Bitcoin (BTC) Tokenomics, Unlock Schedule and Vesting Chart

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Bitcoin (BTC) Token Unlock & Vesting Schedule

The unlock chart above provides a clear visual overview of the Bitcoin (BTC) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence BTC price performance.

Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.

Tokenomics & Utility

Bitcoin tokenomics at a glance

Fixed supply: Hard cap of 21,000,000 BTC.
Issuance schedule: New BTC enters circulation via block subsidies, which halve roughly every 210,000 blocks (~4 years).
Current block subsidy: 3.125 BTC per block since the fourth halving at block 840,000 in April 2024; miners also earn transaction fees. (investopedia.com)

The halving schedule is central to Bitcoin tokenomics. It slows new issuance over time and is often cited when people discuss long‑term BTC price dynamics. The combination of a capped supply, periodic halvings, and open global demand makes Bitcoin different from fiat currencies, where supply can expand at will. (bitcoin.org)

What gives BTC utility?

Store of value and savings: Many treat BTC like “digital gold” thanks to predictable issuance and global portability.
Payments and remittances: On‑chain transfers support large value; Lightning enables day‑to‑day payments and microtransactions. (lightning.network)
Collateral and settlement rail: BTC can serve as collateral in lending markets or settle cross‑platform trades via atomic swaps and sidechains (e.g., Liquid). (help.blockstream.com)

Assumptions

Bitcoin has no premine, investor, team, or treasury allocations; all new issuance enters via PoW block subsidy.
Bitcoin protocol and FAQ describe issuance solely through mining rewards; no genesis/TGE allocations exist.
Future halving end dates after 2024-04-20 are estimates.
Halvings occur every 210,000 blocks; actual calendar dates vary with realized average block time around 10 minutes. Tokens per era are fixed by block height; linear monthly modeling is a smoothing approximation.
Total eventual minted supply modeled as 20,999,999.9769 BTC.
Derived from consensus subsidy function (initial 50 BTC, halved every 210,000 blocks with integer-satoshi rounding) and widely referenced maximum satoshi count 2,099,999,997,690,000. Some edge cases (e.g., known underpay of 1 sat, provably unspendable outputs) affect spendable supply but not the theoretical issuance curve.
Transaction fees are excluded as a supply release mechanism.
Fees are transfers from existing UTXOs to miners and do not create new BTC.

Sources (8)

Allocations

PoW Block Rewards

20,999,999.977 tokens

Linear vesting: Jan 3, 2009 - Nov 28, 2012 (monthly)

50 BTC per block subsidy from genesis until first halving at height 210,000 on 2012-11-28. Programmed in consensus (GetBlockSubsidy) with 210,000-block intervals.

Linear vesting: Nov 28, 2012 - Jul 9, 2016 (monthly)

25 BTC per block after first halving; ends at second halving (height 420,000) on 2016-07-09.

Linear vesting: Jul 9, 2016 - May 11, 2020 (monthly)

12.5 BTC per block after second halving; ends at third halving (height 630,000) on 2020-05-11.

Linear vesting: May 11, 2020 - Apr 20, 2024 (monthly)

6.25 BTC per block after third halving; ends at fourth halving (height 840,000) on 2024-04-20.

Linear vesting: Apr 20, 2024 - Apr 20, 2028 (monthly)

3.125 BTC per block after fourth halving; ends at fifth halving (height 1,050,000). End date estimated from 10-minute average block time.

Linear vesting: Apr 20, 2028 - Apr 20, 2032 (monthly)

1.5625 BTC per block after fifth halving; ends at sixth halving (height 1,260,000). End date estimated.

Linear vesting: Apr 20, 2032 - Apr 20, 2036 (monthly)

0.78125 BTC per block; ends at seventh halving (height 1,470,000). End date estimated.

Linear vesting: Apr 20, 2036 - Apr 20, 2040 (monthly)

0.390625 BTC per block; ends at eighth halving (height 1,680,000). End date estimated.

Linear vesting: Apr 20, 2040 - Apr 20, 2044 (monthly)

0.1953125 BTC per block; ends at ninth halving (height 1,890,000). End date estimated.

Linear vesting: Apr 20, 2044 - Apr 20, 2048 (monthly)

0.09765625 BTC per block; ends at tenth halving (height 2,100,000). End date estimated.

Linear vesting: Apr 20, 2048 - Apr 20, 2052 (monthly)

0.04882812 BTC per block (rounded per-block to 4,882,812 sat). Ends at 11th halving (height 2,310,000). End date estimated.

Linear vesting: Apr 20, 2052 - Apr 20, 2056 (monthly)

0.02441406 BTC per block (rounded per-block to 2,441,406 sat). Ends at 12th halving (height 2,520,000). End date estimated.

Linear vesting: Apr 20, 2056 - Apr 20, 2060 (monthly)

0.01220703 BTC per block (rounded per-block to 1,220,703 sat). Ends at 13th halving (height 2,730,000). End date estimated.

