.