Bitcoin halving explained: what it is and when the next one is due
The Bitcoin halving is a built in rule that cuts the reward paid to miners for each new block in half every 210,000 blocks, which works out at roughly every four years. The most recent halving took place in April 2024 at block 840,000, cutting the reward from 6.25 to 3.125 bitcoin, and the next is expected around 2028 at block 1,050,000.
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Key takeaways
- A halving happens every 210,000 blocks, roughly every four years.
- The April 2024 halving cut the block reward to 3.125 bitcoin.
- The next halving is due at block 1,050,000, expected around 2028.
- Halvings slow the creation of new coins towards the 21 million cap.
- Past halvings were followed by very different price paths, so history is no promise.
How the halving works
New bitcoin enter circulation as a reward to miners, the computers that bundle transactions into blocks. The Bitcoin software pays a fixed reward per block and halves it automatically every 210,000 blocks. No company or committee decides this; it is written into the rules every node follows.
Because a new block arrives about every ten minutes on average, 210,000 blocks take close to four years.
Past halvings and block rewards
| Halving | Block | Reward after |
|---|---|---|
| Launch, January 2009 | 0 | 50 BTC |
| November 2012 | 210,000 | 25 BTC |
| July 2016 | 420,000 | 12.5 BTC |
| May 2020 | 630,000 | 6.25 BTC |
| April 2024 | 840,000 | 3.125 BTC |
| Expected around 2028 | 1,050,000 | 1.5625 BTC |
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When is the next halving?
The next halving will happen at block 1,050,000. The exact date depends on how quickly blocks are found, so estimates move by days or weeks, but it is widely expected in the first half of 2028. You can follow the live Bitcoin price on our Bitcoin price today page.
Why it matters for supply
Bitcoin has a hard cap of 21 million coins. Each halving slows the flow of new coins, and the last fraction of a bitcoin is expected to be mined around the year 2140. After that, miners will rely on transaction fees alone.
Does the halving move the price?
Some investors watch halvings because the supply of new coins falls. Bitcoin rose strongly in the year after several past halvings, but each cycle also included deep falls, and many other forces such as interest rates, regulation and demand from funds affect the price. A halving is a known, scheduled event, so markets can price it in well before it happens.
If you plan to buy, size the position so a fall stays affordable. Our position size calculator helps with that.
Official sources
- Bitcoin whitepaper by Satoshi Nakamoto, bitcoin.org
- Bank of England: what are cryptoassets
- Financial Conduct Authority: cryptoassets consumer guidance
FAQ
How often does the Bitcoin halving happen?
Every 210,000 blocks, which is roughly every four years.
What is the Bitcoin block reward now?
Since the April 2024 halving the reward is 3.125 bitcoin per block.
When will the last bitcoin be mined?
The final fraction of a bitcoin is expected to be mined around 2140.
Cryptoassets are high risk. This article is general information, not financial advice.