What is bitcoin halving? Dates, block rewards and the next one
Bitcoin halving is the built-in event that cuts the reward miners receive for each new block in half, which halves the speed at which new bitcoins are created. It happens every 210,000 blocks, roughly every four years, and is written into Bitcoin’s code so that the total supply can never exceed 21 million bitcoins. The last halving was in April 2024, when the reward fell to 3.125 bitcoins per block; the next one is expected around 2028.
Bitcoin halving explained
A bitcoin halving reduces the number of new coins created with every block, not the number of coins you own. Your balance stays exactly the same, and the price of bitcoin isn’t halved either. What changes is the supply side: after each halving, fewer bitcoins enter circulation every day.
Bitcoin has a maximum supply of 21 million coins, and halvings are how it gets there gradually. Most of those coins have already been mined, and each halving makes the remainder trickle out more slowly. There’s no central bank that can decide to issue more, which is the core difference from fiat currencies such as the euro.
How does bitcoin halving work?
Bitcoin halving works through the block reward. New blocks are added to the bitcoin blockchain about every ten minutes, and the miner who adds a block receives newly created bitcoins as a reward. The code halves that reward every 210,000 blocks, which at ten minutes per block is about four years.
Bitcoin mining and the bitcoin reward
Bitcoin mining is the process of verifying transactions and adding them to the blockchain. Miners compete to solve a mathematical puzzle using specialised computers, a system called proof of work. The first to find a valid solution adds the new block and earns two things:
- The block reward: newly created bitcoins, currently 3.125 per block. This is the only way new bitcoins are created.
- Transaction fees: the fees users pay to have their transactions included in that block.
Halving cuts only the first of these. Transaction fees are set by demand for block space and are not affected.
What happens to miners after a BTC halving?
After a BTC halving, miners earn half as many new bitcoins for the same work. Electricity is their biggest cost, so if the bitcoin price doesn’t rise to make up the difference, the least efficient miners may switch off their machines.
The network adapts automatically. Every 2,016 blocks, about two weeks, Bitcoin adjusts its mining difficulty so that blocks keep arriving roughly every ten minutes. If miners leave and the hash rate drops, the puzzle gets easier; the remaining miners stay competitive and keep confirming blocks.
Bitcoin halving dates
Here are all bitcoin halving dates so far, plus the next expected one. Future dates are estimates, because block times vary.
| Halving | Date | Block | Reward per block after |
|---|---|---|---|
| Launch (genesis block) | 3 January 2009 | 0 | 50 BTC |
| First halving | 28 November 2012 | 210,000 | 25 BTC |
| Second | 9 July 2016 | 420,000 | 12.5 BTC |
| Third | 11 May 2020 | 630,000 | 6.25 BTC |
| Fourth (last halving) | April 2024 | 840,000 | 3.125 BTC |
| Fifth (next halving) | Around 2028 (estimate) | 1,050,000 | 1.5625 BTC |
The last bitcoin halving occurred at block 840,000 in April 2024 (19 April in the Americas, 20 April in UTC). The next bitcoin halving happens at block 1,050,000; at the usual pace of blocks, that points to around spring 2028, but the exact date can only be known as the block gets closer.
Why is bitcoin halving important?
Bitcoin halving is important because it makes Bitcoin’s supply predictable and gradually scarcer. Anyone can check in advance how many new bitcoins will exist at any point in the future, which is not true of any fiat currency.
Each halving reduces new supply by half. Bitcoin’s design aims to mimic a commodity like gold: hard to produce, with a supply that grows ever more slowly. That is a protocol fact. Whether it makes bitcoin a good investment is a separate question that depends on demand, which no code controls.
Bitcoin’s price after previous halvings
In earlier cycles, bitcoin’s price rose strongly in the year or so after a halving, and each time it later fell sharply as well. That pattern is the basis of the popular “four-year cycle” idea.
Does bitcoin halving increase bitcoin’s price?
Not automatically. The argument is simple: if demand stays the same while new supply falls, price increases should follow. But there have only been four halvings, which is far too few to draw firm conclusions, and other factors played a big role. Around the 2024 halving, for example, the launch of spot bitcoin ETFs in the US in January 2024 brought in a large new source of demand.
The halving date is also public years in advance, so markets can price it in early. Past performance does not predict future returns, bitcoin is highly volatile, and you can lose your entire crypto investment.
What bitcoin halving means for European investors
For European investors, a halving changes nothing about how you buy bitcoin or what it costs to trade. You buy through a crypto exchange or broker, and in the EU that provider must hold a MiCA licence. Our list of the best crypto exchanges for beginners only includes licensed options.
A few practical points:
- Fund with SEPA where possible. Bank transfers are usually the cheapest way to deposit euros.
- Watch the total cost. Add the exchange commission or trading fee, the spread and any withdrawal fee.
- Know the tax rules. In the Netherlands bitcoin counts as an asset in box 3; in Germany gains on bitcoin held for more than a year are generally tax-free.
Should you buy bitcoin before a halving?
There’s no reliable way to time it. Buying a lump sum before a halving is a bet that the market hasn’t priced it in yet. Investing a fixed amount every month, say €100, spreads your entry price over time and takes the timing question away. Our guide to dollar cost averaging explains how that works.
Bitcoin halving risks for miners and markets
The main risks of a bitcoin halving fall on miners. Their income from new bitcoins drops by half overnight, which can push smaller or less efficient operations out of business. The hash rate may dip for a while, though the difficulty adjustment keeps blocks coming roughly on schedule.
Over the long term, transaction fees will have to make up a growing share of miners’ income. Whether fees will be enough to keep the network secure once block rewards become tiny is an open debate in the Bitcoin community.
What happens after 21 million bitcoins are mined?
Once the block reward rounds down to zero, around the year 2140, no new bitcoins will be created. Miners will then earn only transaction fees for verifying transactions and adding a new block. Because of rounding, the total will end up just under 21 million, and coins lost through forgotten keys mean the number actually in use is lower still.
Related terms
Questions people ask
How many bitcoin halvings are left?
Four halvings have happened so far, in 2012, 2016, 2020 and 2024. The reward keeps halving until it rounds down to zero, which takes 33 halvings in total, so about 29 are left, with the last expected around the year 2140.
How often does bitcoin halving happen?
Every 210,000 blocks. With a new block about every ten minutes, that works out at roughly every four years, although the exact date shifts a little depending on how fast blocks are found.
Will bitcoin go up after halving?
Nobody can know. Bitcoin's price rose strongly after earlier halvings, but there have only been four, and demand, interest rates and regulation also moved the price. A halving cuts new supply; it doesn't guarantee higher demand.
What happens when bitcoin is halved?
The number of new bitcoins miners receive per block is cut in half. Your own bitcoin balance doesn't change, and the price isn't halved; only the rate at which new coins enter circulation slows down.
Is it better to buy bitcoin before or after the halving?
There's no reliable answer, because the halving date is public and markets know it in advance. Many investors avoid timing altogether and buy a fixed amount every month instead.