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Due to the mining power having increased overall over time, as of block 367,500 - assuming mining power remained constant from that block forward - the last Bitcoin will be mined on May 7th, 2140.
As it is very difficult to predict how mining power will evolve into the future - i.e.
The bitcoin inflation rate steadily trends downwards.
At the time of writing, more than 3 out of every 4 bitcoins that will ever exist have already been mined, and the annual inflation rate is just 4%.
Speculated justifications for the unintuitive value "21 million" are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number.
Satoshi has never really justified or explained many of these constants.
Instead, currency is created by the nodes of a peer-to-peer network.
The total number of bitcoins, as mentioned earlier, has an asymptote at 21 million, due to a side-effect of the data structure of the blockchain - specifically the integer storage type of the transaction output, this exact value would have been 20,999,999.9769 bitcoin.Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.Bitcoins are created each time a user discovers a new block.Consequently, the time the last Bitcoin will be created will also vary, and is subject to speculation based on assumptions.
If the mining power had remained constant since the first Bitcoin was mined, the last Bitcoin would have been mined somewhere near October 8th, 2140.
The theoretical total number of bitcoins, slightly less than 21 million, should not be confused with the total spendable supply.