Bitcoin Halving Clock
Last reviewed: August 2026
Every 210,000 blocks (roughly four years), the Bitcoin network's protocol rules cut the amount of new bitcoin issued per block in half. Here's a live look at where the network stands right now, using the same real-time block data as Network Fee Architecture.
What Is the Block Subsidy Halving?
New bitcoin only enters circulation as a reward paid to whoever adds the next block to the chain. There's no other issuance mechanism. That reward, the block subsidy, is cut in half every 210,000 blocks by a fixed rule written into the protocol itself. No company, foundation, or vote decides when a halving happens; the software enforces it the same way on every node that follows the rules.
A Capped, Predictable Issuance Schedule
Halving the subsidy on a fixed schedule means total issuance approaches a hard ceiling of 21 million bitcoin, with more than 98% expected to exist by 2030 and the final fraction issued around the year 2140. That's a different design than currencies where a central authority can decide to issue more on its own. Here the schedule is set in advance and every participant can verify it independently. See What Is a Block? for how each of these blocks gets added in the first place.
Halving History
| # | Date | Block | Subsidy Change |
|---|---|---|---|
| 1 | November 28, 2012 | 210,000 | 50 → 25 BTC |
| 2 | July 9, 2016 | 420,000 | 25 → 12.5 BTC |
| 3 | May 11, 2020 | 630,000 | 12.5 → 6.25 BTC |
| 4 | April 19, 2024 | 840,000 | 6.25 → 3.125 BTC |
Curious what actually happens inside each of those blocks, or how fees factor in once the subsidy keeps shrinking? Start with What Is a Network Fee? or the broader Self-Custody Hub.