Bitcoin Block Subsidy Schedule: Every Halving from Genesis to Final Satoshi
Complete reference of Bitcoin's block subsidy schedule from 50 BTC through every halving epoch to 2140. Dates, block heights, issuance, and cumulative supply.
Bitcoin Block Subsidy Overview
The block subsidy is the number of new bitcoin created in each block's coinbase transaction. Starting at 50 BTC per block in January 2009, the subsidy is cut in half every 210,000 blocks: an event known as the halving. This fixed emission schedule produces a total supply asymptotically approaching, but never reaching, 21 million BTC.
Bitcoin's halving cycle spans 33 non-zero epochs (epochs 0 through 32). The subsidy drops to 1 satoshi per block in epoch 32 around the year 2136, then to zero at block 6,930,000 around 2140. The theoretical maximum supply is not exactly 21,000,000 BTC: due to integer floor division in the halving arithmetic, the true cap is 20,999,999.9769 BTC (2,099,999,997,690,000 satoshis).
Completed Halving History
Four halvings have occurred since Bitcoin's genesis block on January 3, 2009. Each halving reduced the per-block subsidy by 50% and historically preceded significant price appreciation in the following 12 to 18 months. For a deeper analysis of the economic dynamics, see our research on Bitcoin halving economics.
| Halving | Date | Block Height | New Subsidy | ~BTC Price |
|---|---|---|---|---|
| Genesis | Jan 3, 2009 | 0 | 50 BTC | $0 |
| 1st | Nov 28, 2012 | 210,000 | 25 BTC | ~$12 |
| 2nd | Jul 9, 2016 | 420,000 | 12.5 BTC | ~$650 |
| 3rd | May 11, 2020 | 630,000 | 6.25 BTC | ~$8,600 |
| 4th | Apr 20, 2024 | 840,000 | 3.125 BTC | ~$64,000 |
The next halving (the 5th) is estimated for early 2028 at block 1,050,000, reducing the subsidy to 1.5625 BTC. Track the countdown on our Bitcoin halving countdown tool.
Complete Block Subsidy Schedule
The following table lists every epoch from genesis through the final satoshi. Subsidy values are exact: Bitcoin Core uses integer arithmetic in satoshis, applying a right-shift (floor division by 2) at each halving. When an odd satoshi value is halved, the fractional satoshi is permanently lost, which is why the total supply falls slightly short of 21 million.
| Epoch | Start Block | Subsidy (sats) | Epoch Issuance (BTC) | ~Year |
|---|---|---|---|---|
| 0 | 0 | 5,000,000,000 | 10,500,000 | 2009 |
| 1 | 210,000 | 2,500,000,000 | 5,250,000 | 2012 |
| 2 | 420,000 | 1,250,000,000 | 2,625,000 | 2016 |
| 3 | 630,000 | 625,000,000 | 1,312,500 | 2020 |
| 4 | 840,000 | 312,500,000 | 656,250 | 2024 |
| 5 | 1,050,000 | 156,250,000 | 328,125 | ~2028 |
| 6 | 1,260,000 | 78,125,000 | 164,062.5 | ~2032 |
| 7 | 1,470,000 | 39,062,500 | 82,031.25 | ~2036 |
| 8 | 1,680,000 | 19,531,250 | 41,015.625 | ~2040 |
| 9 | 1,890,000 | 9,765,625 | 20,507.8125 | ~2044 |
| 10 | 2,100,000 | 4,882,812 | 10,253.905 | ~2048 |
| 11 | 2,310,000 | 2,441,406 | 5,126.953 | ~2052 |
| 12 | 2,520,000 | 1,220,703 | 2,563.476 | ~2056 |
| 13 | 2,730,000 | 610,351 | 1,281.737 | ~2060 |
| 14 | 2,940,000 | 305,175 | 640.868 | ~2064 |
| 15 | 3,150,000 | 152,587 | 320.433 | ~2068 |
| 16 | 3,360,000 | 76,293 | 160.215 | ~2072 |
| 17 | 3,570,000 | 38,146 | 80.107 | ~2076 |
| 18 | 3,780,000 | 19,073 | 40.053 | ~2080 |
