Bitcoin halvings
Every 210,000 blocks, Bitcoin's block subsidy halves. Four halvings have completed; about 30 more sit in the schedule before the subsidy integer-shifts to zero and the network must run on fees alone, somewhere around the year 2140.
949,179, 109,179 blocks into this epoch.
Current block subsidy: 3.125 BTC per block.
Completed halvings
Block heights and timestamps are verified against our own bitcoind via
getblockheader. Block hashes are deterministic and can be
re-checked at any full-node explorer.
| # | Block height | Date (UTC) | Subsidy change | BTC issued in epoch | % of 21M | Cumulative supply |
|---|---|---|---|---|---|---|
| 1 | 210,000 |
2012-11-28T15:24:38Z | 50.0 → 25.0 BTC | 5,250,000 | 25.000% | 15,750,000 BTC |
| 2 | 420,000 |
2016-07-09T16:46:13Z | 25.0 → 12.5 BTC | 2,625,000 | 12.500% | 18,375,000 BTC |
| 3 | 630,000 |
2020-05-11T19:23:43Z | 12.5 → 6.25 BTC | 1,312,500 | 6.250% | 19,687,500 BTC |
| 4 | 840,000 |
2024-04-20T00:09:27Z | 6.25 → 3.125 BTC | 656,250 | 3.125% | 20,343,750 BTC |
Supply curve through 2140
Cumulative BTC supply by block height. The classic stepped-asymptote shape, computed from the halving schedule. Halving events marked. Right edge approaches the 21M cap but never crosses it; the integer subsidy reaches zero around block 13.4M (~2140) and issuance stops.
Miner revenue: fees as a share of total
The chart that actually matters for Bitcoin's long-term security: how much of miner revenue comes from transaction fees vs the block subsidy, monthly-averaged. The subsidy halves every four years; the fee share must climb to 100% by 2140 (or much sooner if the network can't sustain miners on the smaller subsidy). Halving events marked.
944,061 blocks indexed.
Projected halvings
ETAs derived from the actual recent block-interval average (9.90 min), not the protocol target of 10 min. Real mainnet runs slightly faster than target in most epochs, so projections drift earlier than naive 10-min math.
| # | Block height | Projected date (UTC) | Subsidy change | BTC issued in epoch | % of 21M |
|---|---|---|---|---|---|
| 5 | 1,050,000 |
2028-04-05T18:02:40+00:00 | 3.125 → 1.5625 BTC | 328,125.0000 | 1.5625% |
| 6 | 1,260,000 |
2032-03-20T05:10:57+00:00 | 1.5625 → 0.78125 BTC | 164,062.5000 | 0.7812% |
| 7 | 1,470,000 |
2036-03-03T16:19:14+00:00 | 0.78125 → 0.390625 BTC | 82,031.2500 | 0.3906% |
| 8 | 1,680,000 |
2040-02-16T03:27:32+00:00 | 0.390625 → 0.1953125 BTC | 41,015.6250 | 0.1953% |
| 9 | 1,890,000 |
2044-01-30T14:35:49+00:00 | 0.1953125 → 0.09765625 BTC | 20,507.8125 | 0.0977% |
| 10 | 2,100,000 |
2048-01-14T01:44:06+00:00 | 0.09765625 → 0.04882812 BTC | 10,253.9052 | 0.0488% |
| 11 | 2,310,000 |
2051-12-28T12:52:23+00:00 | 0.04882812 → 0.02441406 BTC | 5,126.9526 | 0.0244% |
| 12 | 2,520,000 |
2055-12-12T00:00:41+00:00 | 0.02441406 → 0.01220703 BTC | 2,563.4763 | 0.0122% |
| 13 | 2,730,000 |
2059-11-25T11:08:58+00:00 | 0.01220703 → 0.00610351 BTC | 1,281.7371 | 0.0061% |
| 14 | 2,940,000 |
2063-11-08T22:17:15+00:00 | 0.00610351 → 0.00305175 BTC | 640.8675 | 0.0031% |
Why halvings matter
Bitcoin's monetary policy is the only one in financial history that's fully known in advance, fully deterministic, and fully enforced by the network rather than a central authority. Halvings are the visible expression of that policy. Each one cuts the rate of new BTC issuance in half. The supply curve above is unavoidable given the rules; the only variable is when each block lands, which is itself bounded by the difficulty adjustment.
The interesting open question, plotted in the second chart above, is whether transaction fees alone can sustain network security as the subsidy approaches zero. Today fees are a small percentage of total miner revenue; by 2140 they must be 100%. The trajectory between now and then is what every Bitcoin Core developer, miner, and long-term holder is implicitly betting on.