Bitcoin Halving Explained: The Math Behind Supply Scarcity

Añadido: 2026-05-23

[00:00:05][music] >> If you only learn one economic concept in crypto, make [music] it this one. The Bitcoin halving.

[00:00:14]Every 4 years, the reward that miners receive for adding a block gets cut in half.

[00:00:19]Simple in concept, profound in consequence.

[00:00:24]When Bitcoin launched in 2009, miners [music] earned 50 Bitcoin per block.

[00:00:28]In 2012, that was cut to 25.

[00:00:31]In 2016, to 12.5.

[00:00:33]In 2020, to 6.25.

[00:00:36]In April 2024, the most recent halving, it dropped to 3.125 Bitcoin per block.

[00:00:43]This schedule is hard-coded into Bitcoin's protocol. No committee votes [music] on it. No central bank adjusts it. It's pure, predictable math. The next halving will occur around 2028.

[00:00:53]This process continues until roughly the year 2140, when the last fraction of a Bitcoin will be mined, and the total supply reaches its hard cap, exactly 21 million Bitcoin. Why did Satoshi choose this design? To create digital scarcity.

[00:01:07]Bitcoin was designed to be the opposite of fiat money, a disinflationary asset where new supply decreases over time, and the total supply is permanently fixed.

[00:01:18]In the traditional financial system, central banks can print more money whenever they decide.

[00:01:22]The US money supply has more than doubled since 2020.

[00:01:25]More dollars chasing the same goods [music] means each dollar buys less.

[00:01:30]Think of it like a gold mine where the gold gets harder and harder to extract, and you know exactly how much total gold exists.

[00:01:36]Except with Bitcoin, the numbers [music] are precise and verifiable by anyone running a node.

[00:01:41]Historically, each halving has preceded a significant bull run.

[00:01:44]>> [music] >> After 2012, Bitcoin went from around $12 to over a thousand.

[00:01:49]After 2016, from 600 to nearly 20,000.

[00:01:53]After 2020, >> [music] >> to 69,000.

[00:01:56]The pattern isn't guaranteed, but the logic is straightforward.

[00:02:00]The 2024 halving was unique because it [music] coincided with the launch of spot Bitcoin ETFs, adding a massive new demand vector on top of the supply reduction.

[00:02:10]For the first time, institutional investors could buy Bitcoin through traditional brokerages.

[00:02:15]After the 2024 halving, Bitcoin's stock-to-flow ratio surpassed gold's for the first time, making Bitcoin mathematically scarcer than the most historically scarce physical asset on Earth.

[00:02:26]A common question, what happens when the block reward eventually reaches [music] zero around 2140?

[00:02:32]This is where transaction fees come in.

[00:02:34]Miners earn fees from every transaction, and as adoption grows, fees are expected to increasingly compensate miners.

[00:02:41]Bitcoin's fee market is already active.

[00:02:44]During periods of high demand, fees can spike significantly. By the time the last Bitcoin is mined, the network will be so widely used that transaction fees alone will provide sufficient incentive for miners.

[00:02:54]Bitcoin's supply schedule is its superpower, a monetary asset with a supply that no person, company, or government can change.

[00:03:01]That's not opinion, it's code.