Just saw an interesting milestone in blockchain: Bitcoin has nearly reached 20 million coins in circulation, with only a few thousand left before that milestone is achieved. According to the latest data, the active BTC supply has already reached 95% of the total 21 million that will ever exist.

What’s fascinating about this phenomenon is what will happen next. As Bitcoin continues to evolve, we are entering a new phase of its network business cycle. In the past, miners relied on large block rewards, but now? Those rewards keep decreasing with each halving cycle. If the mining rate stays the same, 99% of the total supply will be mined by January 2035. Just imagine—that the last millions of BTC remaining will take over a century to mine out.

Satoshi originally designed Bitcoin with a hard cap of 21 million as a statement: truly scarce money, unlike fiat that central banks can inflate at will. It wasn’t a random decision; it’s a philosophy. Every four years, a halving reduces the miners’ reward by half, and this system runs like clockwork. Currently, about 450 BTC are added to the supply each day.

From a mining business cycle perspective, this is a critical transition. Old-school miners will eventually no longer be able to rely on block rewards. They must adapt to a new economic model that depends more on transaction fees. This isn’t just about miner profits—it’s about the long-term security of the network. If fee economics become unsustainable, problems could arise.

For Bitcoin maximalists, reaching 20 million is a validation of Satoshi’s original design. This absolute scarcity is what makes Bitcoin different from other commodities. Gold or oil? They can be produced more if prices rise. Bitcoin? Nope. Its supply curve is fixed, transparent, and unchangeable.

So, this milestone isn’t just a number on the blockchain; it reflects a mature business cycle. Bitcoin has already circulated 95% of its total supply, and what remains is the mining process that will continue until around 2140. This is a long-term game, and we are witnessing a transition from a reward-focused era to a fee-based economy. For those following market cycles, this is an important moment to watch.