The Bitcoin halving is an event built into Bitcoin’s code that cuts the reward for mining new blocks in half. It happens every 210,000 blocks, which works out to roughly every four years. The most recent halving was in April 2024, when the reward fell from 6.25 to 3.125 bitcoin per block. The next one is expected around spring 2028, when it will fall to about 1.5625.
Because the halving slows how fast new bitcoin is created, many investors watch it as a long-term driver of price. Here is how it works, what happened after past halvings, and what it does and does not tell you.
How Bitcoin mining and the reward work
New bitcoin is created through mining. Computers around the world compete to add the next block of transactions to the blockchain, roughly every 10 minutes. The winner receives a block reward of newly created bitcoin, plus the transaction fees in that block.
Bitcoin’s creator, Satoshi Nakamoto, capped the total supply at 21 million coins. The halving is how that cap is reached gradually: each halving cuts the flow of new coins, so the supply grows more and more slowly until the last fraction of a bitcoin is mined, expected around the year 2140.
Every Bitcoin halving so far
- 2009 launch: 50 BTC per block
- November 2012: 25 BTC
- July 2016: 12.5 BTC
- May 2020: 6.25 BTC
- April 2024: 3.125 BTC
- Next, around 2028: 1.5625 BTC
Today about 450 new bitcoin are created per day. Before the 2024 halving it was about 900. Over 20 million of the 21 million bitcoin have already been mined, so more than 95% of all bitcoin that will ever exist is already in circulation.
What happened to the price after past halvings
In each past cycle, Bitcoin reached a new all-time high within roughly 12 to 18 months after the halving:
- After the 2012 halving, the price went from around $12 to over $1,000 by late 2013.
- After the 2016 halving, it went from around $650 to nearly $20,000 by December 2017.
- After the 2020 halving, it went from around $8,700 to about $69,000 by November 2021.
- After the 2024 halving, it went from around $64,000 to a record above $120,000 in October 2025.
Each of those peaks was followed by a deep drop, often 50% to 80% from the top. The pattern is often called the four-year cycle.
Why the halving might push prices up
The basic idea is supply and demand. If demand stays the same and the number of new coins hitting the market each day falls by half, there is less selling pressure from miners, who often sell coins to pay for electricity and equipment.
The halving is also widely known and discussed, which can bring new attention and new buyers in the months around it.
Why it may matter less each time
Each halving removes a smaller share of total supply. In 2012 the halving cut new supply from about 25% of existing coins per year to around 12%. After 2024, new supply is under 1% a year. That is already lower than gold’s annual supply growth.
Bitcoin is also a much bigger market now, with spot Bitcoin ETFs, large institutions and public companies holding it. Their buying and selling, plus interest rates and the stock market, can easily outweigh the halving. In recent years Bitcoin has often moved together with tech stocks.
What the halving means for miners
Overnight, every miner earns half as much bitcoin for the same work. Miners with old machines or expensive electricity can be pushed out of business unless the price rises. This often leads to consolidation, with large, efficient miners taking a bigger share. Transaction fees become a more important part of miner income over time.
How investors approach the halving
- Do not treat it as a guarantee. Four cycles is a very small sample, and the market has changed a lot.
- Size it carefully. Many investors limit crypto to a small share of their portfolio, often 1% to 5%, that they could afford to see fall by half or more.
- Consider dollar cost averaging. Buying a fixed amount regularly avoids trying to time the cycle. See dollar cost averaging explained.
- Use a safe way to buy. Our guide on how to buy Bitcoin safely covers exchanges, ETFs and storage.
- Live prices and sentiment on every ticker page
- Weekly email with your watchlist movers
- Price alerts on the stocks and coins you follow
Frequently asked questions
When is the next Bitcoin halving?
Around March to May 2028, at block 1,050,000. The exact date depends on how fast blocks are mined.
How many Bitcoin halvings will there be?
About 33 in total, until the reward drops below the smallest unit of bitcoin, one satoshi, around 2140.
What happens when all bitcoin is mined?
Miners will earn only transaction fees. Whether fees alone will be enough to keep the network secure is an open debate.
Does the halving affect other cryptocurrencies?
Not directly, though some coins, like Litecoin, have their own halvings. Bitcoin’s price moves tend to pull the wider crypto market along with it.
This article is general information, not financial advice. Crypto is highly volatile and you can lose some or all of your money.
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