The Bitcoin network has mined its 20 millionth coin, leaving about 1 million BTC to be produced over the next century.

Energy Co managing partner David Eng wrote on X that the market is nearing “a global asset with almost no new supply left.”

Supply math and the halving schedule

At current issuance, roughly 450 BTC are mined per day.

That daily supply will continue to fall as the block subsidy halves about every four years.

With only 1 million BTC remaining, the final bitcoin is still expected to be mined around 2140.

Executives point to predictable issuance

Elektron Energy CEO Raphael Zagury said the clarity of Bitcoin’s issuance is “unprecedented.”

Zagury said:

“The issuance schedule is transparent decades into the future. Humans value predictable rules, especially when it comes to money.”

Swyftx portfolio manager Tommy Rogulj said the “one million countdown” reinforces Bitcoin’s hard cap and neutral, bearer-asset design.

Grayscale also argued in a December note that a “digital money system with transparent, predictable, and ultimately scarce supply” has growing appeal amid “fiat currency tail risks.”

Analysts call it priced in

Capriole Investments founder Charles Edwards said the milestone is unlikely to move markets.

He described it as “already priced in,” pointing to Bitcoin’s known supply growth rate and its inflation being lower than gold.

Zagury agreed the milestone alone is unlikely to drive short-term price action, saying liquidity and macro conditions still dominate.