Bitcoin Keeps Breaking Records, But Halving Gains Are Getting Smaller

Bitcoin continues to reach new heights, but data shows that each halving cycle produces smaller gains compared to the last. The trend reflects a maturing market where supply reduction still drives demand but with diminishing exponential returns.

Since 2012, Bitcoin’s block rewards have fallen by 87.5%, from 25 BTC to 3.125 BTC per block. While this built the foundation for its scarcity and price appreciation, returns have compressed sharply over time. The 2017 cycle saw nearly 30x gains, the 2021 run delivered about 7x, and the current cycle in 2025 has so far seen gains under 2x.

Even as growth moderates, corporate interest in Bitcoin remains strong. Over 1 million BTC—about 5% of total supply—is now held by publicly listed companies worldwide. Strategy leads with more than 640,000 BTC, while newcomers such as Twenty One and KindlyMD have expanded their reserves through acquisitions and strategic treasury plans. This continued institutional participation underscores Bitcoin’s evolving role as a long-term reserve asset.

The network itself has grown increasingly powerful. Bitcoin’s hashrate has surged nearly 88% over the past year, rising from 670 million TH/s to 1.266 ZH/s. The increase reflects both miner optimism and expanding industrial-scale operations, particularly across the U.S. market.

At the same time, more mining companies are prioritizing renewable and alternative energy sources to support sustainability. The rise of new players and the steady influx of institutional capital highlight how Bitcoin’s foundation—built on decentralization, scarcity, and security—continues to strengthen even as its price growth stabilizes.