🟡By mid-November 2025, roughly 95% of Bitcoin’s total supply — nearly 20 million coins — had been mined. The remaining 1.05 million BTC will enter circulation gradually due to ongoing halving events, which steadily reduce the issuance rate and keep supply dynamics predictable. At the same time, a growing number of “stranded” or lost coins further tightens the amount effectively available to the market.
🟡As issuance declines, miners face mounting pressure: block rewards continue shrinking while competition intensifies. Analysts warn that without a sustained price increase after the next halving, the mining industry will be forced to undergo significant restructuring, with only the most technologically advanced and energy-efficient operators likely to remain profitable.