Bitcoin Halving
The Bitcoin halving is the scheduled cut in half of the new bitcoin paid to miners per block, every 210,000 blocks — roughly every four years. It slows the creation of new coins toward the fixed 21 million cap.
Bitcoin has no central bank deciding how many coins to issue. Instead the rules are built into the code: miners receive a fixed number of new coins per block, and that number halves every 210,000 blocks. The halving is one of the most watched events in crypto because it directly cuts the flow of new supply. This entry explains the schedule, the history so far and what it does — and does not — mean for price.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 4 min
- Also called
- Halving, Halvening, Block reward halving
- Updated
The halving in plain words
Every 210,000 blocks, about every four years, the number of new bitcoins created in each block is cut in half.1
The reward began at 50 BTC per block in 2009 and will keep halving until it reaches zero around the year 2140, capping supply at 21 million coins.1
Bitcoin's supply is limited by design and new coins are issued at a predictable, declining rate.2
How the halving works, step by step
Miners add blocks
About one block every 10 minutes. See Mining and Hash Rate.
Each block pays a subsidy
Newly created bitcoin plus transaction fees.
Count to 210,000 blocks
The code checks the block height, not the calendar.
The subsidy halves
Automatically, with no vote or announcement needed.
New supply slows
Fewer new coins enter the market each day. See Circulating, Total and Max Supply.
Fees take over
Over time, transaction fees replace the subsidy as miners' income.
Worked examples
Example 1 — The reward history
Five eras so farBlock reward at each halving so far.
| 2009 launch | 50 BTC |
| 2012 (block 210,000) | 25 BTC |
| 2016 (block 420,000) | 12.5 BTC |
| 2020 (block 630,000) | 6.25 BTC |
| 2024 (block 840,000) | 3.125 BTC |
Each halving cut the block reward in half on schedule, so every four-year era adds half as many new coins as the one before it.1
Example 2 — New coins per day
Supply flow halvedAbout 144 blocks are mined per day (one every 10 minutes).
| Before April 2024 | 144 × 6.25 = 900 BTC a day |
| After April 2024 | 144 × 3.125 = 450 BTC a day |
| Change | −450 BTC a day |
With a target of one block every 10 minutes, the halving cut daily new supply roughly in half.1
Example 3 — A miner's revenue
Revenue −48%A miner finds 2 blocks a month. Fees average 0.2 BTC per block.
| Before (6.25 + 0.2) × 2 | 12.9 BTC |
| After (3.125 + 0.2) × 2 | 6.65 BTC |
Unless the bitcoin price or fees rise, a miner's income in coins almost halves overnight. See Miner Metrics: Puell Multiple, Hash Ribbons and Miner Flows.
Bitcoin issuance vs central-bank money
| Aspect | Bitcoin | Fiat currency |
|---|---|---|
| Who sets supply | Fixed code rules | Central bank decisions |
| Maximum supply | 21 million | No fixed limit |
| Issuance changes | Halves every 210,000 blocks | Policy-driven |
| Predictable in advance | Yes | Partly |
Why traders watch the halving
Supply analysis
Less new supply means less constant selling by miners.
Cycle narratives
Many traders map crypto cycles around halvings. See Market Sentiment.
Miner economics
Weaker miners may sell coins or shut down.
Long-term valuation
Scarcity arguments rely on the fixed schedule. See Tokenomics.
Advantages and disadvantages
Advantages
- Fully predictable issuance.
- Creates growing scarcity over time.
- No central authority can change it easily.
Disadvantages
- Squeezes miner income at each halving.
- Future security depends on fees replacing the subsidy.
- Price effects are debated and far from guaranteed.
Going deeper
Read as far as you need. Each level builds on the one before it.
Blocks, not dates
Beginner
Halvings are triggered by block height, so the exact date depends on how fast blocks are found; the target is one block about every 10 minutes.1 The next is expected around 2028 at block 1,050,000, cutting the reward to 1.5625 BTC.
Why fees matter
Intermediate
Miners are paid with new coins plus fees, and the whitepaper planned for fees to fund the network once new issuance runs out.3 See Blockchain.
Is the halving priced in?
Advanced
Because the schedule is public years in advance, efficient-market reasoning says it should already be in the price. Past rallies after halvings also coincided with other forces such as liquidity and adoption, and three or four data points are far too few to prove a rule. See Efficient Market Hypothesis.
Common mistakes
Expecting an instant rally
Past price moves came months later, if at all.
Treating history as a rule
Four halvings are a tiny sample.
Confusing supply with demand
Less new supply only helps price if demand holds.
Assuming all crypto halves
Only some coins have halving schedules.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- The halving cuts the bitcoin block reward in half.
- It happens every 210,000 blocks, about every four years.
- The reward fell from 50 BTC in 2009 to 3.125 BTC in 2024.
- Supply is capped at 21 million coins.
- Price effects are debated, not guaranteed.
Frequently asked questions
When is the next Bitcoin halving?
What happens when all bitcoin is mined?
Does the halving make bitcoin's price go up?
Further learning
- Bitcoin (BTC)
The asset itself.
- Mining and Hash Rate
Who earns the block reward.
- Circulating, Total and Max Supply
Circulating, total and maximum supply.
- Miner Metrics: Puell Multiple, Hash Ribbons and Miner Flows
On-chain data on miner behaviour.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Bitcoin.org. Bitcoin Halving Countdown (opens in a new tab) Checked .
- Bitcoin.org. Frequently Asked Questions (opens in a new tab) Checked .
- Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.