| 19 | 3,990,000 | 9,536 | 20.026 | ~2084 |
| 20 | 4,200,000 | 4,768 | 10.013 | ~2088 |
| 21 | 4,410,000 | 2,384 | 5.006 | ~2092 |
| 22 | 4,620,000 | 1,192 | 2.503 | ~2096 |
| 23 | 4,830,000 | 596 | 1.252 | ~2100 |
| 24 | 5,040,000 | 298 | 0.626 | ~2104 |
| 25 | 5,250,000 | 149 | 0.313 | ~2108 |
| 26 | 5,460,000 | 74 | 0.155 | ~2112 |
| 27 | 5,670,000 | 37 | 0.078 | ~2116 |
| 28 | 5,880,000 | 18 | 0.038 | ~2120 |
| 29 | 6,090,000 | 9 | 0.019 | ~2124 |
| 30 | 6,300,000 | 4 | 0.008 | ~2128 |
| 31 | 6,510,000 | 2 | 0.004 | ~2132 |
| 32 | 6,720,000 | 1 | 0.002 | ~2136 |
| 33 | 6,930,000 | 0 | 0 | ~2140 |
Note: Approximate years assume a constant 10-minute block interval. Actual dates will vary based on hashrate fluctuations and difficulty adjustments. Epochs 0 through 9 divide evenly with no rounding loss. Starting at epoch 10, floor division causes fractional satoshi losses that accumulate to a 0.0231 BTC shortfall from 21 million.
How the Subsidy Halving Works
The halving logic is defined in Bitcoin Core's GetBlockSubsidy() function. The initial subsidy is set to 50 BTC (5,000,000,000 satoshis). Every 210,000 blocks, the code performs an integer right-shift: nSubsidy >> halvings. This is equivalent to floor division by 2, meaning any fractional satoshi is silently discarded.
The first rounding loss occurs at epoch 10, where 9,765,625 satoshis divided by 2 yields 4,882,812.5: the 0.5 satoshi is truncated to 4,882,812. These sub-satoshi losses accumulate across 10 different epochs (epochs 10, 13, 14, 15, 16, 17, 19, 25, 27, and 29), producing the gap between the theoretical 21,000,000 BTC and the actual maximum of 20,999,999.9769 BTC. The Bitcoin Script consensus rules enforce that no block may create more satoshis than the subsidy schedule allows; any block claiming excess subsidy is rejected by every full node on the network.
Once the subsidy reaches 0 at epoch 33, no new bitcoin will ever be created. Miners will rely entirely on transaction fees to fund proof-of-work security. This transition is gradual: by the end of epoch 5 (~2032), over 98.4% of all bitcoin that will ever exist will have already been mined.
Cumulative Supply Milestones
Bitcoin's disinflationary curve is heavily front-loaded. Half of all bitcoin was mined in the first four years, and by the time the current epoch (epoch 4) ends around 2028, approximately 96.9% of the total supply will have been issued. The table below shows cumulative supply at the end of each of the first ten epochs plus key later milestones.
| After Epoch | Cumulative Supply (BTC) | % of Maximum |
|---|---|---|
| 0 | 10,500,000 | 50.000% |
| 1 | 15,750,000 | 75.000% |
| 2 | 18,375,000 | 87.500% |
| 3 | 19,687,500 | 93.750% |
| 4 | 20,343,750 | 96.875% |
| 5 | 20,671,875 | 98.438% |
| 6 | 20,835,937.5 | 99.219% |
| 9 | 20,979,492.1875 | 99.902% |
| 14 | ~20,999,359 | 99.997% |
| 20 | ~20,999,990 | 99.99995% |
| 32 | 20,999,999.9769 | 100% |
The remaining 0.1% of supply takes over a century to mine (epochs 10 through 32), spanning roughly 2048 to 2136. This extreme tail illustrates why the subsidy's role as a miner incentive diminishes long before it reaches zero. For a detailed look at the current block reward and issuance rate, see our block reward explorer.
