Bitcoin Halving
Last Updated: October 30, 2026
Quick Answer: A Bitcoin halving is a scheduled event, built into Bitcoin’s code, that cuts the reward for mining a new block in half every 210,000 blocks, or roughly every four years. The most recent halving, at block 840,000 on April 20, 2024, reduced the reward from 6.25 BTC to 3.125 BTC. The next one, at block 1,050,000, is expected around April 2028, and halvings will continue until new issuance ends around the year 2140, just short of 21 million bitcoins.
Key Takeaways
- Halvings happen every 210,000 blocks; with blocks about every 10 minutes, that is about every four years
- There have been four halvings: November 2012, July 2016, May 2020 and April 2024
- The block subsidy is now 3.125 BTC, so the network issues about 450 new BTC per day; after the next halving it will be about 225 BTC per day
- About 20.1 million of the 21 million bitcoins, about 95.7%, had been issued by block 973,743 on October 30, 2026, based on the issuance schedule
- A halving cuts new supply, but its effect on price is debated and is not guaranteed
How the Bitcoin Halving Works
New bitcoins enter circulation only through mining. When a miner adds a block, it receives a “block subsidy” of newly created coins plus the transaction fees paid by users in that block. Bitcoin’s software halves the subsidy every 210,000 blocks, and every node on the network enforces the rule, so no company or person can change it alone.
The bitcoin.org FAQ explains that “the number of new bitcoins created each year is automatically halved over time until bitcoin issuance halts completely,” and that “only 21 million bitcoins will ever be created.” Because the subsidy is counted in satoshis, the smallest unit, it eventually rounds down to zero. Based on the 210,000 block schedule and 10 minute blocks, that happens around the year 2140, after which miners will rely only on transaction fees.
Bitcoin Halving History
| Halving | Block height | Date (UTC) | Block reward after |
|---|---|---|---|
| Launch | 0 | January 3, 2009 | 50 BTC |
| First | 210,000 | November 28, 2012 | 25 BTC |
| Second | 420,000 | July 9, 2016 | 12.5 BTC |
| Third | 630,000 | May 11, 2020 | 6.25 BTC |
| Fourth | 840,000 | April 20, 2024 | 3.125 BTC |
| Fifth (expected) | 1,050,000 | Around April 2028 | 1.5625 BTC |
Dates of past halvings are the timestamps of each block on mempool.space. Block 840,000 carried 37.6 BTC in transaction fees on top of its 3.125 BTC subsidy, as users competed to have transactions included in the halving block.
When Is the Next Bitcoin Halving?
The chain stood at block 973,743 on October 30, 2026, according to mempool.space. That leaves 76,257 blocks until block 1,050,000. At the target pace of one block every 10 minutes, this takes about 530 days, which points to around April 2028. The exact date depends on how fast blocks are actually found, since difficulty adjusts only every 2,016 blocks.
Bitcoin Price History Around the Halvings
Bitcoin’s price rose from about $128 in April 2013 to more than $124,000 in October 2025, but with deep crashes along the way. Daily closing prices from CoinMarketCap (prices before 2013 are not covered here):
| Date | Event | BTC close (USD) |
|---|---|---|
| April 28, 2013 | Early CoinMarketCap record | About $128 |
| July 9, 2016 | Second halving | About $651 |
| December 16, 2017 | Late 2017 rally | About $19,500 |
| December 15, 2018 | After the 2018 crash | About $3,240 |
| May 11, 2020 | Third halving | About $8,600 |
| November 8, 2021 | Late 2021 rally | About $67,570 |
| November 21, 2022 | After the 2022 crash | About $15,790 |
| April 20, 2024 | Fourth halving | About $64,990 |
| October 6, 2025 | October 2025 rally | About $124,750 |
| December 31, 2025 | End of 2025 | About $87,510 |
Between those dates the close fell about 83% from December 2017 to December 2018 and about 77% from November 2021 to November 2022. On October 30, 2026, bitcoin traded near $81,770, according to CoinGecko.
Why the Halving Matters for Miners
Halving cuts miners’ main income source in half overnight. Miners with old machines or expensive electricity can become unprofitable and switch off, while more efficient operators gain share. Many small miners join a mining pool to smooth their income. Despite the April 2024 cut, network hashrate was roughly 1,000 EH/s on October 30, 2026, according to mempool.space estimates. Over the very long term, transaction fees must replace the subsidy to pay for the security of proof of work.
Risks and Common Misconceptions
“The halving always makes the price go up.” Bitcoin’s price did rise after earlier halvings, but each cycle also had other drivers, such as interest rates, new investors and, in 2024, US spot Bitcoin ETFs. The halving is known years in advance, so markets may price it in. Past patterns do not guarantee future results.
“Halving cuts the number of bitcoins in half.” It does not. Existing coins are untouched; only the rate of new issuance falls.
“Halving happens on a fixed date.” It happens at a fixed block height. The calendar date is an estimate until the block is found.
“Halving makes Bitcoin deflationary.” New supply still grows each year, just more slowly. Total supply stops growing only when issuance ends around 2140, and coins lost in forgotten wallets reduce the usable supply.
Related Terms
Frequently Asked Questions
What is the Bitcoin halving in simple terms?
The Bitcoin halving is a built in rule that cuts the number of new bitcoins paid to miners in half every 210,000 blocks, about every four years. It slows the creation of new coins step by step, so that the total supply never exceeds 21 million. The latest halving in April 2024 cut the block reward from 6.25 to 3.125 BTC.
When is the next Bitcoin halving?
The next halving will happen at block 1,050,000. On October 30, 2026, the chain was at block 973,743, about 76,000 blocks away. At the target pace of one block every 10 minutes, that points to around April 2028. The exact date depends on how quickly miners find blocks, so estimates move by days or weeks over time.
How many Bitcoin halvings have there been?
There have been four. The first, at block 210,000 on November 28, 2012, cut the reward from 50 to 25 BTC. The second followed on July 9, 2016, the third on May 11, 2020, and the fourth on April 20, 2024, at block 840,000, which reduced the reward to 3.125 BTC per block for miners.
What happens when all 21 million bitcoins are mined?
Issuance is expected to end around the year 2140, when the block subsidy becomes too small to divide further. After that, miners will be paid only through the transaction fees users attach to their payments. Whether fees alone will be enough to fund network security over the long term is an open question that developers and economists still debate.
Does the halving increase Bitcoin’s price?
Not necessarily. A halving reduces how many new coins enter the market, which some investors see as supportive for price. Bitcoin did rise after earlier halvings, but those rallies also had other causes, and the event is known years in advance. There is no guarantee that any future halving will be followed by higher prices.
How many bitcoins are there?
Bitcoin’s supply is capped at just under 21 million coins. Based on the issuance schedule, about 20.1 million had been created by block 973,743 on October 30, 2026, or about 95.7% of the maximum. The rest will be issued in shrinking amounts until around 2140. Some existing coins sit in lost or forgotten wallets, so the usable supply is smaller.
Data sources: mempool.space block data for heights 0, 210,000, 420,000, 630,000 and 840,000, chain tip and hashrate estimates (read October 30, 2026), bitcoin.org FAQ, CoinMarketCap Bitcoin circulating supply (cross check) and historical daily prices, CoinGecko (October 30, 2026). Issued supply, the next halving estimate and the 2140 end of issuance are calculated from Bitcoin’s 210,000 block schedule.