What Is the Bitcoin Halving — and Why Does It Matter?
Bitcoin pays miners a block reward for adding each new block to the chain. Roughly every four years — precisely, every 210,000 blocks — that reward is cut in half. This event is the halving (sometimes "halvening"). It is written into Bitcoin's code and is not optional or discretionary; it happens automatically.
The block reward started at 50 BTC in 2009. It dropped to 25 in 2012, 12.5 in 2016, 6.25 in 2020, and 3.125 in 2024. The next halving, around 2028, takes it to 1.5625 BTC.
Frequently Asked Questions
When is the next Bitcoin halving?
The next halving is expected around 2028, at block 1,050,000, when the block reward drops from 3.125 BTC to 1.5625 BTC. The exact date depends on how fast blocks are mined, which averages about 10 minutes each.
Does the Bitcoin halving always cause the price to go up?
Historically each halving was followed by a bull market, but that is only three examples and correlation is not causation. Macro liquidity, demand and market cycle position matter at least as much as the supply cut.
How does the halving affect miners?
It instantly cuts miners’ block-reward revenue in half. Less efficient miners can become unprofitable and shut down, which lowers hash rate until difficulty adjusts and the network rebalances.