Historical retrospective · Bitcoin
Bitcoin’s first subsidy halving changed the issuance schedule
At block 210,000, Bitcoin’s block subsidy fell from 50 BTC to 25 BTC under the protocol’s programmed issuance schedule.
The change was automatic rather than a discretionary policy decision: nodes applied the same consensus rule once the block-height threshold was reached.
This first halving made Bitcoin’s declining issuance curve visible as an operational mechanism, not merely a chart in a white paper.
A scheduled supply change does not guarantee a market outcome; demand, liquidity and expectations remain separate forces.
Primary source
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