Halving
Halving: A halving is a coded event that cuts in half the number of new coins miners receive for each block. In bitcoin it happens every 210,000 blocks, roughly every four years, and slows how fast new bitcoin is created until the 21 million supply cap is reached. It changes new supply, not demand, so it guarantees no price outcome.
How a halving works
On a proof of work network, miners who add a block earn a block reward of newly created coins plus transaction fees. The halving rule cuts the new-coin part in half at a set block height, not a calendar date. Nobody votes on it, because it is written into the software that every node runs.
The bitcoin halving schedule
Bitcoin started in 2009 with 50 bitcoin per block. Four halvings have happened, in 2012, 2016, 2020 and 2024, and the April 2024 halving cut the reward from 6.25 to 3.125 bitcoin. The next is due at block 1,050,000, expected around 2028. Our bitcoin halving explainer sets out each past halving in a table.
What a halving means for miners
After a halving, miners earn half as much new bitcoin for the same work, so less efficient operators can become unprofitable unless the price or fees rise. Over time, transaction fees are designed to make up a larger share of what miners earn.
What a halving does not guarantee
Past halvings have been followed by large price moves, but four events are too few to prove a rule, and price also depends on demand, interest rates, regulation and market mood. The halving is known years in advance. Treat any claim that it guarantees a higher price with caution, and read our guide to the halving and the crypto market cycle for the wider context.
Frequently asked questions
When is the next bitcoin halving?
It is due at block 1,050,000, expected around 2028. The exact date depends on how quickly blocks are found, so estimates firm up as that block gets closer.
Do other cryptocurrencies have halvings?
Some proof of work coins, such as Litecoin, have similar schedules. Proof of stake networks such as Ethereum do not have a bitcoin-style halving.
Does the halving affect people who already hold bitcoin?
It does not change how many bitcoin you already hold. It only reduces how many new bitcoin miners receive for each block from that point on.