Guide
What Is the Bitcoin Halving? When the Next One Happens
Bottom line: new supply is cut in half about every four years
The Bitcoin halving (also called "the halvening") is a scheduled event that cuts the block reward — the new bitcoin paid to miners for each block — exactly in half. It is hard-coded to happen every 210,000 blocks, which works out to roughly every four years. This is how Bitcoin enforces its fixed supply of 21 million coins.
Key takeaways
- The halving cuts the block subsidy (new bitcoin per block) in half every 210,000 blocks, about every four years.
- It has happened in 2012, 2016, 2020 and April 2024. The current reward is 3.125 BTC per block.
- The next halving is expected around 2028, but it is block-height based — never a fixed calendar date.
- Halvings slow new issuance toward the 21 million cap; the last coin is projected around 2140.
How the halving works
When a miner adds a valid block (see what is mining), they receive newly issued bitcoin plus transaction fees. That newly issued amount is the subsidy, and it halves on schedule. Because blocks are found roughly every 10 minutes, 210,000 blocks take about four years — but the trigger is the block count, not the date on the calendar.
The reward schedule
| Halving | Approx. date | Block reward |
|---|---|---|
| Launch (2009) | Jan 2009 | 50 BTC |
| 1st | Nov 2012 | 50 → 25 BTC |
| 2nd | Jul 2016 | 25 → 12.5 BTC |
| 3rd | May 2020 | 12.5 → 6.25 BTC |
| 4th | Apr 2024 | 6.25 → 3.125 BTC |
| 5th | ~2028 (est.) | 3.125 → 1.5625 BTC |
Each halving roughly halves the rate of new supply. This continues until around 2140, when the last fraction of a bitcoin is expected to be mined and the subsidy effectively reaches zero. After that, miners are rewarded by transaction fees alone.
Why the halving matters
- Predictable scarcity: the supply schedule is known in advance and cannot be changed by any single party — a core contrast with fiat money. See how Bitcoin works.
- Lower new supply: each halving reduces the flow of new coins entering the market.
- Miner economics: revenue from the subsidy drops overnight, so efficiency and the bitcoin price both matter more to miners afterward.
A note on price (no predictions)
Halvings have historically drawn a lot of attention because past cycles saw large price moves in the months that followed. Past performance does not predict future results. Many other factors — demand, regulation, macro conditions — move the price, and markets may already "price in" a known event. Treat any "halving = guaranteed rally" claim with skepticism.
FAQ
Q. When is the next Bitcoin halving? A. Around 2028. It is triggered by block height (every 210,000 blocks), not a fixed date, so the exact day shifts with how fast blocks are found.
Q. What is the current block reward? A. 3.125 BTC per block, after the April 2024 halving.
Q. Will the halving make the price go up? A. No one can know. Past cycles saw large moves, but past performance does not predict the future, and many factors affect price.
Q. When does the last bitcoin get mined? A. Around the year 2140, when the subsidy effectively reaches zero and miners earn only transaction fees.
Sources
- bitcoin.org — How it works: https://bitcoin.org/en/how-it-works
- Controlled supply (Bitcoin Wiki): https://en.bitcoin.it/wiki/Controlled_supply
- History of bitcoin (Wikipedia): https://en.wikipedia.org/wiki/History_of_bitcoin
Not investment advice
This article is for educational purposes only and is not investment advice. Bitcoin is volatile and carries risks including loss and theft. Do your own research and only use money you can afford to lose. Tax and regulation can change — always confirm with the official primary source.
Sources
FAQ
- When is the next Bitcoin halving?
- Around 2028. It is triggered by block height (every 210,000 blocks), not a fixed date, so the exact day shifts with how fast blocks are found.
- What is the current block reward?
- 3.125 BTC per block, after the April 2024 halving.
- Will the halving make the price go up?
- No one can know. Past cycles saw large moves, but past performance does not predict the future, and many factors affect price.
- When does the last bitcoin get mined?
- Around the year 2140, when the subsidy effectively reaches zero and miners earn only transaction fees.
This article is informational only and is not financial, investment, or trading advice. Prices are reference snapshots and may be outdated. Always do your own research.
