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What Is Bitcoin Halving?
Bitcoin halving is a scheduled event that reduces the reward Bitcoin miners receive for adding a new block to the blockchain. It happens roughly every 210,000 blocks and plays an important role in Bitcoin's predictable supply system.
Estimated Halving Date
11 Apr 2028, 17:45 UTC
Target Block Height
1,050,000
Current Block Height
974,829
Blocks Remaining
75,171
Current Block Reward
3.125 BTC
Reward After Halving
1.5625 BTC
The estimated halving time may change because Bitcoin blocks are not produced at perfectly fixed intervals.
Halving Progress
Current cycle from block 840,000 to 1,050,000
Previous Halving Block
840,000
Next Halving Block
1,050,000
Blocks Completed
134,829
Blocks Remaining
75,171
Estimated time remaining: 522 days 0 hours
Bitcoin Halving Explained in Simple Terms
New Bitcoin enters circulation through mining rewards. When miners successfully verify transactions and add a new block to the blockchain, the network pays them a block subsidy in newly created Bitcoin.
A halving is a built-in event that cuts this block subsidy by 50%. It happens every 210,000 blocks, which works out to roughly every four years. This process continues until nearly all 21 million Bitcoin have been issued.
It is important to understand that transaction fees are separate from the block subsidy. Miners receive both the subsidy and the fees from transactions included in a block. A halving only reduces the subsidy portion.
A halving does not cut a Bitcoin holder's balance in half. Your existing Bitcoin remains unchanged. It also does not mean the Bitcoin price automatically doubles. The price is determined by market demand, not by the halving schedule.
Miners produce a valid block
Miners compete to solve a computational puzzle. The winner adds a new block of transactions to the blockchain.
The network pays the reward
The winning miner receives the block subsidy (newly created Bitcoin) plus the transaction fees from that block.
The subsidy halves every 210,000 blocks
At each 210,000-block milestone, the block subsidy is reduced by half. The next reduction takes it from 3.125 to 1.5625 BTC.
Before and After the Next Halving
The next halving will cut the block subsidy from 3.125 BTC to 1.5625 BTC. Here is how that affects the approximate amount of new Bitcoin created each day.
These are approximate figures based on an average block time of 10 minutes. Actual daily production varies.
Bitcoin Mining Reward and Issuance Calculator
Estimate how much Bitcoin is issued over a given period based on the block reward and average block time. Compare current issuance with the post-halving rate.
Estimated Results
This calculator provides estimates only. Actual block intervals, fees and miner revenue can vary.
Bitcoin Halving History
A record of every Bitcoin halving to date, including the block height, reward before and after, and approximate daily issuance.
| Halving | Date | Block Height | Reward Before | Reward After | Daily Issuance After |
|---|---|---|---|---|---|
| First halving | 28 November 2012 | 210,000 | 50 BTC | 25 BTC | 3,600 BTC |
| Second halving | 9 July 2016 | 420,000 | 25 BTC | 12.5 BTC | 1,800 BTC |
| Third halving | 11 May 2020 | 630,000 | 12.5 BTC | 6.25 BTC | 900 BTC |
| Fourth halving | 20 April 2024 | 840,000 | 6.25 BTC | 3.125 BTC | 450 BTC |
| Next expected halving | Estimated around 2028(est.) | 1,050,000 | 3.125 BTC | 1.5625 BTC | 225 BTC |
First halving
- Date
- 28 November 2012
- Block Height
- 210,000
- Reward Before
- 50 BTC
- Reward After
- 25 BTC
- Daily Issuance After
- 3,600 BTC
Second halving
- Date
- 9 July 2016
- Block Height
- 420,000
- Reward Before
- 25 BTC
- Reward After
- 12.5 BTC
- Daily Issuance After
- 1,800 BTC
Third halving
- Date
- 11 May 2020
- Block Height
- 630,000
- Reward Before
- 12.5 BTC
- Reward After
- 6.25 BTC
- Daily Issuance After
- 900 BTC
Fourth halving
- Date
- 20 April 2024
- Block Height
- 840,000
- Reward Before
- 6.25 BTC
- Reward After
- 3.125 BTC
- Daily Issuance After
- 450 BTC
Next expected halving
ESTIMATE- Date
- Estimated around 2028
- Block Height
- 1,050,000
- Reward Before
- 3.125 BTC
- Reward After
- 1.5625 BTC
- Daily Issuance After
- 225 BTC
Bitcoin Halving Timeline
From Bitcoin's launch in 2009 to the estimated end of new issuance. Dates after 2024 are estimates and may shift with block production speed.
