The schedule is part of the rules.
Under Bitcoin’s current consensus rules, the maximum supply is approximately 21 million bitcoin. New bitcoin is issued as part of the reward for a valid block. The subsidy began at 50 BTC per block and halves every 210,000 blocks.
A halving is triggered by block height, not a calendar appointment. Because block times vary, future dates are approximate. Transaction fees are separate from the subsidy: they transfer existing bitcoin to miners rather than create new bitcoin.
Less new bitcoin, approaching a limit.
The panels below show the subsidy schedule and cumulative scheduled issuance. They use block height, so no future date or market price needs to be assumed. The final fractions are rounded down to whole satoshis by the protocol.
The subsidy steps down.
Swipe or use arrow keys to explore the chart. A data table follows.
Total issuance approaches a limit.
Swipe or use arrow keys to explore the chart. A data table follows.
| Block height | BTC / block | Scheduled BTC before this height |
|---|---|---|
| 0 | 50 | 0 |
| 210,000 | 25 | 10,500,000 |
| 420,000 | 12.5 | 15,750,000 |
| 630,000 | 6.25 | 18,375,000 |
| 840,000 | 3.125 | 19,687,500 |
| 1,050,000 | 1.5625 | 20,343,750 |
Rules illustrated as of 16 October 2026. Calculation: integer-satoshi subsidy × 210,000 blocks per era, summed across eras. Includes the genesis subsidy; actual spendable supply is lower because of unspendable, unclaimed or lost coins. Sources: Bitcoin.org FAQ and Bitcoin Core subsidy calculation. Not a price forecast.
A higher price cannot turn up the subsidy.
If a commodity’s price rises, producers often have an incentive to make more of it. In Bitcoin, extra mining competition does not let a miner claim more subsidy than the rules allow. Nodes reject a block that pays too much.
Some savers find that predictability appealing: they can inspect the issuance rules instead of relying on a supply promise from an issuer. Changing those rules would require people to adopt different rules; no single miner can do it for everyone.
Scarce does not automatically mean valuable.
Many scarce things have little demand. Bitcoin’s value also depends on whether people find it useful, trust its operation and are willing to hold it. Owners can sell coins that already exist, so the amount offered in a market can change even when issuance is predictable.
The supply schedule cannot promise a return, a minimum price or protection from a sudden loss. Supply is one part of the next lesson’s story.
Check your understanding
If Bitcoin’s price doubles tomorrow, can miners double the block subsidy?
No. A higher market price does not change the valid subsidy at a given block height. It also does not guarantee that demand will stay high.
Sources & further reading
Reviewed 16 October 2026. Sources support the explanations; hypothetical examples and diagrams are labelled where they appear.
- Bitcoin.org: FAQ
Limited issuance and the relationship between supply, demand and value.
- Bitcoin Core: subsidy calculation
GetBlockSubsidy: integer halving of the initial 50 BTC subsidy.
- Bitcoin developer guide: Block chain
Consensus rules, block rewards and verification.