Bitcoin halving

The halving is a built-in rule that cuts the number of new bitcoins paid to miners per block by 50% every 210,000 blocks, which works out to roughly every four years. The block subsidy started at 50 BTC in 2009, fell to 25 in 2012, 12.5 in 2016, 6.25 in 2020 and 3.125 in April 2024. The next halving is expected around 2028.

Because new supply keeps halving, the total number of bitcoins approaches but never quite exceeds 21 million; the last fractions are expected to be issued around the year 2140. After that, miners will be paid only through transaction fees.

Halvings are often discussed as price catalysts because they reduce the flow of new coins onto the market. Past halvings were followed by bull markets, but past performance does not guarantee future results, and the date of each halving is publicly known well in advance.