Halving

The new bitcoin in each block go to the miner who finds it, as part of the block rewardGlossaryBlock rewardWhat a miner receives for a valid block: newly created bitcoin (the subsidy) plus the fees of all transactions in the block. The subsidy halves every 210,000 blocks; on 20 April 2024 it fell to 3.125 BTC.On the learning path: Stage 2 · Step 2 – Halving & 21 million →In the glossary →×. When that amount halves is fixed in the code.^[1]

Halvings so far

Halving	Block	Date	New BTC per block
Launch	0	3 Jan 2009	50
1st	210,000	28 Nov 2012	25
2nd	420,000	9 Jul 2016	12.5
3rd	630,000	11 May 2020	6.25
4th	840,000	20 Apr 2024	3.125

The dates are the block timestamps (UTC).^[2],[3]

The next halving

It comes at block 1,050,000, 79,957 blocks from now. The amount then drops from 3.125 BTC to half that. At the current block pace, that would be around 28 March 2028 – an estimate, because blocks are found at irregular intervals.

What the halving is for

It makes the money supply grow on a fixed schedule to just under 21 million BTCGlossary21 million (Bitcoin’s supply cap)Under the network’s rules, there will never be more than just under 21 million bitcoin. The cap follows from the issuance schedule: new bitcoin per block halve every 210,000 blocks until none are created, around 2140.On the learning path: Stage 2 · Step 2 – Halving & 21 million →In the glossary →×; around the year 2140, no new bitcoin will be added.^[2] After that, miners earn only from transaction fees.^[4] Whether the halving affects the price is disputed (see four-year cycleGlossaryFour-year cycle (halving cycle)An observed pattern in which the bitcoin price has risen sharply roughly in step with the halvings and then fallen steeply. It is based on only four runs and is not a reliable buy or sell signal.On the learning path: Stage 2 · Step 2 – Halving & 21 million →In the glossary →×).