The Bitcoin halving is a scheduled event, built into Bitcoin’s code, that cuts the reward paid to miners for each new block by 50%. It happens every 210,000 blocks, which works out to roughly once every four years. The most recent halving took place in April 2024 and reduced the reward from 6.25 to 3.125 bitcoin per block. The next one is expected around April 2028.
How the halving works
Bitcoin transactions are grouped into blocks, and a new block is added about every ten minutes. The miner who adds it receives newly created bitcoin, called the block subsidy, plus the transaction fees paid by users. This subsidy is the only way new bitcoin enters circulation.
When Bitcoin launched in 2009 the subsidy was 50 bitcoin per block. The software halves it automatically each time another 210,000 blocks have been mined. Nobody votes on it and no company triggers it. Every computer running the Bitcoin software enforces the same rule.
Bitcoin halving dates
| Halving | Date | Block height | Reward per block |
|---|---|---|---|
| Launch | January 2009 | 0 | 50 BTC |
| First | November 28, 2012 | 210,000 | 25 BTC |
| Second | July 9, 2016 | 420,000 | 12.5 BTC |
| Third | May 11, 2020 | 630,000 | 6.25 BTC |
| Fourth | April 20, 2024 (UTC) | 840,000 | 3.125 BTC |
| Fifth (expected) | Around April 2028 | 1,050,000 | 1.5625 BTC |
Future dates are estimates. The halving is tied to block height, not to the calendar, and blocks arrive slightly faster or slower than ten minutes depending on how much mining power is on the network.
Why Bitcoin has a halving
The halving is how Bitcoin enforces its fixed supply. Because the subsidy keeps shrinking, the total number of bitcoin can never exceed 21 million. About 95% of that total has already been mined. The remainder will be released ever more slowly, with the final fraction expected around the year 2140. After that, miners will be paid only in transaction fees.
At the current subsidy, about 450 new bitcoin are created each day, down from about 900 before April 2024.
What happened to the price after past halvings
After each of the first three halvings, Bitcoin went on to set a new all-time high within roughly 12 to 18 months: in late 2013, in December 2017 and in 2021. That record is the basis for the widely discussed four-year cycle.
The 2024 halving broke the pattern in one respect. Bitcoin reached a new record in March 2024, before the halving, which had not happened in earlier cycles. The main driver was demand for spot Bitcoin exchange-traded funds, approved in the United States in January 2024. The price later moved above $100,000 for the first time in December 2024 and set further highs in 2025.
Three cautions apply. Four events are a very small sample. Each halving removes a smaller amount of new supply than the one before, so its direct effect shrinks over time. And the halving date is known years in advance, so markets can price it in. Interest rates, regulation and institutional demand have all moved the price at least as much.
What the halving means for miners
A halving cuts miners’ main source of income in half overnight while their electricity and equipment costs stay the same. Operators with older machines or expensive power can become unprofitable and switch off. Bitcoin adjusts its mining difficulty about every two weeks, so if miners leave, the remaining ones find blocks more easily and the network keeps its ten-minute rhythm. Over the long run, transaction fees are expected to make up a growing share of miner revenue.
Frequently asked questions
When is the next Bitcoin halving?
It will occur at block 1,050,000, which is expected around April 2028. The exact day depends on how quickly blocks are mined between now and then.
How many Bitcoin halvings are left?
The subsidy is scheduled to keep halving until it rounds down to zero, which takes more than 30 halvings in total and runs to about the year 2140. Four have happened so far.
Does the halving affect the bitcoin I already own?
No. Balances, addresses and transactions are unchanged. Only the amount of new bitcoin paid to miners is reduced.
Do other cryptocurrencies have halvings?
Some do. Litecoin and Bitcoin Cash use a similar schedule. Ethereum does not. It moved to proof of stake in 2022 and has no fixed supply cap.
Where can I follow Bitcoin news between halvings?
Daily coverage is in Bitcoin News, and Ethereum developments are in Ethereum News.
This guide is educational and is not investment advice. Crypto assets are volatile and you can lose money.
