Monetary Policy / Issuance Schedule
Every 210,000 blocks, the block subsidy is cut in half. This schedule is written into the protocol and enforced by every full node. Four halvings have occurred. The next is estimated for 2028.
November 28, 2012 · Block 210,000
Subsidy reduced from 50 BTC to 25 BTC. Price on the day: approximately $12. The first proof that the issuance schedule executes as designed. Block subsidy reduces on schedule, independent of any central authority.
July 9, 2016 · Block 420,000
Subsidy reduced from 25 BTC to 12.5 BTC. Price on the day: approximately $650. Mining had already shifted from GPUs to ASICs.
May 11, 2020 · Block 630,000
Subsidy reduced from 12.5 BTC to 6.25 BTC. Price on the day: approximately $8,600. Occurred during the early months of the global pandemic response.
April 20, 2024 · Block 840,000
Subsidy reduced from 6.25 BTC to 3.125 BTC. Price on the day: approximately $64,000. The current subsidy remains 3.125 BTC per block.
Dates are estimates based on a 10-minute average block time. Actual dates shift with hashrate. The block height is fixed.
Fifth halving
Block 1,050,000 · Subsidy 1.5625 BTC
~April 2028
Sixth halving
Block 1,260,000 · Subsidy 0.78125 BTC
~2032
Seventh halving
Block 1,470,000 · Subsidy 0.390625 BTC
~2036
Eighth halving
Block 1,680,000 · Subsidy 0.1953125 BTC
~2040
Prices are approximate daily closes from contemporaneous market data. Future dates are estimates only. This page is educational and does not provide financial, investment, or legal advice.