What is the Bitcoin halving?
Understand the 210,000-block subsidy schedule, previous halvings and why the next date and Bitcoin’s price are uncertain.
The quick answer
A halving cuts the new BTC subsidy per block in half after each 210,000-block interval. It does not halve your wallet balance or automatically double the market price.
Subsidy and transaction fees are different
Miners can receive a block subsidy plus the fees from included transactions. The halving changes the subsidy. Gradually declining issuance produces Bitcoin’s approximately 21-million-coin supply limit under the current consensus rules.
Step by step
- 1
Read the schedule in blocks
The subsidy started at 50 BTC. It fell to 25 in 2012, 12.5 in 2016, 6.25 in 2020 and 3.125 at block 840,000 in April 2024.
- 2
Treat the date as an estimate
The next interval ends at block 1,050,000, when the subsidy becomes 1.5625 BTC. Ten-minute average blocks suggest 2028; actual mining pace determines the date.
- 3
Separate supply from price
Lower issuance changes new supply, while demand, liquidity and wider market conditions still move price. Historical cycles are observations, not a promise that the same pattern repeats.
Worked example
At a simple 144-block-per-day assumption, 3.125 BTC per block is 450 new BTC per day. At 1.5625 it is 225. Actual daily block counts vary; transaction fees are additional.
Before you continue
A related question
Does the halving make existing bitcoin rarer overnight?
The event reduces the rate at which new coins are issued. It does not remove existing coins; the supply already held by users stays unchanged.
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Sources & further reading
Source links checked on 15 Oct 2026. Examples explain the mechanics; provider fees and features can change.
- Bitcoin Core github.com
- Bitcoin.org bitcoin.org
