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Track the next Bitcoin halving event - when Bitcoin's block reward will be cut in half
The Bitcoin halving (also known as "the halvening") is a programmed event that occurs approximately every four years, or more precisely, every 210,000 blocks. During this event, the reward that Bitcoin miners receive for validating transactions and adding new blocks to the blockchain is cut in half.
This mechanism was built into Bitcoin's code by its creator, Satoshi Nakamoto, to control inflation and ensure scarcity. Unlike traditional currencies that can be printed without limit, Bitcoin has a fixed maximum supply of 21 million coins.
When Bitcoin launched in 2009, miners received 50 BTC for each block. After the first halving in 2012, this dropped to 25 BTC. Today, following the 2024 halving, the reward is 3.125 BTC per block. This will continue until approximately 2140, when the last bitcoin will be mined.
When the supply of new Bitcoin is reduced while demand stays the same or increases, basic economics suggests the price should rise. This scarcity mechanism is one of Bitcoin's most important features.
Unlike fiat currencies that can suffer from unlimited money printing, Bitcoin's halving ensures a predictable and decreasing inflation rate. Bitcoin's current inflation rate is lower than gold's.
Halvings force the mining industry to become more efficient. Miners must optimize their operations to remain profitable with reduced rewards, driving innovation in mining technology.
Historically, Bitcoin's price has seen significant increases in the 12-18 months following each halving. While past performance doesn't guarantee future results, many investors watch halvings closely.
A look at all previous Bitcoin halving events and their impact on the market
| Halving | Date | Block | Reward Before | Reward After | Price at Halving | Price 150 Days Later | Change |
|---|---|---|---|---|---|---|---|
| 1 | November 28, 2012 | 210,000 | 50 BTC | 25 BTC | $12.35 | $127.00 | +928% |
| 2 | July 9, 2016 | 420,000 | 25 BTC | 12.5 BTC | $650.63 | $758.81 | +17% |
| 3 | May 11, 2020 | 630,000 | 12.5 BTC | 6.25 BTC | $8,821 | $10,943 | +24% |
| 4 | April 19, 2024 | 840,000 | 6.25 BTC | 3.125 BTC | $64,969 | $58,100 | -12% |
| 5 | ~March/April 2028 | 1,050,000 | 3.125 BTC | 1.5625 BTC | — | — | — |
Estimated dates for upcoming Bitcoin halvings (based on ~10 minute block times)
Everything you need to know about the Bitcoin halving
The Bitcoin halving is a programmed event that occurs approximately every four years (every 210,000 blocks) where the reward for mining new blocks is cut in half. This reduces the rate at which new bitcoins are created, making Bitcoin increasingly scarce over time.
The next Bitcoin halving (the 5th halving) is expected to occur in March or April 2028, when block 1,050,000 is mined. The block reward will decrease from 3.125 BTC to 1.5625 BTC per block.
Bitcoin halvings are built into the protocol to control inflation and ensure scarcity. Unlike fiat currencies that can be printed indefinitely, Bitcoin has a fixed supply of 21 million coins. The halving mechanism gradually reduces new supply until all bitcoins are mined (estimated around 2140).
Historically, Bitcoin halvings have preceded significant price increases. This is based on basic supply and demand economics: when the supply of new bitcoins is reduced while demand stays constant or increases, the price tends to rise. However, past performance does not guarantee future results.
When the block reward is cut in half, miners receive less Bitcoin for the same amount of work. This can make mining less profitable for some operations. However, if the Bitcoin price increases significantly, the reduced reward can still be valuable. Miners also earn transaction fees, which become more important over time.
There will be 32 halvings in total. After the 32nd halving (around the year 2140), the block reward will effectively become zero, and all 21 million bitcoins will have been mined. At that point, miners will rely solely on transaction fees.
As of the 2024 halving, the current Bitcoin block reward is 3.125 BTC per block. This will be reduced to 1.5625 BTC after the 2028 halving.
As of 2024, approximately 19.5 million bitcoins have been mined, leaving about 1.5 million still to be created. However, due to the halving mechanism, over 98% of all bitcoins will be mined by 2030.
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