Bitcoin Halving Chart – Investors Guide to BTC

Key Takeaways

• Bitcoin halvings are scheduled events which half the rate at which new BTC enters circulation. By staggering the entry of new coins, halving helps to protect Bitcoin against inflation.  
• Each halving event historically leads to major market shifts, often triggering price appreciation and attracting institutional interest.
• Miners experience a significant impact from halvings, as block rewards decrease. This makes transaction fees an essential source of revenue for long-term network security.
• The final Bitcoin halving is expected around 2140, marking the full circulation of Bitcoin’s supply and transitioning the network to a fully fee-based economy.

With a maximum supply cap of 21 million coins, Bitcoin is a deflationary asset – and the Bitcoin halving plays a fundamental role in maintaining this. Unlike fiat currencies, which central banks can print at will, Bitcoin’s supply schedule is predetermined by code and cannot be changed.

Beyond their macro impact on Bitcoin, individual halvings are a key event in their own right, often catalyzing to significant market reactions and price movements. So for individual investors and anyone interested in understanding the unfolding story of Bitcoin, it’s worth knowing when each one will happen.

In this article, we’ll explore the Bitcoin halving chart, how Bitcoin halving works, its significance for the crypto market, as well as past and future halvings.

Bitcoin Halving Chart

While it is easy to monitor Bitcoin’s short-term price fluctuations, looking at the long-term supply schedule provides deeper insights into the cryptocurrency’s economic model. Central banks can adjust the money supply but Bitcoin’s issuance follows a strict, pre-programmed schedule. This predictability makes Bitcoin unique among financial assets, as investors can anticipate changes in supply well in advance.

The Bitcoin halving schedule is a crucial component of this model, dictating when and how new BTC is introduced into circulation. Each halving event has historically been accompanied by significant market reactions, often leading to increased interest, speculative activity, and price volatility. However, beyond short-term price movements, halvings reinforce Bitcoin’s long-term store of value narrative by ensuring a diminishing supply issuance. Below is a table showing all past and some of the near future Bitcoin halvings, culminating in the final event around the year 2140 when the last BTC will be mined.

How Does Bitcoin Halving Work?

Bitcoin halving occurs automatically via the Bitcoin protocol. The network automatically cuts the block reward in half once it mines 210,000 blocks. This event is crucial because it reduces the rate at which new Bitcoin enters circulation, reinforcing scarcity. As block rewards decline over time, Bitcoin becomes harder to obtain through mining, increasing its attractiveness as a scarce asset.

Miners play a vital role in securing the network by validating transactions and adding new blocks to the blockchain. Despite the reduction in block rewards, miners continue to receive transaction fees. Many think that these fees will become a more significant source of revenue as adoption grows. Over time, Bitcoin’s security model will transition from block rewards to a fee-based incentive system, ensuring its long-term sustainability.

​​What Is the Significance of the Bitcoin Halving?

The Bitcoin halving is significant because it directly impacts supply and demand dynamics. In contrast to fiat currencies that can be printed indefinitely, Bitcoin follows a specific issuance schedule that makes it inherently deflationary. This controlled scarcity sets Bitcoin apart from traditional currencies and many other digital assets, reinforcing its long-term value proposition.

Each halving event reduces the number of new BTC entering circulation, making it more difficult for miners to earn rewards and increasing the asset’s scarcity. Historically, halvings have led to major shifts in market sentiment, attracting new investors, increasing awareness, and fueling speculative interest. This cyclical nature of Bitcoin halvings creates opportunities for traders and long-term holders who can anticipate these supply shocks and strategize accordingly.

Beyond market speculation, halvings serve a fundamental role in Bitcoin’s economic model, ensuring that BTC remains a limited resource. This model helps Bitcoin maintain its position as a hedge against inflation, a secure store of value, and a decentralized alternative to traditional monetary systems.

Control Inflation

Bitcoin halvings ensure that BTC maintains a low and predictable inflation rate. Bitcoin’s inflation rate is mathematically programmed and diminishes over time. The initial block reward of 50 BTC per block in 2009 resulted in relatively high inflation, but with each halving event, the rate of new BTC entering circulation has slowed dramatically.

This built-in monetary policy contrasts sharply with the unpredictability of fiat currency systems, where inflation rates can fluctuate based on government policies, economic crises, or excessive money printing. By limiting the supply increase, Bitcoin provides a form of digital sound money that investors and institutions can rely on for long-term value preservation.

Protect BTC Value

By reducing the block reward, halvings naturally create scarcity, which historically has led to increased demand and price appreciation. The fundamental principle of supply and demand suggests that when the availability of an asset decreases while demand remains the same or increases, the price tends to rise. Bitcoin’s price history supports this theory, as past halvings caused significant bull runs.

For example, after the 2012 halving, Bitcoin’s price surged from around $12 to over $1,100 within a year. Similarly, the 2016 halving preceded the 2017 bull run that saw BTC reach nearly $20,000. More recently, the 2020 halving set the stage for Bitcoin’s 2021 all-time high of $69,000. While past performance does not guarantee future results, these trends indicate that halvings play a key role in shaping Bitcoin’s price cycles.

