Bitcoin has crossed the 57% mark in its current halving cycle, with approximately 90,170 blocks remaining before the next event. The upcoming halving is estimated between April 13 and 17, 2028, reducing the mining reward from 3.125 BTC to 1.5625 BTC per block. Over 94% of the 21 million BTC supply cap has already been mined, with the original 50 BTC reward in 2009 having undergone a 96.875% reduction across five cycles. Historical cycles show diminishing returns, with approximately 100x gains following the 2012 halving and around 30x after 2016, as Bitcoin experienced roughly a 28% decline in 2026. This reward reduction will put pressure on low-margin miners, forcing them to rely more heavily on transaction fees.
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