What is the Supply Schedule?
Bitcoin's supply schedule is the predetermined rate at which new bitcoin is created and released into circulation. Unlike traditional currencies, where central banks control the money supply, Bitcoin's issuance is governed entirely by code. A total of 21 million bitcoin will ever exist. As of early 2026, roughly 19.8 million have already been mined — about 94% of the total supply. The remaining bitcoin will be released gradually through mining rewards over the next century.
Why It Matters
The supply schedule is what makes Bitcoin fundamentally different from every fiat currency in history. No government, corporation, or individual can change it. This predictability gives holders confidence that their bitcoin won't be diluted by surprise monetary expansion. It also creates increasing scarcity over time: as halvings reduce the rate of new issuance, the ratio of existing supply to new supply grows, a dynamic that has historically coincided with bull markets. The supply schedule is Bitcoin's most powerful economic feature.
How It Works
Every time a miner successfully adds a block to the blockchain (roughly every 10 minutes), they receive a block reward of newly created bitcoin. This reward started at 50 BTC per block in 2009. Every 210,000 blocks (approximately every four years), the reward is cut in half — an event called the halving. The schedule: 50 BTC (2009), 25 BTC (2012), 12.5 BTC (2016), 6.25 BTC (2020), 3.125 BTC (2024). By around 2140, the block reward will round down to zero, and all 21 million bitcoin will be in circulation. After that, miners will be compensated entirely through transaction fees.