Bitcoin halvings, explained: why miners earn half as much every four years

Bitcoin has no central bank deciding how many new coins to create. Instead, the rule is written into its code: whoever adds the next block of transactions to the blockchain, a process called mining, is paid a fixed number of brand-new bitcoins. And every 210,000 blocks, that number is cut in half.

New blocks arrive about every 10 minutes, so 210,000 blocks take roughly four years. That cut is the halving.

Four halvings so far

The reward started at 50 bitcoins per block in 2009. It fell to 25 in late 2012, to 12.5 in the summer of 2016 and to 6.25 in 2020. The fourth halving came on 20 April 2024, at block 840,000, and cut it to 3.125.

Why it matters

• Fixed supplyBecause the reward keeps halving, the total number of bitcoins can never pass 21 million.
• MinersEach halving cuts miners' income in bitcoin terms overnight. Some older, less efficient machines stop paying for their electricity.
• Price talkHalvings slow the flow of new coins, which is why they attract so much attention. But past price moves are not a promise about the next one.

What comes next

The next halving is expected in 2028, at block 1,050,000. The reward will fall to half of 3.125: 1.5625 bitcoins per block. Educational content only, not investment advice.