| Event | Date | Block height | Reward before | Reward after | Daily issuance after | BTC price | % of 21M mined |
|---|---|---|---|---|---|---|---|
| Genesis | Jan 3, 2009 | 0 | — | 50 BTC | ~7,200 BTC | < $0.01 | 0% |
| 1st Halving | Nov 28, 2012 | 210,000 | 50 BTC | 25 BTC | ~3,600 BTC | ~$12 | 50% |
| 2nd Halving | Jul 9, 2016 | 420,000 | 25 BTC | 12.5 BTC | ~1,800 BTC | ~$650 | 75% |
| 3rd Halving | May 11, 2020 | 630,000 | 12.5 BTC | 6.25 BTC | ~900 BTC | ~$8,600 | 87.5% |
| 4th Halving Current | Apr 19, 2024 | 840,000 | 6.25 BTC | 3.125 BTC | ~450 BTC | ~$63,800 | 93.75% |
| 5th Halving Next | ~Apr 2028 | 1,050,000 | 3.125 BTC | 1.5625 BTC | ~225 BTC | — | ~96.9% |
| 6th Halving | ~Apr 2032 | 1,260,000 | 1.5625 BTC | 0.78125 BTC | ~113 BTC | — | ~98.4% |
| 7th Halving | ~Apr 2036 | 1,470,000 | 0.78125 BTC | 0.390625 BTC | ~56 BTC | — | ~99.2% |
| 8th Halving | ~2040 | 1,680,000 | 0.390625 BTC | 0.195313 BTC | ~28 BTC | — | ~99.6% |
| 9th Halving | ~2044 | 1,890,000 | 0.195313 BTC | 0.097656 BTC | ~14 BTC | — | ~99.8% |
| 10th Halving | ~2048 | 2,100,000 | 0.097656 BTC | 0.048828 BTC | ~7 BTC | — | ~99.9% |
| Final (~33rd) | ~2140 | 6,930,000 | — | 0 BTC | 0 BTC | — | 100% |
Predictable scarcity
The halving schedule is hard-coded into Bitcoin's protocol. No central bank, board, or government can alter it. Every market participant knows exactly how much Bitcoin will exist at any point in the future — something true of no fiat currency in history.
Declining issuance
Over 94% of all Bitcoin that will ever exist has already been mined. By 2032, that figure crosses 98%. After roughly 2036, new daily issuance becomes a rounding error against the existing float — making each halving meaningfully less impactful on supply than the last.
Miner economics
Each halving cuts miner revenue in half overnight while costs stay fixed. Miners with cheap energy and efficient hardware survive; weaker operations exit. This process strengthens the network's long-term security by concentrating hash rate among the most efficient participants.
Questions about custody or strategy?
Understanding the halving schedule is a starting point. We help clients think through what it means for their position, timeline, and custodial setup.