95% of the world’s Bitcoin has been mined. Difficulty reached its maximum

On November 17, the Bitcoin network reached a new milestone: the total supply exceeded 19.95 million BTC, which corresponds to 95 percent of Nakamoto’s intended maximum limit of 21 million. Less than 1.05 million BTC remain until the supply is fully exhausted, and mining difficulty reached a record high of 152.27 T.

Due to the next halving, which took place in April 2024, the block reward was reduced to 3.125 BTC from the previous 6.25 BTC. As a result, daily production decreased to approximately 450 BTC. The next halving is expected in the spring of 2028, while the end of supply will stretch until approximately 2140, after over a hundred more years of gradual halvings. The scarcity model built into the protocol assumes that over time, user fees will become the key source of income for miners, maintaining the hashrate and stability of the Bitcoin network.

Does mining make sense?

Approaching the emission limit creates additional pressure on the mining industry, spurring companies to upgrade equipment, review costs, and discuss the long-term sustainability of the Bitcoin model. Kraken Global Economist Thomas Perfumo notes that the projected emission and scarcity distinguish Bitcoin from traditional currencies and make it a tool often viewed as a means of diversification and protection against fiat currency devaluation.

RedStone co-founder Marcin Kaźmierczak views reaching the 95 percent mark as a sign of network maturity, but notes that halving cycles play a key role in shaping the market. Nansen analyst Jake Kennis also points to this, believing that a supply squeeze will support prices, but is not sufficient for rapid growth. Fred Thiel, CEO of MARA, also notes the increasingly difficult operating conditions for miners due to falling profitability.

Against this backdrop, several major players in the mining market are already shifting their focus. Companies are increasingly moving toward projects related to artificial intelligence infrastructure. Bitfury, one of the oldest companies in the industry, operating since 2011, announced its exit from mining and the creation of a $1 billion investment fund. The fund will focus on AI, quantum technologies, and startups, with investment distribution scheduled to begin in the fourth quarter of 2025. Bitfarm and Galaxy have previously announced their intentions to refocus in this direction.