The Bitcoin Halving Explained: Supply Shock, Halving Epochs, and Miner Economics
Detailed analysis of Bitcoin's 210,000-block halving schedule, stock-to-flow supply dynamics, and miner breakeven thresholds.
Understand the mathematical programmatic monetary policy that cuts new Bitcoin issuance by 50% every 4 years until the year 2140.
1. Programmatic Monetary Hard-Coded Scarcity
Every 210,000 blocks (roughly every 4 years), Bitcoin's block subsidy is cut in half. Starting at 50 BTC in 2009, it decreased to 25 BTC (2012), 12.5 BTC (2016), 6.25 BTC (2020), and 3.125 BTC in April 2024.
The 5th Halving will occur at block 1,050,000 (projected in 2028), cutting the block reward to 1.5625 BTC.
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