Eighty-five percent of the total bitcoin has already been mined. As of today, only 3.15 million bitcoins are left to be mined. There will only be 21 million bitcoins in existence. The crypto community much appreciates this idea as bitcoin compared to other assets or fiat currencies is limited, and it makes it more valuable than traditional currencies. When reserve bank of a country prints, more and more currencies it diminishes its value hence the inflation. In the case of bitcoin, there are only a limited number of coins that can come into existence so as it attracts more and more buyers the value of bitcoin will increase.
After every four years, Bitcoin goes through the process of halvening in which reward of each block mined is cut in half. As of now, miners are rewarded 12.5 bitcoin for each block mined, next halvening of bitcoin is scheduled next year and after that reward for each block mined will drop to 6.25 BTC. This will make mining more difficult as miners would not be able to make much. According to Nakamoto’s Bitcoin White Paper, once 21 million bitcoins have been mined the reward for miners would also end.