Linear vesting: Apr 20, 2060 - Apr 20, 2064 (monthly)

0.00610351 BTC per block (rounded per-block to 610,351 sat). Ends at 14th halving (height 2,940,000). End date estimated.

Linear vesting: Apr 20, 2064 - Apr 20, 2068 (monthly)

0.00305175 BTC per block (rounded per-block to 305,175 sat). Ends at 15th halving (height 3,150,000). End date estimated.

Linear vesting: Apr 20, 2068 - Apr 20, 2072 (monthly)

0.00152587 BTC per block (rounded per-block to 152,587 sat). Ends at 16th halving (height 3,360,000). End date estimated.

Linear vesting: Apr 20, 2072 - Apr 20, 2076 (monthly)

0.00076293 BTC per block (rounded per-block to 76,293 sat). Ends at 17th halving (height 3,570,000). End date estimated.

Linear vesting: Apr 20, 2076 - Apr 20, 2080 (monthly)

0.00038146 BTC per block (rounded per-block to 38,146 sat). Ends at 18th halving (height 3,780,000). End date estimated.

Linear vesting: Apr 20, 2080 - Apr 20, 2084 (monthly)

0.00019073 BTC per block (rounded per-block to 19,073 sat). Ends at 19th halving (height 3,990,000). End date estimated.

Linear vesting: Apr 20, 2084 - Apr 20, 2088 (monthly)

0.00009536 BTC per block (rounded per-block to 9,536 sat). Ends at 20th halving (height 4,200,000). End date estimated.

Linear vesting: Apr 20, 2088 - Apr 20, 2092 (monthly)

0.00004768 BTC per block (rounded per-block to 4,768 sat). Ends at 21st halving (height 4,410,000). End date estimated.

Linear vesting: Apr 20, 2092 - Apr 20, 2096 (monthly)

0.00002384 BTC per block (rounded per-block to 2,384 sat). Ends at 22nd halving (height 4,620,000). End date estimated.

Linear vesting: Apr 20, 2096 - Apr 20, 2100 (monthly)

0.00001192 BTC per block (rounded per-block to 1,192 sat). Ends at 23rd halving (height 4,830,000). End date estimated.

Linear vesting: Apr 20, 2100 - Apr 20, 2104 (monthly)

0.00000596 BTC per block (rounded per-block to 596 sat). Ends at 24th halving (height 5,040,000). End date estimated.

Linear vesting: Apr 20, 2104 - Apr 20, 2108 (monthly)

0.00000298 BTC per block (rounded per-block to 298 sat). Ends at 25th halving (height 5,250,000). End date estimated.

Linear vesting: Apr 20, 2108 - Apr 20, 2112 (monthly)

0.00000149 BTC per block (rounded per-block to 149 sat). Ends at 26th halving (height 5,460,000). End date estimated.

Linear vesting: Apr 20, 2112 - Apr 20, 2116 (monthly)

0.00000074 BTC per block (rounded per-block to 74 sat). Ends at 27th halving (height 5,670,000). End date estimated.

Linear vesting: Apr 20, 2116 - Apr 20, 2120 (monthly)

0.00000037 BTC per block (rounded per-block to 37 sat). Ends at 28th halving (height 5,880,000). End date estimated.

Linear vesting: Apr 20, 2120 - Apr 20, 2124 (monthly)

0.00000018 BTC per block (rounded per-block to 18 sat). Ends at 29th halving (height 6,090,000). End date estimated.

Linear vesting: Apr 20, 2124 - Apr 20, 2128 (monthly)

0.00000009 BTC per block (rounded per-block to 9 sat). Ends at 30th halving (height 6,300,000). End date estimated.

Linear vesting: Apr 20, 2128 - Apr 20, 2132 (monthly)

0.00000004 BTC per block (rounded per-block to 4 sat). Ends at 31st halving (height 6,510,000). End date estimated.

Linear vesting: Apr 20, 2132 - Apr 20, 2136 (monthly)

0.00000002 BTC per block (rounded per-block to 2 sat). Ends at 32nd halving (height 6,720,000). End date estimated.

Linear vesting: Apr 20, 2136 - Apr 20, 2140 (monthly)

0.00000001 BTC per block (1 satoshi) per block; final non-zero subsidy era (height 6,720,000 to 6,930,000). After next halving (n=33), subsidy becomes 0 per protocol.

Last Updated: 10/8/2025 19:37 UTC

Description

#1

Bitcoin is a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is the first and most widely recognized cryptocurrency.

Sector:	Payments
Blockchain:	Bitcoin

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Unlock Schedule

Bitcoin (BTC) Token Unlock & Vesting Schedule

Tokenomics & Utility

Bitcoin tokenomics at a glance

What gives BTC utility?

Assumptions

Allocations

Description

#1

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