The system is designed on a transparent mathematical system that can be predicted to create a finite number of Bitcoins in its running time. The approximate number of Bitcoins generated in first four years of operations or 210,000 blocks, from January 2009 to November 2012 was 10,499,889.80231183 and will result in half as many more by December 2016. By this count the currency supply will gradually and incrementally keep increasing until it hits a fixed ceiling beyond which more Bitcoins won't be created irrespective of mining efforts. The total number of Bitcoins that can ever be in existence are just less than 21 million at around 20,999,839.77085749 when using the determined 8 decimal point.
The system is designed to reveal blocks every 10 minutes with the initial value of 50 Bitcoins per block. Along with the runtime reduction in Bitcoin pay-off, another aspect of the system is that it adaptively changes the difficulty of the mining process based on the rate at which processing power is dedicated to the task. This adaptive reiteration tasks place every 2016 blocks based on the time taken to solve that many blocks.
At the current time (April 2014) there are 12650750.00000000 BTC in existence with a steady rate of increase. The number of Bitcoins in existence can be easily checked here. And as the network runtime increases the number of Bitcoins mined will half to 12.5 after the next 210,000 blocks and then 6.25 and so on.
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