Every 210,000 blocks (~4 years), Bitcoin's block reward is cut in half — a core part of its deflationary design.
Current reward: 3.125 BTC / block · After halving: 1.5625 BTC · Hard cap: 21,000,000 BTC
Every 210,000 blocks mined (roughly every 4 years), Bitcoin's block reward drops by 50%. This is hardcoded into the protocol and cannot be changed by anyone.
It ensures Bitcoin has a fixed, predictably scarce supply capped at 21 million coins — unlike fiat currencies where supply is unlimited.
The halving cuts the rate of new Bitcoin issuance. If demand holds or grows while supply growth decreases, basic economics suggest upward price pressure.
Historically, all three previous halvings preceded significant bull markets — though past cycles don't guarantee future results.
Miners earn BTC rewards + transaction fees. When rewards halve, less efficient miners may exit, temporarily dropping hash rate before the network adjusts difficulty downward.
Long-term, fees are expected to replace block rewards as the primary miner incentive after all 21M BTC are mined (~2140).
Unlike gold where new supply is still mined, or fiat where central banks expand supply at will, Bitcoin's supply is mathematically finite.
The last Bitcoin will be mined around 2140. Over 93% of all BTC that will ever exist has already been mined. This absolute scarcity is Bitcoin's core monetary property.
| Event | Date | Block | Reward Before | Reward After |
|---|---|---|---|---|
| Genesis Block | Jan 3, 2009 | 0 | — | 50 BTC |
| 1st Halving | Nov 28, 2012 | 210,000 | 50 BTC | 25 BTC |
| 2nd Halving | Jul 9, 2016 | 420,000 | 25 BTC | 12.5 BTC |
| 3rd Halving | May 11, 2020 | 630,000 | 12.5 BTC | 6.25 BTC |
| 4th Halving ← Current | Apr 19, 2024 | 840,000 | 6.25 BTC | 3.125 BTC |
| 5th Halving (estimated) | ~Apr 2028 | 1,050,000 | 3.125 BTC | 1.5625 BTC |
| 6th Halving (estimated) | ~2032 | 1,260,000 | 1.5625 BTC | 0.78125 BTC |