Bitcoin Halving
The programmed event that cuts the block subsidy in half roughly every four years — slowing new issuance and redefining the economics of digital scarcity.
Next Bitcoin Halving
estimated
~4 years (varies with block times)
Since the April 2024 halving
At block 1,050,000
What is the Bitcoin halving?
Bitcoin issues new coins through mining. When miners add a new block to the blockchain, they earn a reward made up of two parts: the block subsidy (newly created BTC) and transaction fees paid by users.
The halvingis the built‑in rule that reduces the subsidy by 50% every 210,000 blocks. This schedule is one of the core mechanisms behind Bitcoin's capped supply (~21 million BTC).
Predictable issuance
The subsidy is known in advance and changes only at specific block heights.
Miner economics
Revenue from new BTC per block drops—fees and price matter more.
Supply narrative
New supply entering the market slows over time (not a guarantee of price outcomes).
Price around past halvings
A look at approximate BTC prices before, at, and after each halving. These figures are rounded snapshots, not exact.
Price at halving
Price at halving
Price at halving
Price at halving
Disclaimer:Past performance is not indicative of future results. Prices are approximate historical snapshots. Many factors beyond the halving affect Bitcoin's price. This is educational content, not financial advice. The 2024 halving's one-year-after figure is the rounded Apr 20, 2025 UTC close from Coinbase Exchange.
How it works (simple version)
Roughly every 10 minutes, the network targets a new block.
Miners compete to find a valid block (proof‑of‑work).
When the chain reaches a halving height (every 210,000 blocks), the subsidy in the block reward automatically halves.
Current issuance: 3.125 BTC × 144 blocks/day ≈ 450 BTC/day. Actual issuance varies with real block times and reorganizations.
Mining Reward Calculator
Explore how the block subsidy changes over time. Pick any future block height to see the reward, supply, and inflation rate at that point.
Scheduled issuance includes the selected block and follows Bitcoin Core's whole-satoshi subsidy rounding. That produces a theoretical maximum of 20,999,999.9769 BTC, not an estimate of spendable or circulating supply. See the Bitcoin Core subsidy implementation.
Bitcoin halving dates & history
Halvings are defined by block height (not a calendar date). Here's a quick timeline of the subsidy reductions so far. Historical calendar dates below use UTC:
Nov 28, 2012 UTC
Jul 9, 2016 UTC
May 11, 2020 UTC
Apr 20, 2024 UTC
~2028 (expected)
Inflation/year is estimated using Bitcoin's 10‑minute block target (~52,560 blocks/year) and the scheduled subsidy after each halving. Track the block height for the exact halving moment — the displayed historical dates use UTC.
Bitcoin Supply Curve
Bitcoin's total supply approaches 21 million asymptotically. Each halving cuts the rate of new issuance, producing the characteristic S‑curve below.
Common halving myths
“The halving cuts my BTC in half.”
False. Only new issuance to miners changes. Your wallet balance stays the same.
“Price will pump because of the halving.”
Not guaranteed. Markets can price in expectations early, and many other factors matter (liquidity, macro, risk appetite).
“Halving equals less security.”
Not directly. Security depends on total mining incentives (subsidy + fees) and the competitive hashrate environment.
“Halving reduces transaction fees.”
Unrelated. Fees are driven by demand for block space, not the subsidy schedule.
The last Bitcoin will be mined around the year 2140.
1 / 8
Frequently Asked Questions
What is the Bitcoin halving?
The Bitcoin halving is a programmed event that cuts the block subsidy (new BTC created per block) in half about every 210,000 blocks (~4 years).
Does a halving reduce the number of bitcoins I already own?
No. A halving only changes the rate of new BTC issuance to miners. Your existing BTC balance does not change.
When is the next Bitcoin halving?
The next halving is expected around 2028 at block height 1,050,000. The exact date depends on how quickly blocks are produced.
Why do halvings matter?
They reduce new supply entering the market, change miner economics, and can influence sentiment and liquidity. Past market cycles often discuss halvings, but outcomes are never guaranteed.
Is the halving the same as transaction fees?
No. Miners earn (1) the block subsidy and (2) transaction fees. The halving only affects the subsidy—fees are set by users’ demand for block space.
Track your crypto portfolio with clarity
If you're building a long‑term view of your holdings, use a clean tracker to stay organized across assets and exchanges — without the spreadsheet chaos.
Editorial note: educational content only, not financial advice.