Only 1M BTC Remaining 😨

The 20 millionth BTC was mined today.

Author

Jonathan Morgan
March 09, 2026

OVERVIEW

Only 1M BTC Remaining 😨

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

BITCOIN
The 20 Millionth Bitcoin Was Mined Today. Nobody Threw A Party. 🪙 

Somewhere on March 9, 2026, a miner added a block to the Bitcoin blockchain and crossed one of the most consequential thresholds in the history of money. 🤑

Source: CloverPool

Twenty million Bitcoin are now mined.

That number represents 95.2% of every Bitcoin that will ever exist. The remaining 4.8% - one million coins - will take approximately 114 years to mine. Read that again. It took roughly 17 years to mine the first 20 million. The last million will take 114 years.

It’s Not Really 21 Million BTC

Did you know: the actual hard cap isn't exactly 21 million? Due to rounding in Bitcoin's code at the satoshi level, the true maximum is 20,999,999.9769 BTC. Now you can tell your friends and be much smarter.

But the ‘real’ amount of Bitcoin in circulation might be Meanwhile, an estimated 2.3 to 5.1 million BTC are already gone forever - lost private keys, crashed hard drives, dumpsters, mom taking your 2013 PC to Goodwill, early wallets abandoned when Bitcoin was worth fractions of a cent.

Fold that into the math and the effective circulating supply is somewhere between 15ish and 18ish million coins, not 21 million. True scarcity is tighter than the headline number suggests.

Bitcoin's annual inflation rate now sits below 1%. For context, that's lower than most major fiat currencies - and unlike those currencies, nobody can vote to change it.

The countdown to the last Bitcoin started today. See you in 2140. 📆 

TECHNICAL ANALYSIS
Bitcoin Ends A Six-Week Bleeding Streak By the Skin of Its Teeth 🪥

And speaking of Bitcoin. It closed in the green last week. For 0.31%. And a 0.31% weekly gain has never looked so exhausting. 😩

BTCUSD Daily Chart - Click to enlarge.

Six weeks. Six straight weekly closes in the red. And the week Bitcoin finally puts an end to that streak, it does so by gaining a hundred and ninety-nine dollars.

You'd be forgiven for not throwing a party because, well, Iran. And escalation. And risk-off. Everything that isn't a treasury bond started leaking.

By the time Sunday's candle closed, Bitcoin sat at $65,979. A 0.31% weekly gain. Six weeks of losses snapped by what amounts to a rounding error.

The weekly low of $65,271 tells you how close it came to not happening at all. But that's the market we're in right now. It can run $8,000 in a week and still nearly close red. The volatility is there. The follow-through isn't.

So yes - the losing streak is over. Bitcoin closed green. Just don't expect a parade. 🛻 

NEWS
One Small ASIC For Man 🌔 

A US startup called Starcloud wants to mine bitcoin in space. Not metaphorically. Actually in space. 🌌

Starcloud co-founder and CEO Philip Johnston told the HyperChange project that the company plans to deploy ASICs on its second satellite - Starcloud-2 - which is slated to launch by end of 2026. If it works, Starcloud becomes the first company to successfully mine BTC in orbit.

I mean, in a way this makes sense. Starcloud's core business is orbital data centers. In November 2025, it launched Starcloud-1 carrying an NVIDIA H100, making it as the first node in an eventual AI cluster network in space.

The economics of space-based compute, Johnston argues, are genuinely compelling: constant solar power, and heat that just... radiates into the void. No cooling infrastructure. No energy utility bills. No zoning fights.

Bitcoin mining fits into that framework better than GPUs do, Johnston says. ASICs run about 30 times cheaper per watt than GPU chips - a 1-kilowatt ASIC runs roughly $1,000 versus $30,000 for a comparable B200.

Mining workloads also tolerate dirtier, less stable power, which shortens the payback window. The tradeoff is that ASICs wear out faster than GPUs, so replacement costs are a real consideration at scale.

Regardless, it’s kind of cool. ⚖️ 

NEWS
The Nasdaq & Kraken Walk Into A Bar 🦑

The Nasdaq announced it's developing an equity token framework in partnership with Payward (the company behind Kraken and xStocks), connecting regulated markets to permissionless DeFi networks. 😱

Full operations target: H1 2027.

Wait, What?

The Nasdaq design makes the token the share - legally equivalent, same rights, same governance. Proxy voting, corporate actions, dividends - all of it travels with the token, integrated directly into the issuer's official share registry. And framework is consistent with the SEC's 2026 Staff Statement on Tokenized Securities, which treats tokenized equities the same as traditional shares under federal law.

