Bitcoin Moves Past Halfway Point in Halving Cycle as Supply Tightens Toward 2028

Bitcoin is moving deeper into its current halving cycle, with the network now past the midpoint as the next supply cut approaches in 2028.

The next halving is expected in mid-April 2028 at block height 1,050,000, according to Bitcoin Magazine Pro data. Roughly 105,000 blocks remain in the current cycle, placing the network just over halfway through what is known as epoch five, which began after the April 2024 halving.

Bitcoin halvings occur every 210,000 blocks and reduce miner rewards by half, tightening the flow of new supply. Miners currently receive 3.125 $BTC per block, a figure that will fall to about 1.562 $BTC after the next event. Daily issuance will decline from around 450 $BTC to near 225 $BTC, reinforcing bitcoin’s fixed supply model capped at 21 million coins.

The mechanism has long supported bitcoin’s scarcity narrative. Previous halvings in 2012, 2016, 2020 and 2024 preceded major price expansions as reduced issuance met sustained demand. This cycle, however, is showing a different pattern.

Bitcoin has gained about 15% since the April 2024 halving, rising from near $64,000 to around $74,000. The asset reached a peak near $126,000 in October 2025 before falling to about $60,000 in February. The current cycle reflects slower gains compared with prior periods, a trend often linked to $BTC’s growing market size and broader adoption.

Larger capital inflows are now required to drive price movements, contributing to reduced volatility and more measured trends. Institutional participation continues to shape market structure, with spot bitcoin exchange-traded funds drawing significant inflows.

Recent price action has also been driven by derivatives activity. $BTC climbed from about $70,700 to above $76,000 within roughly two days, as liquidations of leveraged short positions accelerated upward momentum. Around $225 million in positions were wiped out during the move.

At the same time, miners face pressure as block rewards decline. Lower issuance may compress margins, pushing operators to depend more on transaction fees and scale.

Bitcoin miners are pivoting to AI

Bitcoin miners are pivoting toward artificial intelligence as profitability in core mining operations deteriorates. Following the 2024 halving, block rewards were cut in half while energy, cooling, and hardware costs remained elevated, compressing margins across the industry.

In response, miners are repurposing their existing infrastructure — power-heavy data centers, cooling systems, and land — into high-performance computing hubs for AI workloads. This shift allows them to tap into more stable, long-term revenue streams tied to the surging demand for AI training and inference.

Companies like TeraWulf and Core Scientific have already secured multi-billion-dollar AI hosting agreements, while others are reallocating capital away from $BTC holdings to fund data center buildouts.

This post Bitcoin Moves Past Halfway Point in Halving Cycle as Supply Tightens Toward 2028 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.