Halving
The halving is the programmed event where the Bitcoin block reward is halved every 210,000 blocks, roughly every four years.
The halving is a fundamental mechanism in the Bitcoin protocol: every 210,000 blocks — about every four years — the miner reward is exactly halved. Started in 2009 at 50 BTC per block, rewards went to 25 (2012), 12.5 (2016), 6.25 (2020), 3.125 (2024) and 1.5625 (2028). This continues until around 2140, when the final satoshi is issued. It's the engine behind Bitcoin's controlled supply of a maximum of 21 million coins.
Example
On 20 April 2024 the fourth halving occurred at block 840,000. The block reward dropped from 6.25 to 3.125 BTC. In the twelve months after, the Bitcoin price rose ~45% while older ASICs left the market.
Frequently asked questions
When is the next Bitcoin halving?
The fifth halving is expected around March-May 2028, at block 1,050,000. Exact date depends on average block time fluctuation.
Related terms
Further reading
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