What is the halving?
New bitcoin is created as a reward for the miner who adds each block. The halving is a rule in Bitcoin's code that cuts that reward in half every 210,000 blocks. At about ten minutes per block, that works out to roughly every four years.
The halvings so far
- 2009: the reward started at 50 bitcoin per block.
- November 2012, block 210,000: cut to 25.
- July 2016, block 420,000: cut to 12.5.
- May 2020, block 630,000: cut to 6.25.
- April 2024, block 840,000: cut to 3.125.
The next halving is due at block 1,050,000, expected around 2028, when the reward drops to 1.5625 bitcoin. You can watch it get closer on our live halving countdown.
Why it matters
Because the reward keeps halving, new supply shrinks over time and the total can never pass 21 million, as covered in Why 21 million? After about 2140 the reward will be gone, and miners will be paid by transaction fees alone.
Some people say halvings push the price up. Past prices have moved a lot around halvings, but nothing guarantees it will happen again. Treat any prediction with care.
Key takeaways
- The miner reward halves every 210,000 blocks, about every four years.
- The current reward is 3.125 bitcoin. The next halving is at block 1,050,000.
- A halving does not guarantee any price move.
Not financial advice. These lessons are general education only. Bitcoin prices can swing hard. Never put in more than you can afford to lose, and do your own research.