More than 85% of the total supply of Bitcoin (BTC) has been mined by August 2019, according to data from crypto information hub CoinMarketCap.
According to CoinMarketCap, the amount of bitcoins in circulation has surpassed the 17,850,000 mark. This represents over 85% of Bitcoin's total supply, which has a limit of 21 million coins.
However, not all of the coins are actually available for use: there is a significant number of Bitcoin owners who lost their private keys and, therefore, lost access to their wallets. According to the research firm Chainalysis, these lost coins comprise around 20% of the existing BTC supply.
In January 2009, the first Bitcoin block was mined, creating the first 50 coins. Currently, Bitcoin miners are generating 1,800 BTC per day, receiving 12.5 newly created coins as a reward for each block mined. In May 2020, however, this amount will be halved to 6.25 BTC per block.
This reward cut happens every 210,000 blocks — approximately four years — so the production rate will continue to slow down. The tech news outlet TNW has calculated that due to these reductions, the last bitcoins will be mined only by 2140.
The creator of Bitcoin, Satoshi Nakamoto, published the coin's white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008. Nakamoto is a pseudonym used by the actual developer, or group of developers, whose identity remains unknown.