The rules of the Bitcoin software declare that only 21 million bitcoins will ever be mined. Most Bitcoin already have been created. Approximately 19.5 million have been mined at the time of writing (block height 809454 in the year 2023). See live data on Bitcoin production.

Every four years, the number of bitcoins produced through the mining protocol is cut in half. The production of new bitcoins will end completely by the year 2140.

Thus, the issuance rate of Bitcoin is fixed and the inflation rate is completely predictable and knowable. Over time, less and less Bitcoin are mined, creating a lower and lower inflation rate, until production stops completely. Then, no more Bitcoin will ever be created and the inflation rate will be 0%. The decreasing issuance rate and limited amount gives Bitcoin its natural scarcity and intrinsic value.

See the chart below of the percentage of Bitcoin mined vs. Bitcoin’s inflation rate over time: