Scan with your phone to get the appWhat is the Bitcoin halving? When is the next one?
The halving cuts the Bitcoin mining reward in half about every 4 years. How it works, past halvings, and why so many people watch the 4-year cycle.
The halving is the event where the reward miners receive for creating a new Bitcoin block is cut in half. It happens every 210,000 blocks, roughly every 4 years, and was programmed in from the start — nobody can change it.
Why does the halving exist?
Bitcoin has a maximum supply of 21 million BTC. Halvings steadily reduce how much new BTC is issued, so new supply keeps shrinking over time. Around the year 2140, almost all 21 million BTC will have been mined; from then on, miners will earn only transaction fees.
Past halvings
- Nov 28, 2012: reward cut from 50 to 25 BTC per block.
- Jul 9, 2016: 25 → 12.5 BTC.
- May 11, 2020: 12.5 → 6.25 BTC.
- Apr 20, 2024: 6.25 → 3.125 BTC.
- The next one is expected around 2028 (block 1,050,000), cutting the reward to 1.5625 BTC. See an exact block-based countdown on the Bitcoin on-chain page.
How does the halving affect the price?
Historically, Bitcoin has often set a new all-time high about 1–1.5 years after a halving, giving rise to the so-called "4-year cycle". However:
- There are only a handful of cycles to compare — far too few to call it a reliable rule.
- Today the price is also heavily driven by ETF flows, Fed interest rates and large institutions.
- The market knows the halving date in advance, so part of the effect is already priced in.
See where Bitcoin stands in its cycle, using indicators we calculate ourselves, on the Bitcoin cycle page.