Bitcoin Halving Dates: Complete History and Next Halving Countdown

Bitcoin Halving Dates: The Complete History and What Comes Next

The Bitcoin halving is the single most important supply-side event in the Bitcoin protocol. Every 210,000 blocks (approximately every four years), the reward that miners receive for adding a new block to the blockchain is cut in half. This programmatic reduction in new supply is a cornerstone of Bitcoin's monetary policy: predictable, transparent, and completely immune to human intervention.

Using data from Onramp Terminal, this page tracks every halving in Bitcoin's history, the market conditions surrounding each event, and the countdown to the next one.

Complete Bitcoin Halving History

Halving #1: November 28, 2012

• Block height: 210,000
• Block reward change: 50 BTC to 25 BTC
• Bitcoin price on halving day: ~$12.35
• Price 1 year later: ~$1,037 (+8,296%)
• Daily new supply before: 7,200 BTC/day
• Daily new supply after: 3,600 BTC/day
• Total BTC mined at halving: ~10,500,000
• Percentage of total supply issued: 50%

The first halving was a relatively quiet event. Bitcoin was still a niche experiment, with a market cap under $150 million. Mining was dominated by GPUs, and most of the world had never heard of Bitcoin. The 12 months following the first halving saw one of the most dramatic price increases in any asset's history, with Bitcoin surging from ~$12 to over $1,000.

Halving #2: July 9, 2016

• Block height: 420,000
• Block reward change: 25 BTC to 12.5 BTC
• Bitcoin price on halving day: ~$650
• Price 1 year later: ~$2,550 (+292%)
• Price at cycle peak (Dec 2017): ~$19,783 (+2,943%)
• Daily new supply before: 3,600 BTC/day
• Daily new supply after: 1,800 BTC/day
• Total BTC mined at halving: ~15,750,000
• Percentage of total supply issued: 75%

By the second halving, Bitcoin had survived the Mt. Gox collapse and established itself as a legitimate (if volatile) asset class. The halving preceded the 2017 bull run that brought Bitcoin into mainstream consciousness, with the price eventually reaching nearly $20,000 in December 2017.

Halving #3: May 11, 2020

• Block height: 630,000
• Block reward change: 12.5 BTC to 6.25 BTC
• Bitcoin price on halving day: ~$8,787
• Price 1 year later: ~$56,704 (+545%)
• Price at cycle peak (Nov 2021): ~$69,000 (+685%)
• Daily new supply before: 1,800 BTC/day
• Daily new supply after: 900 BTC/day
• Total BTC mined at halving: ~18,375,000
• Percentage of total supply issued: 87.5%

The third halving occurred during the COVID-19 pandemic, just two months after Bitcoin had crashed to ~$3,800 in the March 2020 liquidity crisis. The post-halving cycle saw unprecedented institutional adoption: MicroStrategy began buying in August 2020, Tesla followed in February 2021, and El Salvador adopted Bitcoin as legal tender in September 2021. Bitcoin reached an all-time high of ~$69,000 in November 2021.

Halving #4: April 19, 2024

• Block height: 840,000
• Block reward change: 6.25 BTC to 3.125 BTC
• Bitcoin price on halving day: ~$63,800
• Price 1 year later: ~$97,000+ (+52%)
• Daily new supply before: 900 BTC/day
• Daily new supply after: 450 BTC/day
• Total BTC mined at halving: ~19,687,500
• Percentage of total supply issued: 93.75%

The fourth halving was unique: it occurred just three months after the launch of U.S. spot Bitcoin ETFs in January 2024. For the first time, a halving reduced new supply while a massive new demand channel (ETFs purchasing 1,000-5,000+ BTC per day during peak inflows) was simultaneously absorbing supply. This halving also marked the era where annual Bitcoin inflation dropped below 1% for the first time, making Bitcoin's new supply rate lower than gold's estimated 1.5-2% annual increase.

Halving Summary Table

Halving | Date | Block | Reward | Price at Halving | Peak After | Supply Issued

#1 | Nov 28, 2012 | 210,000 | 50 to 25 BTC | $12.35 | $1,037 | 50%

#2 | Jul 9, 2016 | 420,000 | 25 to 12.5 BTC | $650 | $19,783 | 75%

#3 | May 11, 2020 | 630,000 | 12.5 to 6.25 BTC | $8,787 | $69,000 | 87.5%

#4 | Apr 19, 2024 | 840,000 | 6.25 to 3.125 BTC | $63,800 | TBD | 93.75%

#5 | ~Apr 2028 | 1,050,000 | 3.125 to 1.5625 BTC | TBD | TBD | 96.875%

The Next Bitcoin Halving: ~April 2028

Projected Details

• Estimated date: April 2028 (exact date depends on block times)
• Block height: 1,050,000
• Block reward change: 3.125 BTC to 1.5625 BTC
• Daily new supply after: ~225 BTC/day
• Annual new supply after: ~82,125 BTC
• Annual inflation rate after: ~0.39%
• Total supply at halving: ~20,343,750 BTC (96.875% of final supply)

After the 2028 halving, only ~656,250 BTC will remain to be mined, spread over the next ~112 years. The annual inflation rate of ~0.39% will be roughly one-fifth the inflation rate of gold, reinforcing Bitcoin's position as the scarcest monetary asset in human history.

