This milestone reinforces how economics of Bitcoin are different from traditional currency systems like the dollar, which allow governments to always print more money. This “hard money” aspect of Bitcoin has been one of its primary appeals since the first batch of 50 coins was first minted 17 years ago.

“Having only one million Bitcoin left to be mined is a powerful reminder of something unique: this is the first monetary system in history with a fully predictable policy written in code,” said Raphael Zagury, CEO of the Bitcoin mining company Elektron Energy. 

By 2035, 99% of Bitcoin’s total supply will be mined, but it will take a little over 100 years to mint what is left. This timeline is due to a concept called halving, which means that about every four years, miners are rewarded with half as much Bitcoin. 

Today, miners receive 3.125 Bitcoin, whereas prior to 2024 they received more than 6 Bitcoin. When Satoshi Nakamoto created the original cryptocurrency in 2009, miners would receive 50 Bitcoin as a reward. The system is intended to make the original cryptocurrency more scarce, at a predictable rate, over time. When Bitcoin runs out in 2140, miners will be compensated solely through transaction fees. 

The original cryptocurrency is currently priced at about $71,000, according to Binance. While this is down about 46% since its all-time high in October, Bitcoin has grown about 16,000% in the past ten years, as its price in March of 2016 was a measly $430. 

Zagury, the CEO of the Bitcoin mining company, shared his short-term and long-term views on the original cryptocurrency. “I don’t think the milestone alone moves price in the short term. Liquidity and macro still dominate,” he said. “But long term, scarcity plus predictable policy is a powerful combination. Over time, markets tend to reward systems people can trust.”