Bitcoin circulation is about to reach the milestone of 20 million coins, with the last 1 million coins expected to take 114 years to mine.

ChainCatcher reports that 19,997,001.16 bitcoins have been mined, leaving only about 3,000 coins to reach the 20 million milestone. At the current rate of production, this milestone is expected to be achieved within 7 days. This means that 95% of bitcoin’s fixed total supply of 21 million coins is already in circulation, with the remaining 1 million coins to be gradually mined over the next century.

Bitcoin founder Satoshi Nakamoto hardcoded the total supply limit of 21 million coins into the protocol. With the halving mechanism occurring every four years, bitcoin’s inflation rate has dropped below 1%, and currently about 450 coins are produced daily. At this pace, 99% of the supply will be mined by January 2035, the last whole bitcoin is expected to be produced in 2105, and mining will continue until around 2140.