Fewer Than 100,000 Blocks Until Bitcoin’s April 2028 Halving

Fewer than 100,000 blocks remain until Bitcoin’s scheduled halving at block 1,050,000, expected in mid-April 2028. The block reward will fall from 3.125 BTC to 1.5625 BTC, reducing the number of new coins miners receive for validating blocks.

At the current average block time of about 10 minutes and 6 seconds, roughly 100,000 blocks equal about 694 days, placing the event in the April 17–19, 2028 window. The network is about 52% of the way through its current four-year cycle; the previous halving occurred in April 2024 at block 840,000.

Institutional holders control a notable portion of the circulating supply heading into the halving. Strategy holds about 843,738 BTC and BlackRock holds roughly 817,138 BTC, a combined total above 1.66 million coins, equal to about 7.9% of the 21 million-coin cap. Earlier halvings in 2012, 2016, 2020 and 2024 occurred before large-scale spot bitcoin ETFs existed in the U.S.; the upcoming event will occur with larger institutional positions in place.

The reward reduction will lower miners’ issuance revenue. That change increases the relative importance of transaction fees and managing all-in production costs for mining operations. Historically, previous halving events have produced short-term stress for some miners, often leading to consolidation among less-efficient operators or a subsequent market response that restores profitability.

Mining competition has intensified in recent years. Bitcoin’s hashrate reached record highs through 2025 and into 2026, raising the capital intensity and cost pressure on operators. Miners unable to reduce unit costs to match the lower issuance could face margin compression even if the market price of bitcoin rises.

The next 100,000-block stretch will be monitored by miners, institutional holders and investors for changes in miner revenue, hashrate trends and fee dynamics as the network moves to the reduced reward level.