An event that occurs approximately every four years (every 210,000 blocks) where the Bitcoin block reward is cut in half. Halvings reduce the rate of new supply entering the market and have historically preceded major bull runs.
An event that occurs approximately every four years (every 210,000 blocks) where the Bitcoin block reward is cut in half. Halvings reduce the rate of new supply entering the market and have historically preceded major bull runs.
The Bitcoin halving is the most important scheduled event in Bitcoin's economic model. Every 210,000 blocks (approximately four years), the block reward paid to miners is cut in half. This was programmed into Bitcoin's code from the beginning by Satoshi Nakamoto as the mechanism to enforce Bitcoin's hard cap of 21 million coins and create a disinflationary supply schedule.
Four halvings have occurred: 50 to 25 BTC (November 2012), 25 to 12.5 BTC (July 2016), 12.5 to 6.25 BTC (May 2020), and 6.25 to 3.125 BTC (April 2024). Each halving has been followed by a significant bull run within 12-18 months. The mechanism is straightforward: if demand remains constant or grows while new daily supply is cut in half, prices tend to rise. This supply shock effect has been the primary driver of Bitcoin's four-year market cycle.
The halving's impact on price may diminish over time as the block reward becomes a smaller percentage of total circulating supply. However, the halving also serves as a Schelling point — a focal event that draws media attention, new investor interest, and narrative momentum to Bitcoin on a predictable schedule. Whether through pure supply dynamics or self-fulfilling market psychology, the halving remains the most watched event on Bitcoin's calendar.
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View Live ToolThe most recent halving occurred in April 2024, reducing the block reward from 6.25 to 3.125 BTC. The next halving is expected around 2028, when the reward will drop to 1.5625 BTC per block. The exact date depends on block production speed but can be estimated since blocks are produced approximately every 10 minutes.
The halving cuts the rate of new Bitcoin entering the market by 50%. Before the 2024 halving, approximately 900 new BTC were mined daily. After the halving, this dropped to approximately 450 BTC per day. If demand remains constant or increases while supply issuance is halved, basic supply-demand economics predicts upward price pressure. This effect has played out in all four post-halving periods, though the percentage gains have diminished each cycle.
There is no guarantee that future halvings will produce bull runs. As the block reward becomes a smaller fraction of total supply, its market impact may diminish. However, the halving also functions as a marketing event and Schelling point that draws attention to Bitcoin. The combination of reduced supply growth and increased attention has been a powerful catalyst in every cycle so far.