Measurable issuance & estimated loss
Bitcoin Supply
Exact protocol issuance at the current tip against the 21 million cap, beside reported circulating supply and clearly labelled loss estimates.
Protocol issuance
Exactly how many bitcoin exist.
Summed block subsidies from genesis to the current tip.
Two numbers, kept apart
Protocol issuance is not reported supply.
These figures differ by a small amount, and merging them would hide a real fact about Bitcoin’s history. BitcoinTrench reports both.
Protocol issuance derived
What the consensus rules say should exist at this height. Computed by summing every block subsidy using Bitcoin’s integer halving rule — exact, and independent of any provider.
Reported circulating observed
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Aggregator source connecting
- Difference
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Some miners claimed less than the full subsidy their block permitted, so slightly fewer coins exist than the rules allowed.
Issuance rate
How fast new supply arrives.
- Per block
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- Per day
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- Per year
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- Blocks to next halving
- — · target —
Daily and annual figures assume the ten-minute target block interval.
Forward schedule
Every remaining halving.
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Research estimate not measurable
Coins that will probably never move.
Lost coins cannot be measured — only estimated, because an untouched address is indistinguishable from a patient one. BitcoinTrench therefore publishes a range from cited research rather than a single figure, and keeps it entirely separate from issued supply.
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These are third-party research estimates applied to live issued supply. They are not observations, they are not a BitcoinTrench metric, and they should never be subtracted from circulating supply as though they were confirmed.