Fourth Bitcoin Halving
Bitcoin's fourth block reward halving: 6.25 → 3.125 BTC. This halving also saw the launch of Runes protocol, enabling fungible token creation directly on the Bitcoin blockchain.
This event is part of Bitcoin history — See the full Bitcoin timeline
The Fourth Halving
On April 20, 2024, at block #840000, Bitcoin underwent its fourth halving, reducing the block reward from 6.25 BTC to 3.125 BTC. This halving was historic for several reasons: it pushed Bitcoin's annual inflation rate below 1% (0.84%), making it one of the hardest monetary assets in existence.
The fourth halving occurred in a very different environment than previous ones. Bitcoin had gained mainstream acceptance with spot ETFs launching in early 2024, institutional adoption was at an all-time high, and the ecosystem had expanded to include Ordinals, Runes, and the Lightning Network.
Runes Protocol Launch
Concurrent with the halving, Casey Rodarmor launched the Runes protocol, a fungible token standard designed for Bitcoin. Unlike BRC-20 tokens which created UTXO bloat, Runes designed to be UTXO-efficient. The launch block saw fierce competition among users wanting to etch the first Runes, resulting in record transaction fees.
Block Reward Before
6.25 BTCBlock Reward After
3.125 BTCBTC Price at Halving
~$64,000Inflation Rate After
~0.84%New Protocol
RunesNext Halving At
Block #1050000 (2028)The fact that Bitcoin's halving occurred on the same day as the Runes launch created unprecedented network activity. The block included a record-breaking fee amount as users competed to etch the first Rune tokens, making this one of the most eventful halvings in Bitcoin's history.