Kraken’s xStocks is the permissionless infrastructure layer. Since launching in June 2025, it's done $25 billion in total transaction volume, $4 billion settled on-chain, with 85,000 unique holders across networks.

The equities transformation gateway they're building together lets tokenized equities move between institutional trading infrastructure and open blockchain networks. Payward handles KYC/AML on the DeFi side through Kraken. (xStocks are not available to U.S. persons, thanks Gensler.)

That’ll Do Pig, That’ll Do

How do you maintain price integrity and issuer control when your equity is circulating across blockchain networks you don't own? Nasdaq's answer: make the token canonical, not derivative.

It’s all about that fancy schmancy word called ‘capital efficiency’. I guess that’s two words. Anyway, equity collateral moves programmatically across venues, lending protocols, and hedging strategies - instead of sitting static inside a single broker - is a fundamentally different asset. 🔓️

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

📋 Alchemy Pay Now Has Money Transmitter Licenses in 15 States, Delaware Being the Latest

Alchemy Pay added Delaware to its US regulatory stack, bringing its Money Transmitter License count to 15 states, with additional applications in review. The compliance buildup is infrastructure for longer-term plans - specifically a stablecoin launch and its own Alchemy Chain - rather than just paperwork for its own sake. Outside the US, it also picked up registrations in Australia, South Korea, and Switzerland this year. Alchemy Pay.

🤖 SingularityNET Wants to Build the Orchestration Layer That Turns LLMs Into AGI On-Ramps

Dr. Ben Goertzel published a preliminary design for HyperClaw - a cognitive orchestration system that automates the mechanical majority of complex AI workflows (generate/critique/revise loops, bug fixes, parameter sweeps) while leaving the genuine strategic judgment to a human, with the explicit goal of cutting a 30-hour research workflow down to roughly 5 focused hours. This is all greek and Cylons stuff to me so just read it here. SingularityNET.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

🏛️ Ondo Just Made Tokenized Big Tech Stocks a Regulated Product in the Middle East

Binance admitted 10 Ondo digital securities to its ADGM-regulated MTF - Apple, Amazon, Nvidia, Tesla, and the rest of the familiar names - making them the first tokenized equities cleared for trading under the ADGM framework, with EU approval already in hand from last November. That is a long ass sentence btw. Anyway, the structure is equity-linked notes, not direct token equivalents, which is a distinction regulators care about and most users will ignore until they don't. Ondo Finance.

🎰 250,000 Japanese Vending Machine Users Are on a Blockchain and Have No Idea

I think this goes here. 24karat deployed 2,000 vending machines across Japan selling VTuber digital collectibles built on Flow, and 99% of the 250,000 weekly users have never used crypto before and don't know they're using it now - no wallet setup, no gas fees, no onboarding tutorial, just scan and collect. The business model works at sub-cent transaction fees on Flow, which is what makes a $5-$10 vending machine price point viable at national scale. Flow.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🌐 Every New .Whatever Namespace Is Just Fragmentation With Extra Steps

New blockchain naming systems keep launching custom extensions that resolve inside their own app and maybe a few partner wallets… which isn't universal identity but more of a kind of walled garden with a press release. And there’s some risks with bumping up against ICANN's next gTLD window, which opens April 2026, and if a blockchain service already issued .wallet and ICANN later delegates .wallet to a DNS registry, users end up with two authorities claiming the same string and no clean answer for which one resolves. ENS extends the existing DNS root rather than inventing a competing one. Ethereum Naming Service.

NEWS IN THREE SENTENCES
Protocol News 🏦

🗑️ Reserve Protocol Is Killing 17 Dead DTFs and Would Like Credit for Doing the Obvious

ABC Labs is formally proposing to deprecate 17 dormant DTFs - nine yield funds and eight index funds - that nobody is using but still require governance monitoring, infrastructure overhead, and active admin roles sitting on unmonitored contracts. Holders can redeem for their pro-rata share of underlying assets throughout the process, nothing about exit changes. Reserve Rights.

📱 Lens Has New Owners and a Surprisingly Honest List of Things That Are Broken

Mask Network's Suji Yan and new Product Head Kimmo Siren held a public AMA laying out the transition and what comes next: fix the obvious stuff first - seven-day login sessions, storage limitations, wallet support gaps - then improve integrations, then chase growth, in that order. The previous team went quiet for six months during negotiations and the transfer is described as 99.9% complete with some legacy items still sorting themselves out. Mask Network.

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