Finally, Bitcoin’s fixed supply of 21 million coins guarantees that no more can be created, preserving its purchasing power over time.

Alternative to Fiat

Bitcoin serves as a hedge against inflationary fiat currencies, offering a decentralized and transparent alternative to traditional monetary systems. Central banks and governments can manipulate fiat money supply through policies such as quantitative easing. By contrast, Bitcoin operates on an immutable blockchain protocol where code determines the monetary policy, rather than human intervention.

For individuals in countries with unstable economies or high inflation rates, Bitcoin provides an accessible and borderless way to store and transfer value without relying on traditional banks. This is particularly relevant in regions where local currencies are losing purchasing power due to economic mismanagement. For example, Venezuela suffered from hyperinflation in recent years. By holding BTC, people can protect their wealth from currency devaluation and gain financial sovereignty.

Additionally, Bitcoin’s global nature makes it an attractive asset for those looking to opt out of centralized financial systems. With growing institutional adoption and increasing acceptance as a legitimate asset class, Bitcoin is steadily becoming a viable alternative to fiat, providing a censorship-resistant, inflation-proof store of value for the modern economy.

How Does the Bitcoin Halving Affect Miners?

Miners secure the Bitcoin network by validating transactions and in return get rewards in the form of BTC. However, each halving reduces their rewards, making Bitcoin mining less profitable. Over time, as mining rewards diminish, transaction fees will become a more significant source of revenue for miners.

Generally, there are two main ways for miners to retain their profitability. The first one is for BTC to increase in value and make up for the lowered rewards after the halving. For example, at the start of 2024, Bitcoin traded in the $40,000. During the most recent halving in April 2024, Bitcoin was between $60,000 and $70,000. By the end of 2024, BTC reached new all-time highs of $100,000.

The second option is for miners to find more efficient ways to mine Bitcoin and lower their operational costs. In other words, this translates to more powerful and energy-efficient hardware, exploring cheaper energy sources, or both. It’s no surprise that many Bitcoin mining farms have transitioned to renewable sources like solar and wind in an attempt to lower costs.

Bitcoin Halving History

Each Bitcoin halving has had a profound impact on the cryptocurrency market. Here’s a recap of past halvings and their effects:

2012 Bitcoin Halving

The first Bitcoin halving occurred at block 210,000 in November 2012. During this event, the block reward dropped from 50 BTC to 25 BTC, slowing down Bitcoin issuance. In the months following the halving, Bitcoin’s price surged from approximately $12 to over $1,100 within the next year. This marked Bitcoin’s first major bull run linked to the halving cycle, solidifying the event’s significance in the crypto market.

2016 Bitcoin Halving

The second Bitcoin halving took place at block 420,000 in July 2016. As a result, the block reward changed from 25 BTC to 12.5 BTC, further reducing the supply of Bitcoin rewards. In the months that followed, Bitcoin’s price steadily climbed. Starting at around $650 before reaching an all-time high of nearly $18,000 by the end of 2017. This halving cycle brought Bitcoin into mainstream financial discussions, with institutional investors beginning to take an interest in the cryptocurrency.

2020 Bitcoin Halving

The third Bitcoin halving happened at block 630,000 in May 2020, lowering the block reward from 12.5 BTC to 6.25 BTC. This event occurred amid global economic uncertainty due to the COVID-19 pandemic, but Bitcoin still managed to experience a historic price rally. Over the next year, BTC surged to a new all-time high of $69,000 in 2021. The growing institutional adoption and mainstream recognition further fueled the bullish momentum.

2024 Bitcoin Halving

The fourth Bitcoin halving occurred at block 840,000 in April 2024. During this event, the block reward decreased from 6.25 BTC to 3.125 BTC, further reinforcing Bitcoin’s scarcity. Investors and analysts widely anticipated significant price movements following the halving. Past trends had demonstrated that supply reductions often led to increased demand and price appreciation. At the end of the same year, Bitcoin reached new all-time highs and culminated at $109,114.88 on 20 January 2025.

How Does the Bitcoin Halving Impact the Cryptocurrency Market?

Historically, Bitcoin halvings have led to increased demand and price appreciation. The reduction in supply typically coincides with higher institutional interest and adoption, driving new capital into the market. While past trends do not guarantee future outcomes, investors often see halvings as bullish catalysts for BTC.

Closing Thoughts

The Bitcoin halving is a crucial event that shapes the supply and demand dynamics of BTC and the wider crypto market. By understanding the importance of the halving schedule, investors can anticipate market trends and make better strategic decisions.

About the author

Tasho Tashev

Tasho is a passionate enthusiast of all things blockchain, Web3 and cryptocurrency. With a keen interest in the cutting-edge intersection of technology and entertainment, he loves sharing stories that inform and inspire.

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