A new milestone has just been reached for Bitcoin.

Two days ago, the network crossed a historic threshold.

More than 20 million BTC have now been issued by the network.

That means over 95% of the total supply that will ever exist is already in circulation.

When Satoshi Nakamoto launched Bitcoin in 2009, the rules were clear from the start: the supply would be permanently capped at 21 million coins.

Seventeen years later, the system has entered the final phase of that issuance schedule.

The symbolic block that pushed the supply past 20 million was block 939,999, mined on March 9, 2026, by the mining pool Foundry USA.

At this stage, the block subsidy stands at 3.125 BTC, following multiple reward reductions over the years.

What makes this moment particularly important is how the issuance curve changes from here.

The first 20 million BTC were mined in less than two decades.

The last 1 million, however, will take more than 100 years to be released.

This happens because the block reward is periodically reduced during the well-known Bitcoin Halving, an event that occurs roughly every four years.

The next one is expected in 2028, cutting the reward in half once again.

At the same time, demand for Bitcoin continues to grow.

Corporations are increasingly adding BTC to their balance sheets, and spot ETFs have been attracting renewed inflows.

This combination slowing supply and expanding demand is why many observers describe this phase as the beginning of the “last million era.”

A common question naturally follows:

What happens once the final bitcoin is mined around 2140?

The network will not stop.

Even after all 21 million coins are issued, miners will continue validating transactions and securing the blockchain.

Instead of relying on block subsidies, their revenue will come primarily from transaction fees paid by users.

In other words, Bitcoin’s economic model will shift but the network will keep running.

Crossing the 20 million mark doesn’t mean the end of the story.

It simply highlights how Bitcoin’s programmed scarcity is steadily becoming a reality.