What Is the Bitcoin Halving?

When Bitcoin launched in 2009, miners received 50 BTC for each block they mined. Every 210,000 blocks—roughly four years—this reward is cut in half:

• 2009–2012: 50 BTC per block
• 2012–2016: 25 BTC per block
• 2016–2020: 12.5 BTC per block
• 2020–2024: 6.25 BTC per block
• 2024–2028: 3.125 BTC per block

This halving schedule is hardcoded into Bitcoin's protocol and cannot be changed without overwhelming consensus. It is the mechanism that ensures Bitcoin's total supply converges to 21 million.

The halving is significant because it reduces the rate at which new Bitcoin enters the market. If demand remains constant while supply decreases, economic theory suggests the price should rise. Historically, each halving has been followed by significant Bitcoin price increases, though past performance does not guarantee future results.

The halving also affects miners. When the reward is cut in half, miners' revenue from new Bitcoin drops by 50% overnight. Less efficient miners may become unprofitable and shut down, while more efficient miners survive. This process strengthens the network over time by favoring the most efficient operations.

The halving schedule creates a geometric series that converges to 21 million Bitcoin. Each halving era produces fewer new coins than the last. By approximately 2140, the block reward will be so small that no new Bitcoin will effectively be created. At that point, miners will earn income entirely from transaction fees.

This predictable, decreasing supply schedule is one of Bitcoin's most important features. Unlike fiat currencies, where central banks can create unlimited new money, Bitcoin's supply schedule is known for the next century and cannot be altered by any individual or government.

When is the next Bitcoin halving?

The next halving is estimated for April 2028, though the exact date depends on block timing. It will reduce the block reward from 3.125 BTC to 1.5625 BTC. Halving dates are estimates because block times vary slightly around the 10-minute average.

Does the halving cause Bitcoin's price to rise?

Historically, each halving has been followed by significant price increases, as the rate of new supply decreases while demand may remain or grow. However, past performance does not guarantee future results. The halving reduces supply, but price depends on demand, which is not guaranteed.

What happens to miners after a halving?

Miners' revenue from block rewards drops by 50% overnight. Less efficient miners may become unprofitable and shut down. The network's hash rate may temporarily decrease, but it typically recovers as difficulty adjusts and more efficient miners remain. The halving strengthens the network by favoring efficient operations.

How many Bitcoin halvings have there been?

As of 2026, there have been four halvings: November 2012, July 2016, May 2020, and April 2024. The next is estimated for April 2028.

What happens after all Bitcoin is mined?

Around 2140, the block reward will be effectively zero. Miners will earn income entirely from transaction fees. The network will continue to function as long as fees provide sufficient incentive for miners to secure it.