A predictable limit
Bitcoin's monetary rules target a maximum supply of 21 million bitcoin. New bitcoin enters circulation through block rewards, according to rules that are publicly known in advance.
Unlike a currency managed by a central issuer, changing these rules would require broad adoption by independent network participants.
Keep the big picture in mind
Halvings
The block subsidy is reduced roughly every four years in an event called a halving. This means the rate of new issuance slows over time.
Halvings do not guarantee a price outcome. They are a supply-schedule feature, while price is influenced by many factors including demand and market conditions.
Divisibility
One bitcoin can be divided into 100 million smaller units called satoshis, or sats. Divisibility allows people to use small amounts even when one bitcoin has a high market value.
The 21 million limit does not mean only 21 million people can use Bitcoin; ownership and payments can be denominated in much smaller units.
Key Takeaways
Bitcoin's maximum supply is 21 million bitcoin.
New issuance follows a public, declining schedule.
Halvings reduce the new block subsidy over time.
Bitcoin is divisible into 100 million sats.
Quick Quiz
What does a Bitcoin halving do?
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