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Bitcoin

A fixed supply, halving rewards and a price that swings hard.

5 minChecked 4 October 20267 sources

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Block foundThe miner is paid new bitcoin plus fees
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Step 1 of 4

Miners compete to add each block

Bitcoin miners repeat a calculation until one of them finds a valid fingerprint for the next block. The winner adds the block and is paid in newly created bitcoin, plus the fees of the payments inside it.

  1. Block foundThe miner is paid new bitcoin plus fees

    Step 1 of 4

    Miners compete to add each block

    Bitcoin miners repeat a calculation until one of them finds a valid fingerprint for the next block. The winner adds the block and is paid in newly created bitcoin, plus the fees of the payments inside it.

  2. 502009
    252012
    12.52016
    6.252020
    3.1252024

    Step 2 of 4

    The reward halves

    The new-bitcoin reward halves every 210,000 blocks, about every four years: from 50 to 25, 12.5, 6.25 and, since 20 April 2024, 3.125 bitcoin per block.

  3. 502009
    252012
    12.52016
    6.252020
    3.1252024
    Bitcoin created so farAbout 20.09 million (95.7%), 4 Oct 2026Cap: just under 21 million

    Step 3 of 4

    So the supply has a cap

    Because the reward keeps halving, the total can never reach 21 million. About 20.09 million had been created by 4 October 2026, 95.7% of the cap. Try it below.

    Try it

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    About 20.09 million bitcoin, as of 4 October 2026.

  4. 502009
    252012
    12.52016
    6.252020
    3.1252024
    The FCA's warningBe prepared to lose all the money you put in
    A fixed supply is not a steady priceThe price has repeatedly fallen by half or more

    Step 4 of 4

    What can go wrong

    A fixed supply does not mean a steady price. Bitcoin's price has repeatedly fallen by half or more. The FCA warns that anyone buying crypto should be prepared to lose all the money they put in.

Quick check

Did it stick?

2 questions. Get them right to complete the lesson.

Question 1

Question 1 of 2

What happens to the new-bitcoin reward about every four years?

Question 2

Question 2 of 2

Does a fixed supply mean a steady price?

Or skip ahead to lesson 5: Stablecoins.

Sources

Checked 4 October 2026
  1. Bitcoin developer guide: miningBitcoin Project
    • Bitcoin miners repeat a calculation until one of them finds a valid fingerprint for the next block.
  2. Bitcoin: A Peer-to-Peer Electronic Cash SystemSatoshi Nakamoto (Satoshi Nakamoto Institute copy)
    • The winner is paid in newly created bitcoin, plus the fees of the payments inside the block.
  3. Controlled supplyBitcoin Wiki
    • The new-bitcoin reward halves every 210,000 blocks, about every four years: 50, 25, 12.5, 6.25 and now 3.125 bitcoin per block.
    • Because the reward keeps halving, the total can never reach 21 million (the ceiling is 20,999,999.9769).
    • Under a million bitcoin is still to come, released ever more slowly, with the last expected around 2140.
  4. Bitcoin block 840,000mempool.space
    • The reward has been 3.125 bitcoin per block since 20 April 2024 (block 840,000).
  5. Current block heightmempool.space
    • About 20.09 million bitcoin had been created by 4 October 2026, 95.7% of the cap (computed from the block height and the reward schedule).
  6. Historical bitcoin price (US dollars)mempool.space
    • Bitcoin's price has repeatedly fallen by half or more: about 83% from late 2013 to early 2015, 77% in 2018, 76% in 2022 and 53% from October 2025 to July 2026 (computed).
  7. Crypto basicsFinancial Conduct Authority (InvestSmart)
    • The FCA warns that anyone buying crypto should be prepared to lose all their money.

Corrections to this lesson: none so far. Spotted something wrong? See how we check facts on the sources page.