Miner Economics: From Subsidy to Fees
The declining subsidy forces a structural shift in how miners earn revenue. Today, the block subsidy accounts for the vast majority of miner income, with transaction fees contributing only 1-2% during normal conditions. The long-term security of the Bitcoin network depends on fees eventually replacing the subsidy as the primary incentive for proof-of-work mining.
| Period | Fee Share of Revenue | Context |
|---|---|---|
| 2017 (pre-SegWit) | ~15-20% | High mempool congestion, 12.5 BTC subsidy |
| 2020-2022 | ~1-3% | Low fee environment, 6.25 BTC subsidy |
| May 2023 (BRC-20) | ~30%+ (peak blocks) | Ordinals and BRC-20 token mania |
| Apr 2024 (halving block) | >85% (block 840,000) | Runes launch: 37.6 BTC in fees on a single block |
| Mid-2025 to 2026 | ~1-2% | Post-hype normalization, 3.125 BTC subsidy |
The BRC-20 and Runes episodes demonstrated that demand-driven block space competition can generate substantial fee revenue. Block 840,000 (the 4th halving block) collected roughly 37.6 BTC in fees alone, more than six times the outgoing 6.25 BTC subsidy. Whether such demand persists at the levels needed to sustain network security remains an open question in Bitcoin mining economics.
Layer 2 protocols add another dimension to this equation. Lightning channels, Ark, and protocols like Spark move transaction volume off the base layer, potentially reducing fee pressure on-chain while enabling high-throughput payments on bitcoin rails. The net effect on miner revenue depends on whether L2 settlement transactions generate enough on-chain fees to offset the transactions they absorb.
Frequently Asked Questions
When is the next Bitcoin halving?
The 5th halving is expected around March or April 2028 at block height 1,050,000. It will reduce the block subsidy from 3.125 BTC to 1.5625 BTC. The exact date depends on hashrate fluctuations, since blocks do not arrive at a perfectly constant 10-minute interval. You can track the live estimate on our halving countdown.
Why is Bitcoin's max supply not exactly 21 million?
Bitcoin Core calculates the subsidy using integer arithmetic in satoshis. When an odd number of satoshis is halved, the 0.5 fractional satoshi is discarded via floor division. This first occurs at epoch 10 (9,765,625 satoshis halved to 4,882,812) and happens at 10 epochs total. The cumulative loss is 2,310,000 satoshis (0.0231 BTC), giving a true maximum of 20,999,999.9769 BTC.
How many Bitcoin halvings are there in total?
There are 33 halvings. The subsidy starts at 50 BTC in epoch 0 and halves 33 times. Epoch 32 is the last epoch with a non-zero subsidy (1 satoshi per block). At the 33rd halving (block 6,930,000, around the year 2140), the subsidy drops to 0 and no new bitcoin is ever created.
What happens to Bitcoin miners when the block subsidy reaches zero?
Miners will rely entirely on transaction fees for revenue. This transition is gradual: the subsidy already represents a shrinking share of miner income with each halving, and fee-driven revenue spikes (like those during the BRC-20 and Runes launches) have shown that on-chain demand can generate meaningful fees. Whether fees alone can sustain current levels of mining profitability and network hashrate is one of the most debated questions in Bitcoin fee market research.
How much Bitcoin has already been mined?
As of mid-2026, approximately 19.85 million BTC have been mined, representing about 94.5% of the maximum supply. The current epoch (epoch 4) issues 3.125 BTC per block, or roughly 450 BTC per day (144 blocks per day at the 10-minute target). By the end of epoch 5 around 2032, over 98.4% of all bitcoin will have been issued.
Does the halving affect Bitcoin's price?
Historically, each halving has preceded a significant price increase within the following 12 to 18 months. However, the subsidy's impact on new supply is diminishing: the 4th halving reduced daily issuance from ~900 to ~450 BTC, a drop that represents less than 0.002% of the circulating supply per day. As issuance becomes proportionally smaller, the supply-shock argument weakens relative to demand-side factors. Past performance does not guarantee future results.
What is the difference between block subsidy and block reward?
The block subsidy is only the newly created bitcoin in the coinbase transaction. The block reward is the total payout to the miner: subsidy plus all transaction fees collected from the block's transactions. As the subsidy declines, fees make up an increasing share of the total block reward.
This tool is for informational purposes only and does not constitute financial advice. Subsidy values are computed from Bitcoin's consensus rules and are exact. Future dates are estimates based on a 10-minute average block interval and may vary. Always verify current data before making decisions.
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