The 2140 date is an estimate. Block rewards become extremely small long before reaching zero, as the subsidy is halved repeatedly over many cycles.
Why Does Bitcoin Halving Happen?
Bitcoin's monetary policy is enforced by its protocol — the rules that every node and miner follows. Unlike central-bank monetary policy, which can be adjusted by a committee, Bitcoin's issuance schedule was set when the network launched and cannot be casually changed by any single company or person.
The maximum supply of 21 million BTC is a core part of this design. Halvings ensure that new Bitcoin is issued at a controlled and predictable rate, gradually reducing the amount of new supply entering the market over time.
Each halving reduces the new-supply inflation rate — the rate at which the total supply grows. This is different from a fixed supply schedule in the sense that the supply does grow, but at a decreasing rate until it approaches the 21 million limit.
A change to Bitcoin's rules, including the reward schedule or the supply limit, would require broad network agreement and adoption. Miners, developers, and users would all need to accept the change, which makes unilateral modifications extremely unlikely.
How Bitcoin Halving Affects Miners
When a halving occurs, the block subsidy is reduced by 50%. However, transaction fees are not halved — miners continue to earn fees from every transaction included in a block.
Miner revenue does not necessarily fall by exactly 50% because Bitcoin's price, transaction fees, and network hashrate also change over time. If the BTC price rises, the dollar value of the reduced subsidy may still be sufficient for profitable mining.
Less-efficient mining operations can face pressure after a halving, especially if the price does not compensate for the reduced subsidy. Mining difficulty adjusts roughly every two weeks to help maintain a target block time of 10 minutes, which helps stabilise block production over time.
The relationship between mining costs, hardware efficiency, and electricity prices is significant. Operations with older hardware or higher electricity costs are more vulnerable. Hashrate may fluctuate around a halving as some miners switch off and others upgrade.
Miner Revenue Formula
Estimated miner revenue =
Block subsidy value + Transaction fee value
This simplified formula does not include costs such as electricity, hardware, hosting, or pool fees. Actual miner profit depends on many operational factors.
Does Bitcoin Halving Increase Bitcoin's Price?
After a halving, the amount of new Bitcoin entering circulation each day is reduced. In simple terms, the supply of newly issued Bitcoin decreases. However, demand is not controlled by the halving — it is driven by market participants.
Previous halving cycles do not guarantee future results. Market liquidity, interest rates, investor sentiment, regulation, institutional adoption, and global economic conditions can all affect the price of Bitcoin independently of the halving schedule.
Traders may price in expectations before the event, meaning the market may react to the anticipated halving before it actually occurs. Short-term volatility can happen both before and after a halving as participants adjust their positions.
"A halving changes Bitcoin's issuance rate — not its guaranteed market price."
How Halving Shapes Bitcoin's Supply
Maximum Supply
21M BTC
Circulating Supply (est.)
20.11M BTC
Percentage Mined
95.76%
Current Block Subsidy
3.125 BTC
Est. Annual Issuance
164,250 BTC
Est. Annual Inflation
0.82%
Maximum Supply
The total number of Bitcoin that will ever exist: 21 million. This is fixed by Bitcoin's protocol and cannot be casually changed.
Circulating Supply
An estimate of Bitcoin that has been mined and is potentially in circulation. The figure shown above is calculated from the current block height.
Newly Issued BTC
New Bitcoin created with each block as part of the mining subsidy. This is the amount that halving reduces by 50%.
Lost or Inaccessible BTC
Some Bitcoin is believed to be permanently lost due to lost private keys, forgotten passwords, or sent to unspendable addresses. Estimates vary and should not be treated as exact verified amounts.
