Bitcoin has reached a milestone few could have imagined just over a decade ago. About 95 % of its total supply is now in circulation, roughly 19.95 million coins, leaving less than 1.05 million yet to be mined. For the first time in years, the conversation is shifting from how new Bitcoin enters the system to how its scarcity could shape the market.
Mining Slows, but the Network Stays Strong
Bitcoin’s release schedule has always been predictable. Block rewards have gradually fallen from 50 BTC in 2009 to 3.125 BTC today. The next halving, expected in 2028, will cut rewards to 1.5625 BTC, continuing the trend toward ever-slower issuance. At this rate, almost all Bitcoin, 97.5%, will be mined by 2032, and more than 99% by 2040. The last Satoshi is not expected to appear until around 2140.
Bitcoin reaches 95 percent of its total supply, highlighting growing scarcity in the market
Modern mining is quite different from ancient days. What began as a pastime activity among technology lovers who own a personal computer has become an industrial process. Energy contracts are negotiated across the world, and huge mining farms are deployed by large companies. To them, collecting more coins is not the end, and they focus on ensuring the network and gaining transaction fees.
Scarcity in the Hands of Few
A surprising amount of Bitcoin is effectively out of circulation. Analysts estimate that three to four million BTC are lost forever. At the same time, long-term holders keep more than 70% of the circulating supply untouched for over a year. This combination of lost and hoarded coins is quietly increasing scarcity.
Institutions are also stacking Bitcoin in a big way. Exchange-traded funds hold roughly 1.54 million BTC, public and private companies control more than 1.4 million, and countries like El Salvador hold over half a million. In exchanges, approximately 2.14 million BTC are held in inventory, with over 570,000 being owned by Binance. Approximately 120,000 BTC is held by miners, and 267,236 BTC is operated by decentralized finance platforms. This implies that the majority of new coins are introduced into the market gradually, without the price shocking.
Source: BitcoinTreasuries
Market Reaction and Investor Perspective
The 95% mark came when Antpool mined block 923,999, adding the 19,950,000th Bitcoin. Transaction fees for the milestone block were modest, around 0.013 BTC. Thousands of nodes around the world continue to enforce Bitcoin’s 21 million coin limit, a rule built into the protocol from the start.
Prominent crypto analysts, including Alex Thorn, highlighted the milestone on social media, emphasizing that only 1.05 million BTC remain to be mined.
🚨 95% OF ALL BITCOIN HAS BEEN MINED
⛏️ ONLY 1.05M BTC LEFT TO BE MINED
💯 THERE WILL ONLY EVER BE 21M BTC
— Alex Thorn (@intangiblecoins) November 17, 2025
This is more of a symbolic, rather than a shocking milestone, to many investors. Bitcoin is trading at around $94,000, which is a little low compared to the recent highs. According to analysts, scarcity has been a marketed feature long time. The question now is demand: who wants Bitcoin and who is holding it, and who is contributing to their positions. The future trends will be driven by institutional accumulation and long-term investor behavior rather than by mining milestones in the future.
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What This Means Going Forward
Hitting 95% mined marks a turning point. Bitcoin is no longer mainly a question of new supply. Its value will be more dependent on the amount of it that has already been in circulation and the control of those who. Investors are concerned with long-term strategic accumulation, positioning, and following the demand indicators instead of expecting a spontaneous increase in profits caused by the supply.
Briefly, Bitcoin is at a new stage. There is actual scarcity, the institutional base is becoming larger, and the market is becoming mature. The following will be a chapter not written by the miners, but by those who possess and deal in the coins which are already in existence.
FAQs
- How much of Bitcoin has been mined so far?
Approximately 95 percent of Bitcoin has been mined, with about 19.95 million coins in circulation and less than 1.05 million remaining.
- What does Bitcoin’s 95 percent mined milestone mean for investors?
The milestone signals a shift from supply-driven growth to scarcity-driven valuation. Future price trends will depend more on demand and long-term holdings than new issuance.
- When will the final Bitcoin be mined?
The last Bitcoin is expected to be mined around the year 2140, following a halving schedule that gradually reduces block rewards.
- How does institutional ownership affect Bitcoin scarcity?
Institutional investors, exchanges, and countries control large amounts of Bitcoin, slowing the flow of new coins into the market and reinforcing scarcity.
- Does the 95 percent milestone affect Bitcoin’s price immediately?
Not significantly. Analysts say scarcity is already priced in, and short-term price changes are more influenced by demand and investor behavior than mining milestones.
