What is the Bitcoin Halving (Halvening)?
New bitcoins are issued by the Bitcoin network every 10 minutes.
For the first four years of Bitcoin's existence, the number of new bitcoins issued every 10 minutes was 50. Every four years, this number is cut in half. The day the amount halves is called a "halving" or "halvening."
- In the 2012 halving, the number of new bitcoins (BTC) issued every 10 minutes dropped from 50 bitcoins to 25.
- In 2016, it dropped from 25 BTC to 12.5 BTC.
- In the most recent May 11, 2020 halving, the reward dropped from 12.5 to 6.25 BTC per block.
In the 2024 halving, the reward will drop from 6.25 BTC per block to 3.125 BTC.
What is the Significance of the Bitcoin Block Halving?
The halving decreases the amount of new bitcoins generated per block. This means the supply of new bitcoins is lower, making buying more expensive.
In normal markets, lower supply with steady demand usually leads to higher prices. Since the halving reduces the supply of new bitcoins, and demand usually remains steady, the halving has usually preceded some of Bitcoin's largest runs.
In the image below, the vertical blue lines indicate the previous three halvings (2012-11-28, 2016-7-9, and 2020-5-11). Note how the price has significantly increased after each halving.
In the image below, you can see Bitcoin's inflation rate during each period.
Each halving lowers Bitcoin's inflation rate. The orange line is Bitcoin's inflation rate during a given period, while the blue line is the total number of bitcoins issued.
Bitcoin Halving Schedule
The Bitcoin halving is scheduled in block height, not by date.
The halving occurs every 210,000 blocks. The 2024 halving will happen on block 840,000.
What Happens to Miners During Halvings?
Many speculate that miners will shut down after the halving. However, most miners are well-prepared and factor in the halving, so they usually don't end up shutting down their operations.
When is the Next Bitcoin Halving 2024?
The next Bitcoin halving in 2024 is scheduled to occur at block 840,000, predicted to be solved on April 24, 2024, at 03:42:12 PM UTC.
At the Bitcoin halving in 2024, the block reward will decrease from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
The Bitcoin halving date should happen within a few days of the predicted date, although if the Bitcoin hashrate increases significantly, the halving date may come sooner.
Bitcoin Halving Dates History
This section provides a look at the previous three halvings:
- Date: November 28, 2012
- New BTC Per Block Before: 50 BTC per block
- New BTC Per Block After: 25 BTC per block
- Price on Halving Day: $12.35
- Price 150 Days Later: $127.00
- Date: July 9, 2016
- New BTC Per Block Before: 25 BTC per block
- New BTC Per Block After: 12.5 BTC per block
- Price on Halving Day: $650.63
- Price 150 Days Later: $758.81
- Date: May 11, 2020
- New BTC Per Block Before: 12.5 BTC per block
- New BTC Per Block After: 6.25 BTC per block
- Price on Halving Day: $8821.42
- Price 150 Days Later: $10,943.00
Current Bitcoin Block Subsidy
Currently, the Bitcoin block subsidy is 6.25 bitcoins per block. When block 840,000 is reached in 2024, the subsidy will decrease to 3.125 bitcoins (BTC) per block.
Bitcoin Halving Parties
During the 2016 halving, thousands of Bitcoin enthusiasts worldwide celebrated with parties in major cities such as Melbourne, Australia, Montreal, Canada, NYC, USA, London, UK, Dublin, Paris, and many more. When party events are announced, we'll keep track of them here!
When Will All 21 Million Bitcoins be Mined?
All 21 million bitcoins (BTC) are projected to be mined by 2140, with more than 98% expected to be mined by 2030.
What is the Bitcoin Clock?
The Bitcoin clock has been active since 2011. In 2018, the owner let the domain expire, but we've restored the site to its original vision.
Is the Halving Necessary?
The halving is essential for controlling Bitcoin's supply. When the block subsidy expires, transaction fees will compensate miners for network security.
Why Our Estimates Are the Most Accurate
Our calculator uses live blockchain data to determine the average block time over the past two months (currently 9.367 minutes between blocks), resulting in a more precise estimate for the halving date compared to other estimators that assume 10-minute block intervals.
What is the Current Bitcoin Block Reward?
At present, there are 6.25 new bitcoins issued per block.