Liquid Market Supply
Bitcoin that is actively available for trading. Not all circulating Bitcoin is liquid — some is held long-term by investors or locked in cold storage.
Circulating supply is estimated from the current block height (974,829) using Bitcoin's known issuance schedule. Source: mempool.space API.
Bitcoin Halving Myths and Facts
Common misconceptions about Bitcoin halving, paired with the facts.
Your Bitcoin balance gets cut in half.
A halving reduces the mining subsidy. It does not reduce users' BTC balances.
Bitcoin's price always doubles after a halving.
The protocol does not control market prices, and no return is guaranteed.
Mining stops after a halving.
Mining continues with a lower subsidy, while miners can also earn transaction fees.
All remaining Bitcoin will be mined at the next halving.
Issuance continues through many future halvings and is expected to extend until around 2140.
The estimated halving date can be known exactly years in advance.
The target block is known, but the calendar date changes with block-production speed.
What Happens When All Bitcoin Is Mined?
The block subsidy eventually approaches zero as halvings continue. After the final fraction of new Bitcoin is issued — estimated around the year 2140 — miners will no longer receive newly created Bitcoin as a subsidy.
However, blocks and transactions do not automatically stop. Miners are expected to rely more heavily on transaction fees as their primary source of revenue. The Bitcoin network will continue to process transactions and secure the blockchain, with fees replacing the subsidy as the incentive for mining.
The final issuance timeline is approximate and depends on actual block production speed. Bitcoin's long-term fee market — whether transaction fees alone can sufficiently incentivise miners to secure the network — is still a subject of analysis and debate among researchers and developers.
Bitcoin Halving FAQ
Frequently asked questions about Bitcoin halving, the block reward, supply, and mining.
Bitcoin halving is a scheduled event in the Bitcoin protocol that reduces the block reward miners receive by 50%. It occurs approximately every 210,000 blocks, or roughly every four years.
The next halving is programmed to occur at block 1,050,000.
Bitcoin halving occurs every 210,000 blocks, which is approximately every four years based on an average block time of 10 minutes.
No. A halving reduces the mining subsidy, not existing Bitcoin balances. Your BTC holdings are unaffected.
The block subsidy is cut in half, reducing miner revenue from new issuance. Miners also earn transaction fees, which are not halved. Less efficient operations may face pressure.
As of 2024, four Bitcoin halvings have occurred: in 2012, 2016, 2020, and 2024.
The target block is fixed, but the calendar date shifts with actual block production speed. If blocks are produced faster or slower than 10 minutes, the date moves.
No. A stock split divides existing shares. Bitcoin halving reduces the rate of new issuance without changing existing balances.
The countdown uses the current block height and an estimated block time. Because blocks are not produced at fixed intervals, the estimate may shift over time.
The next Bitcoin halving is expected around 2028, when block height reaches 1,050,000. The exact date depends on the average time between blocks.
After the next halving, the block reward will decrease from 3.125 BTC to 1.5625 BTC.
Halving is part of Bitcoin's monetary policy, designed to control the rate at which new Bitcoin enters circulation and approach the maximum supply of 21 million BTC.
No. While previous halvings have coincided with price increases, the protocol does not control market prices, and past performance does not guarantee future results.
No. Only the block subsidy is halved. Transaction fees are determined by network demand and are paid independently of the subsidy.
The final fractions of new Bitcoin are expected to be issued around the year 2140, though this estimate depends on block production speed.
Mining difficulty adjusts roughly every two weeks to maintain a target block time of 10 minutes. If hashrate drops after a halving, difficulty eventually decreases.
Changing the 21 million limit would require broad agreement across the Bitcoin network, including miners, developers, and users. It is extremely unlikely.
The annual new supply of Bitcoin is cut roughly in half, reducing the supply inflation rate. This does not directly determine the price.
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Disclaimer: This page is provided for educational and informational purposes only. Halving dates and network calculations are estimates and may change. Nothing on this page constitutes financial or investment advice.
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