In chapter 1 you saw that the block reward is cut in half every 210,000 blocks. Each of those moments is a halving, and they mark the eras of Bitcoin.
The halvings so far
- 2009: 50 bitcoin per block at launch
- November 2012, block 210,000: 25
- July 2016, block 420,000: 12.5
- May 2020, block 630,000: 6.25
- April 2024, block 840,000: 3.125
- Around 2028, block 1,050,000: 1.5625
A predictable scarcity
Because of this schedule, more than 90% of all bitcoin that will ever exist has already been issued. Each halving cuts the flow of new coins in half, while the demand does whatever the world decides.
And when it reaches zero?
Around 2140, no new bitcoin will be created. Miners will then be paid only by the fees users attach to their transactions. That question, how to keep the network secure on fees alone, is one you will study at the Master level.
▶ SEE IT IN THE MACHINEHALVING counts down the blocks to the next cut, live, on a stepped ruler where each step is half the one before.