Bitcoin Halving
The Bitcoin halving is a scheduled event, roughly every four years, that cuts the block reward paid to miners in half. It slows the rate at which new bitcoin are created until the 21 million cap is reached.
How the halving works
Bitcoin's software halves the block subsidy every 210,000 blocks. Because a block arrives about every ten minutes on average, that works out to roughly four years, though the exact date depends on how fast blocks are found. No one decides when it happens; every node enforces it automatically.
The reward started at 50 BTC in 2009. It fell to 25 BTC in November 2012, 12.5 BTC in July 2016, 6.25 BTC in May 2020 and 3.125 BTC in April 2024. The next halving is expected around 2028. This schedule is why total supply approaches, but never exceeds, 21 million coins, with the last fractions expected to be issued around 2140.
Effects on miners
A halving cuts miners' income from new coins overnight. Miners with expensive electricity or older machines may become unprofitable and switch off, after which the difficulty adjustment rebalances the network. Over time, transaction fees are meant to make up a larger share of miner revenue.
Halvings and price
Each past halving has been followed, within roughly a year or so, by a strong bull market, which is why many people link the two. The argument is that a smaller flow of new coins meets the same or higher demand. But there have only been four halvings, other factors such as interest rates, regulation and new investment products also changed in those periods, and the halving is public knowledge long in advance. A short track record of coincidence is not proof of cause, and past patterns may not repeat.
Common misconceptions
The halving does not halve existing holdings or the price; it only affects new issuance. It also does not make transactions cheaper or faster.
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Frequently asked questions
When is the next Bitcoin halving?
It occurs at block 1,050,000, which is expected around 2028. The exact date depends on how quickly blocks are mined.
Does the halving always make the price go up?
No guarantee exists. Past halvings were followed by rallies, but with only four examples and many other influences, they are not a reliable predictor.
What happens after the last halving?
When the subsidy reaches zero, around 2140, miners will earn only transaction fees, and no new bitcoin will be created.
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