Halving Countdown

Onramp Terminal tracks the current block height in real time. With blocks averaging approximately 10 minutes, the countdown to block 1,050,000 provides an increasingly precise estimate as the date approaches.

Why Does the Halving Matter?

Supply Shock Mechanics

The halving creates a supply shock: the rate of new Bitcoin entering the market is suddenly cut in half. If demand remains constant or grows (as it has historically), the reduction in new supply creates upward price pressure. This is basic supply and demand economics, but with a completely predictable supply schedule.

Bitcoin's Inflation Rate Over Time

Period | Block Reward | Annual New BTC | Inflation Rate

2009-2012 | 50 BTC | ~2,628,000 | High (early distribution)

2012-2016 | 25 BTC | ~1,314,000 | ~8-10%

2016-2020 | 12.5 BTC | ~657,000 | ~3.5-4%

2020-2024 | 6.25 BTC | ~328,500 | ~1.7-1.8%

2024-2028 | 3.125 BTC | ~164,250 | ~0.83%

2028-2032 | 1.5625 BTC | ~82,125 | ~0.39%

For context, the U.S. dollar supply (M2) has expanded by an average of 7-8% annually over the past two decades, and gold supply grows by approximately 1.5-2% per year through mining.

The Stock-to-Flow Relationship

The halving directly increases Bitcoin's stock-to-flow ratio, which measures existing supply relative to new production. After the 2024 halving, Bitcoin's stock-to-flow exceeded gold's for the first time. After the 2028 halving, it will be more than double gold's.

Historical Price Performance Around Halvings

While past performance does not guarantee future results, every halving cycle has followed a broadly similar pattern:

1. Pre-halving accumulation (12-18 months before): Price tends to rise as the market anticipates reduced supply
2. Halving event: Often a short-term non-event or slight correction ("sell the news")
3. Post-halving expansion (6-18 months after): Price discovery phase with significant appreciation
4. Cycle peak (12-18 months after halving): Speculative excess leads to blow-off top
5. Correction (18-24 months after halving): 50-80% drawdown from peak

Each cycle has seen diminishing percentage returns but increasing absolute dollar gains, consistent with Bitcoin's growing market cap and liquidity.

When Will the Last Bitcoin Be Mined?

Based on the halving schedule, the final Bitcoin will be mined around the year 2140. However, the practical impact of halvings on new supply becomes negligible well before then:

• By 2032: 99.2% of all Bitcoin will have been mined
• By 2036: 99.6% of all Bitcoin will have been mined
• By 2040: 99.8% of all Bitcoin will have been mined

At that point, miners will rely almost entirely on transaction fees rather than block rewards, a transition that is already underway.

Track the Halving with Onramp Terminal

Onramp Terminal provides real-time block height tracking, supply issuance data, mining economics, and the tools serious Bitcoin allocators need to understand the supply dynamics driving Bitcoin's long-term value proposition.

For investors looking to position ahead of the next halving, Onramp provides institutional-grade Bitcoin exposure through Multi-Institution Custody across BitGo, Coinbase, and Anchor Watch, with over $1 billion in assets under custody.

Frequently Asked Questions

When is the next Bitcoin halving?

The next Bitcoin halving is projected for approximately April 2028, at block height 1,050,000. The block reward will decrease from 3.125 BTC to 1.5625 BTC per block, reducing daily new supply from ~450 BTC to ~225 BTC and dropping Bitcoin's annual inflation rate to approximately 0.39%.

What happens during a Bitcoin halving?

During a Bitcoin halving, the block reward that miners receive for validating transactions is cut in half. This occurs every 210,000 blocks (roughly every 4 years). The halving reduces the rate of new Bitcoin entering circulation, effectively cutting Bitcoin's inflation rate in half. This is hardcoded into Bitcoin's protocol and cannot be changed.

How many Bitcoin halvings have there been?

There have been four Bitcoin halvings: November 28, 2012 (50 to 25 BTC), July 9, 2016 (25 to 12.5 BTC), May 11, 2020 (12.5 to 6.25 BTC), and April 19, 2024 (6.25 to 3.125 BTC). The fifth halving is expected around April 2028. A total of 32 halvings will occur before the last Bitcoin is mined around 2140.

Does Bitcoin price go up after halving?

Historically, Bitcoin's price has increased significantly in the 12-18 months following each halving: +8,296% after the 2012 halving, +2,943% to cycle peak after 2016, and +685% to cycle peak after 2020. However, past performance does not guarantee future results. Each cycle has shown diminishing percentage returns with increasing absolute gains as Bitcoin's market cap grows.

How many Bitcoin are left to mine?

As of February 2026, approximately 1.4 million BTC remain to be mined out of the 21 million total supply. After the 2028 halving, only about 656,250 BTC will remain. By 2032, over 99.2% of all Bitcoin will have been issued. The final Bitcoin will be mined around the year 2140, though the practical impact on supply becomes negligible well before then.