Maximum subsidy per valid block in the current era, plus eligible transaction fees.
Bitcoin halving countdown and supply explorer.
Follow live block progress toward the next subsidy cut, then zoom out to see Bitcoin’s full issuance path toward 21 million.
Live block data
The next Bitcoin halving
The event happens at a block height—not at a fixed clock time.
TargetLoading block target…
Estimated center dateChecking the current chain tip…
The date window will appear after live block data loads.
—Days
—Hours
—Minutes
—Seconds
Era startWaiting for current heightNext halving
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Current block—
Blocks remaining—
Current subsidy— BTC
Next subsidy— BTC
Quick answer
What will change?
New issuance per valid block is cut in half
- The block subsidy changes; existing wallet balances do not.
- At the same average block pace, scheduled new issuance per day also falls by half.
- The halving does not set Bitcoin’s market price or guarantee a return.
2009 → approximately 2140
Watch issuance approach 21 million BTC
The curve rises quickly in early eras and flattens as each subsidy becomes half the one before it.
Maximum scheduled issuanceCurrent block
Maximum schedule21 million BTC
Issued by current blockLoading…
Schedule issuedLoading…
Current eraLoading…
This is maximum protocol issuance, not an estimate of coins available for sale. Lost keys cannot be counted reliably, and a valid block may claim less than its maximum subsidy.
Explore any Bitcoin block height
Change the height to inspect another point in the issuance schedule.
Issued supply19,687,503.125 BTC
Block subsidy3.125 BTC
Next halvingBlock 1,050,000
Blocks remaining210,000
One block before and one block after
The rule change is narrow and automatic. Its economic effects are not.
The next target block begins a new 210,000-block subsidy era.
Maximum subsidy per valid block in the new era, plus eligible transaction fees.
Bitcoin halving timeline
Past dates are observed. The next date remains an estimate until its target block is mined.
Target blockDateNew subsidyStatus
210,00025 BTCComplete
420,00012.5 BTCComplete
630,0006.25 BTCComplete
840,0003.125 BTCComplete
Next target loading…— BTCNext
Why the countdown keeps moving
The target height is exact. The calendar estimate is not.
Blocks are uneven
Bitcoin targets a long-run average near ten minutes, but individual blocks may arrive seconds or more than an hour apart.
Difficulty readjusts
Every 2,016 blocks, difficulty responds to the previous period’s mining pace. Hashrate can also change between adjustments.
Bitcoin.now refreshes
The page requests the public chain tip on load, every 60 seconds, when the tab becomes active again, and whenever you press refresh.
A range is more honest
The center date uses ten minutes per remaining block. The displayed window shows how an eight-to-twelve-minute average would move it.
How issued supply is calculated
Bitcoin software checks each block’s coinbase transaction against the subsidy allowed at that height, plus eligible transaction fees. The explorer sums the maximum subsidy across completed blocks. A block may create less than the maximum, so the result is a protocol-schedule calculation rather than a claim that every possible satoshi was claimed.
The first 210,000-block era allowed 50 BTC per block. The next allowed 25 BTC, followed by 12.5 BTC and 6.25 BTC. The calculation uses integer satoshis, so repeated halving eventually reaches zero.
Issued, circulating, and spendable are different
Issued supply follows ledger history. “Circulating supply” is a market-data label that often starts with issued supply but may use a provider’s own method. Spendable supply is unknowable because nobody can prove which private keys are lost forever.
Coins held for years, locked by scripts, or controlled by long-term holders still exist. A supply estimate should not quietly subtract guessed lost coins. That would mix a reproducible protocol fact with an uncertain behavioral estimate.
Why the halving does not set Bitcoin’s price
A halving changes the rate of new issuance, not the bids and offers on an exchange. Market price can rise or fall before or after a halving because expectations, liquidity, leverage, demand, regulation, and the wider economy also change. The Bitcoin price chart can mark historical events, but the timing alone does not prove that one event caused a market move.
What miners receive after a halving
A miner that produces a valid block may claim the allowed subsidy and the fees from transactions included in that block. As subsidy falls, transaction fees can form a larger share of block revenue. Profitability still depends on hash price, energy, hardware, uptime, financing, and the chance of finding blocks.
Bitcoin supply questions
What halves in a Bitcoin halving?
The maximum new bitcoin a valid block may create is cut in half every 210,000 blocks.
Why does the estimated Bitcoin halving date move?
The halving is fixed to a block height, while blocks arrive at uneven times. A date is only an estimate based on remaining blocks and an assumed average interval.
Does the Bitcoin halving guarantee a price increase?
No. The halving changes new issuance per block. It does not set demand, liquidity, market price, mining costs or investor behavior.
Does lost bitcoin reduce issued supply?
No. Lost private keys can make coins unspendable, but they do not erase the transaction history that issued those coins.
When will all bitcoin be issued?
The subsidy becomes progressively smaller over many eras and is expected to reach zero around 2140. The precise calendar date depends on how quickly blocks arrive.
Separate fixed supply rules from moving estimates
Block heights, subsidy eras, and issued supply follow deterministic rules. The estimated calendar date moves because blocks do not arrive every ten minutes exactly.
The halving target is a height
The subsidy changes when a valid block reaches the next 210,000-block boundary. A countdown date is only a projection from recent or target block pace.
- Trust the target height over a clock date.
- Expect the estimate window to move.
- Do not confuse subsidy with total miner revenue.
Supply approaches the cap gradually
Each era creates half as much new bitcoin per block as the era before it. The curve gets flatter, while fees remain separate from new issuance.
- Existing balances are not halved.
- Unspendable coins are not reissued.
- The 21 million figure is a schedule limit, not circulating liquidity.
Supply figures that should not be mixed together
| Figure | Definition | Changes when | Does not measure |
|---|---|---|---|
| Issued supply | Subsidy created through the selected height | A valid block adds subsidy | Spendable or liquid supply |
| Block subsidy | New BTC a valid block may create | At a halving height | Transaction fees |
| Circulating estimate | Issued units less uncertain exclusions | Method and observed losses change | Protocol cap |
| Halving date | Estimated time of target block | Block pace changes | A guaranteed event time |