As of 2026, approximately 20 million of Bitcoin’s 21 million hard cap have already been mined. The real story is how slowly the final million BTC arrive, as the block subsidy continues to dwindle every four years.
The cap and the asymptote
Bitcoin’s supply is limited to approximately 21 million coins. However, due to the integer truncation in the subsidy calculation, the actual in-limits total arises slightly below 21 million. ChainQuery reports 20,999,999.9769 BTC as the hard limit which Bitcoin will approach asymptotically with each halving, according to its emission schedule.
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How issuance works
Bitcoin’s 21 million cap is underpinned by its block subsidy, which starts at 50 BTC and is cut in half every 210,000 blocks - roughly once every four years. As of April 2024's halving, the block subsidy stands at 3.125 BTC down from 6.25 BTC. That means the average year's issuance has dropped below 180,000 for some time, and will continue to halve every four years.
How much is already out there
As of 2026, reports suggest that just shy of 20 million bitcoin have been mined. All significant remaining quantity (approximately 1 million BTC) has yet to emerge, however.