What is the bitcoin halving?
In one line: The bitcoin halving is a built-in rule that cuts the number of new bitcoins paid to miners in half every 210,000 blocks, about every four years.
How it works
New bitcoins are created as a reward for "miners," the computers that add new blocks of transactions to the network. A new block is added about every 10 minutes.
Every 210,000 blocks, the reward per block is cut in half. At about 10 minutes a block, that's roughly every four years. It's written into bitcoin's code; no one decides it.
Every halving so far
| Date | Block | Reward per block |
|---|---|---|
| Jan 2009 (launch) | 0 | 50 BTC |
| Nov 2012 | 210,000 | 25 BTC |
| Jul 2016 | 420,000 | 12.5 BTC |
| May 2020 | 630,000 | 6.25 BTC |
| Apr 2024 | 840,000 | 3.125 BTC |
The next one is due at block 1,050,000, expected sometime in 2028. The exact date depends on how fast blocks arrive.
A simple example with numbers
About 144 blocks are added a day (24 hours × 6 an hour).
- Before April 2024: 144 × 6.25 = 900 new bitcoins a day.
- After: 144 × 3.125 = 450 new bitcoins a day.
The halvings are why bitcoin's total supply is capped at 21 million. The rewards shrink toward zero, and the last fraction of a bitcoin is expected to be mined around the year 2140.
Why it matters
The halving is one of the few completely predictable events in crypto. It changes how much new supply comes to market, and it affects miners' income. That's why it gets so much attention. Read more about how the coin trades on our bitcoin market page.
A common mistake
Assuming the halving means price will rise. Past halvings have been followed by both big rises and big falls, and each cycle had many other causes: interest rates, ETFs, regulation, mood. A known event is usually no secret to the market. Trade the chart, and if you use leverage, check your liquidation price with the crypto liquidation calculator.
Questions
When is the next bitcoin halving?
At block 1,050,000, expected around 2028. Block times vary, so the date shifts a little.
What happens when all 21 million bitcoins are mined?
Miners would earn only transaction fees, not new coins. That's not expected until around 2140.
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